Barbara Queirós Updated: April 20, 2026
For over a decade, the Spain and Portugal Golden Visas have attracted thousands of foreign investors seeking to obtain a pathway to permanent residency. But a major shift has pushed the European Union to overhaul its residency-by-investment programs, mainly to ease the pressure on the housing market.
With Spain ending the Golden Visa on 3 April 2025, the difference between Portugal vs Spain Golden Visa is now more apparent than ever. Although the real estate path is gone, the Portugal Golden Visa program is still open and allows foreigners to invest in exchange for EU residency.
In this Golden Visa Spain vs Portugal 2026 Guide, we compare the two countries to help you navigate the new rules. You can find out their main benefits, total costs, average processing times, and the latest information on their new Golden Visa status.
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Key Takeaways: Golden Visa Spain vs Portugal
- Spain's program has ended, but there are other ways to gain residency, such as the Digital Nomad Visa, the Non-Lucrative Visa, or the Entrepreneur Visa.
- The Portugal Golden Visa program is still active, offering different routes for residency by investment, such as investment in Portuguese companies, donating in investment funds, cultural support, research, or job creation. However, purchasing residential real estate no longer qualifies.
- The main difference between Portugal and Spain's Golden Visa programs is that Portugal focuses on economic impact and Spain prioritizes property ownership.
Golden Visa Spain vs Portugal Golden Visa: An Overview
On 3 April 2025, Spain officially ended its Golden Visa program. Spain’s Golden Visa used to have three investment routes. The previous investment routes available were property investments, company shares or funds, and government bonds.
Launched back in 2013, the Spanish Golden Visa programs were a magnet for non-EU investors seeking real estate investments, business shares, or investment funds in Spain.
The main difference is that Portugal’s Golden Visa is still active, has lower stay requirements, and flexible investment-based residency with four pathways.
However, Spain’s Golden Visa has been closed to new applicants. Only those who obtained Golden Visa residence cards before the cuttoff can still apply for permanent residency in Spain.
The table below compares the main differences between the Portugal Golden Visa vs Spain Golden Visa:
Feature | Portugal Golden Visa | Spain Golden Visa |
Program status (2026) | Active | Closed |
Real estate option | ❌ Removed | ❌ Removed |
Minimum investment | €250k – €500k (funds/other routes) | €500k (historical, no longer accepted) |
Physical stay requirement | 7 days/year | No minimum (residency), but required for citizenship |
Citizenship timeline | 5 years under current law (⚠️ 7 to 10 years under proposed new law, pending final enactment) | 10 years |
Dual citizenship | Allowed | Limited |
Family reunification | Yes | Yes |
Best for | Investors seeking EU passport | Investors with business projects |
Spain vs Portugal Golden Visa: Investment Options
Portugal’s Golden Visa no longer includes real estate purchases or capital transfers for new applicants. Instead, investors can choose routes, such as cultural donations, business development, or investment in private equity or venture capital funds.
Previously, the minimum investment for real estate via the Portuguese Golden Visa included €500,000, €400,000 in low-density areas in Portugal, or €350,000 in certain cases, like renovations. As part of its Mais Habitação housing policy, the option to purchase real estate has been removed as a qualifying investment route.
Spain’s Golden Visa is now closed for new applicants. But, before it was discontinued, Spain’s Golden Visa program had several investment routes, with the €500,000 real estate purchase being the most popular option. Investors could purchase residential or commercial properties and qualify for a permanent residence permit in Spain.
Below, you can see the minimum investment requirements and investment types.
Investment type | Portugal | Spain |
Investment funds | €500k | Not available |
Cultural investment | €250k | Not available |
Job Creation | Yes | Yes |
Business investment | Yes | Yes |
Real estate | Removed | €500k (historical) |
Spain Golden Visa vs Portugal Golden Visa: The Benefits
Both the Spain and Portugal programs offered Golden Visa investors visa-free access to Schengen countries, the right to live, work, and study in the host country, and family reunification benefits. Here is a more detailed overview of Spain vs Portugal landscape.
Portugal Golden Visa benefits include:
- Minimal physical stay requirement (seven days per year)
- Diversified investment options (i.e., venture or investment funds, business investment, cultural projects, and scientific research)
- A clear path to obtain European citizenship
- Portugal allows dual citizenship
Spain’s Golden Visa provided:
- Residency through real estate or capital investment
- Faster processing times (10 days for legal decision, and 30 days for residence permit approval)
- Various investment routes (i.e., public debt securities, stocks and shares, funds and venture capital, bank deposits, and business investment)
Note: While the Golden Visa in Spain is closed, it continues to provide benefits to existing holders. Current Golden Visa holders may still renew their temporary residence permits and qualify for permanent residency in Spain. On that note, Spain allows dual citizenship only in limited cases, primarily for nationals of countries with historical ties to Spain.
Spain vs Portugal Golden Visa: Application Processing Time
Before Spain discontinued its Golden Visa program, the processing time was faster than Portugal. Successful applicants received their approvals in 10 business days, compared to the 18 months or over for Portugal’s Golden Visa.
According to reports from the AIMA (Portugal’s Agency for Integration, Migration, and Asylum), applicants face longer waiting times due to severe backlogs for the Golden Visa program and other types of Portuguese residence permit applications. In 2025, there were 45,000 and 50,000 Golden Visa applications in the backlog.
During the 2026 State Budget hearings, Minister of the Presidency António Leitão Amaro stated that AIMA will resolve the large backlog of Portugal Golden Visa applications in 2026. The goal is to replace the paper-based application system with a digital one.
Below is a Spain vs Portugal processing time comparison table:
Stage | Spain (legacy) | Portugal (Golden Visa) |
Initial review | 10 business days | 9 – 18 months |
Biometrics appointment | 1 – 2 months | 6 – 9 months |
Card issuance | 1-month post-approval | 3 – 4 months post-appointment |
Total time (start to card) | 3 – 4 months | 15 – 24 Months |
Portugal vs Spain Golden Visa: Pathway to Citizenship
Before Spain’s Golden Visa ended, Portugal was considered the better option for obtaining a European citizenship. Portugal offers a five-year pathway, significantly shorter than the standard 10-year residency period required by Spain.
The Portuguese Nationality Law was proposed to increase the wait time for citizenship to 10 years for most non-EU citizens or seven years for EU and CPLP nationals. This reform is not yet in effect, which means the five-year pathway to Portuguese citizenship remains active.
Spain vs Portugal Golden Visa: Residency Requirements
The minimum stay requirements with Golden Visa Portugal compared to Spain are vastly different. Portugal requires Golden Visa holders to spend just seven days in the first year and 14 days during each subsequent two-year period. For more information, read our ultimate guide on how to get Portuguese residency.
Spain’s Golden Visa didn’t have a minimum physical stay requirement to maintain residency. However, spending 183 days or more per year in Spain was required to become a tax resident, which was critical for applicants who pursued citizenship.
The table below outlines the general residency requirements in Portugal and Spain, which follow the same pattern.
Basic requirement | Portugal | Spain |
Must be 18 years or older | Yes | Yes |
Have a clean criminal record | Yes | Yes |
Have a valid health certificate and medical insurance | Yes | Yes |
Provide proof of sufficient funds | Yes | Yes |
Not on a list of undesirable persons | Yes | Yes |
Have not been refused for entry or a visa in the Schengen Area | Yes | Yes |
Read our ultimate guide to buying property in Portugal for foreigners
Spain vs Portugal Golden Visa: Tax Benefits
In 2026, the tax landscape in Portugal differs significantly from that in Spain. Although both countries shifted their strategies to attract skilled professionals and talent, rather than passive investors, they have distinct tax regimes.
Here is an overview of the tax advantages for Portugal vs Spain.
Spain
Spain’s special tax regime under the Beckham Law offers strong tax benefits for foreign workers. You pay a flat 24 percent tax on Spanish income up to €600,000. Many types of foreign income aren’t taxed, and you’re exempt from some wealth taxes. The regime lasts up to 6 years.
Portugal
Portugal replaced its Non-Habitual Resident (NHR) regime with the Tax Incentive for Scientific Research and Innovation (IFICI), often called NHR Portugal 2.0. The new incentive targets highly qualified professionals and innovators. It offers a 20 percent flat tax rate on qualifying Portuguese-source income and exemptions on most foreign income.
However, foreign pensions are no longer exempt. Under IFICI/NHR 2.0, benefits can apply for up to ten years, making it a strong alternative to Spain’s six-year Beckham regime for skilled workers. To learn more about NHR 2.0 eligibility, read our ultimate guide to the NHR Portugal Program.
Feature | Spain – Beckham Law | Portugal – NHR 2.0 |
Target | Skilled foreign workers | Highly qualified professionals & innovators |
Flat tax | 24 percent on Spanish income up to €600k | 20 percent on qualifying Portuguese income |
Foreign income | Many types exempt | Most exempt (pensions now taxed) |
Wealth tax | Relief on some foreign assets | No general wealth tax |
Duration | Up to 6 years | Up to 10 years |
Note: It’s highly recommended to obtain personalized tax advice before you invest and relocate to a foreign country. If you are interested in taxes in Portugal, Goldcrest can introduce you to a local tax advisor.
Spain vs Portugal Golden Visa: Application Costs
Fee type | Portugal Golden Visa (active) | Spain Golden Visa (historical) |
Processing fee | €842.80 | €70 |
Initial grant fee (permit issuance) | €8,418.90 | €100–€160+ depending on the consulate |
Renewal fee | €4,210.30 | €75–€85 |
Legal and professional costs | €7,000 to €8,000 | €3,000 to €8,000 |
Source: Global Citizen Solutions
Which Golden Visa is better, Spain vs Portugal?
Choose Portugal if you want:
- A faster citizenship process in the European Union
- Lower minimum stay requirement
- Different investment options
- Investment in regulated funds instead of property
Choose Spain if you want:
- To live in Spain full-time
- A visa with faster processing times
- Real estate investment (historically)
On that note, other Golden Visa countries offer RBI (residency by investment), such as Greece. You can see how Portugal compares with Greece in our comparison guide: Greece vs Portugal Golden Visa.
Why Portugal is the smarter option in 2026?
With Spain’s Golden Visa program closing on 3 April 2025, Portugal is the clear winner. The Portugal Golden Visa Program is still open to all non-EU applicants.
However, you can no longer purchase real estate and qualify for the Portugal Golden Visa process. To receive Golden Visa residency in Portugal, you can choose to transfer the qualifying investment in scientific research, funds, business investment, or cultural or heritage.
Overall, the Portugal Golden Visa program is more flexible than Spain’s former real estate-focused route. Portugal can often be a more attractive option than Spain when you look at lifestyle and tax benefits. Life tends to be slower and more relaxed, with a lower cost of living and popular coastal cities.
Goldcrest: How We Can Help You
Goldcrest is a buyer’s agent that is based in Lisbon. We provide expert, impartial advice on real estate investments and how to buy property in Portugal. From scouting out the perfect property through to property acquisition, we have you covered throughout the process.
If you are looking to purchase property in Portugal, don’t hesitate to get in touch. Our team of skilled experts is available to solve all your real estate doubts, helping you with the property search and offering insightful expertise and strategic advice.
Why choose Goldcrest?
- Local knowledge: With offices located across Portugal, our presence nationwide allows us to assist you personally across the country.
- Independent service: As an independent buying agent, we do not represent any development or project. Our service is entirely tailored toward each individual client, providing you with everything you need to secure the perfect property at the best possible price. As an impartial advisor on the market, we work solely on behalf of our client and provide a service tailored to your needs and requirements.
- Streamlined process: Our real estate agents speak English and Portuguese, and our service is completely focused on providing you with a hassle-free buying experience, saving you time.
- Experienced team: Our expert real estate team has a vast local knowledge of the Portuguese property market. We have cutting-edge technology and metasearch tools at your disposal to provide full market coverage, ensuring the best investment choices and negotiated prices.
- Network of partners: We have a close network of partners, including lawyers, property management services, builders, architects, designers, and landscape gardeners, again saving you time and hassle by providing you with trusted experts in their field of work.
Frequently Asked Questions about the Golden Visa Spain vs Portugal
Is Spain Golden Visa still available in 2026?
As of 3 April 2025, Spain’s Golden Visa program is terminated. Spain’s scheme once attracted non-EU investors interested in purchasing real estate. The Golden Visa process offered temporary residence that investors could later use to apply for permanent residency.
Which EU country has the best Golden Visa?
For many expats, the Portuguese Golden Visa program is a top choice for 2026. Portugal offers flexible investment options, a clear path to residency and citizenship, and minimal physical stay requirements. Spain’s program is closed, which prevents new applicants from getting residency in Spain under the Golden Visa program.
Do I choose Portugal or Spain for EU residency: Which is faster?
Portugal Golden Visa holders enjoy a smooth immigration process, although bureaucracy can feel very slow. Spain has a stricter policy for citizenship and dual passports, making Portugal an easier and more efficient option for those who want EU residency.
Is Spain's Golden Visa closed?
Yes, Spain’s Golden Visa is closed for new applicants. But, investors who applied before 3 April 2025 can keep their temporary residency rights. They can renew their permits and eventually qualify for permanent residency.
Why did Spain end its Golden Visa?
Spain ended its Golden Visa program for passive investments after a government vote. The country faced a serious housing crisis, which made it difficult for the Spanish population to afford property or pay the monthly rent.
Is the Portugal Golden Visa still worth it?
Yes, the Portugal Golden Visa program is indeed a worthy investment as it offers EU residency, Portuguese citizenship in five years, high-quality healthcare, and excellent safety.
Can you get Spanish citizenship through Golden Visa?
A child born in Spain doesn’t obtain Spanish citizenship right away. If you are already a holder of the Spanish Golden Visa, and your child is born there, they might be eligible to apply for citizenship after a year of living in Spain.
Which country is better for real estate investment, Portugal or Spain?
Buying property in Portugal is more affordable than in many parts of Western Europe, especially in interior regions, smaller cities, and rural areas. Just keep in mind that the Portugal Golden Visa program no longer has real estate investments.
