Golden Visa Spain vs Portugal: How Each Country Compares

Spain and Portugal both have Golden Visa programs aimed at foreign investors to bolster their economies. Providing a pathway to legal residency through qualifying investments for eligible non-EU, non-EEA, and non-Swiss nationals, these programs provide a pathway to permanent residency and eventual citizenship, granting full rights to live and work within the European Union (EU).

Though Spain and Portugal’s Golden Visa programs share similarities, their requirements and benefits vary significantly. This guide examines the differences between the two, helping you determine which residency-by-investment program best aligns with your goals.

You’ll also find out more about:

• Spain Golden Visa vs. Portugal Golden Visa benefits
• Application processing time
• Spain vs. Portugal Golden Visa requirements
• Tax advantages

Golden Visa Spain vs Portugal Golden Visa: An Overview

When comparing the Golden Visa programs of Spain and Portugal, prospective investors and their families are often attracted to the distinct benefits each program offers. Both provide pathways to residency and eventual citizenship in Europe, access to the Schengen Area, and investment opportunities.

However, each program has significant differences in timelines, residency requirements, investment thresholds, and tax advantages. This means that the choice between Spain and Portugal depends on individual priorities, such as the speed of obtaining citizenship, preferred lifestyle, and specific investment preferences.

About the Golden Visa Spain

Spain introduced its Golden Visa program in 2013 as a strategic move to attract foreign investments and stimulate the national economy.

This initiative is commonly referred to as the Spanish Investor Visa or Residency Visa for Investors (Visado de Residencia para Inversores) and grants residency to non-EU nationals who commit to specific investment thresholds within Spain.

Participants in the program can secure renewable temporary residence permits by engaging in qualifying investment activities such as:

• Acquiring real estate
• Investing in Spanish enterprises
• Depositing funds in national banks or approved investment schemes
• Creating employment opportunities
• Contributing to government bonds

The initiative has drawn significant interest globally, particularly from investors in nations such as China, Russia, India, and various Latin American countries. According to data from its Ministry of Inclusion, Social Security, and Migration, by 2021, Spain had issued approximately 15,300 Golden Visas.

Spain Golden Visa ending: November 2024 update

On 4 November 2024, the Spanish Congress’s Justice Commission took the first step toward ending the Spain Golden Visa program, including all investment pathways.

On 27 November, the Spanish Senate vetoed the proposed law to end the Golden Visa program, which Congress previously approved.

While the outcome remains uncertain, it’s anticipated that Congress may approve the new Law by mid-December 2024. If approved, the new law would be expected to be enacted around mid-March 2025.

Here are the potential implications:

• Golden Visa applications made before the law takes effect will still be processed.
• Current Golden Visa holders can keep and renew their visas.
• If you are considering applying for the Spain Golden Visa, you should act now.

The Spain Golden Visa remains open for residential and commercial real estate and hotel projects. Global Citizen Solutions’ team can expedite the application to make sure you complete the submission before any changes take effect.

About the Portugal Golden Visa program

The Portugal Golden Visa, officially known as the Residence Permit for Investment Activity (ARI), is a residency-by-investment program that offers a five-year pathway to residency for non-EU nationals who contribute to the Portuguese economy.

Launched in 2012 to attract foreign capital, the program has grown into one of the most sought-after investment residency schemes globally. Applicants can choose from a variety of investment options, including contributions to cultural or artistic projects and investments in approved funds.

To date, over 20,000 families have benefited from this program, collectively contributing more than €4 billion to Portugal’s economy.

The Golden Visa provides investors and their families with the right to live and work in Portugal and allows free movement within the Schengen Area. It also complements other visa options, such as the Portugal Student Visa.

After maintaining their qualifying investment for at least five years and fulfilling the legal requirements, applicants can pursue permanent residency or citizenship under Portuguese nationality law.

Spain Golden Visa vs. Portugal Golden Visa: The Benefits

The Golden Visa programs of both countries offer excellent advantages for minimum investment. And since Portugal and Spain are both in the European Union, applicants gain the freedom of movement and the right to live legally in Europe.

Below is a comparison of the benefits of Spain and Portugal’s Golden Visas:

• Visa-free travel to 27 EU nations as part of the Schengen Zone
• The right to live, work, and study in the country
• Immediate family eligible for residency
• Plan B to put your mind at ease in times of economic instability or political unrest
• Easy application renewal process

Spain vs. Portugal Golden Visa: Application Processing Time

The processing time for Spain’s Golden Visa application is quick and efficient. Once the paperwork is submitted, the visa is typically approved in about 20 business days.

In contrast, Portugal’s Golden Visa processing is relatively slower; it takes a minimum of 18 months after the online submission to receive approval.

Portugal vs Spain Golden Visa: Timeline to Citizenship

Spain Golden Visa citizenship timeline

The Spanish Golden Visa does not automatically grant citizenship unless you are from one of Spain’s former colonies, such as Argentina, Colombia, Mexico, or Venezuela.

Nationals of these countries can apply for citizenship after two years of residence, provided they meet specific short-stay requirements. These include visiting Spain every two to three months within two years, ensuring every trip lasts up to three months.

For applicants from other countries, Spanish citizenship requires living in Spain for 10 years, with permanent residency attainable after five years if the applicant resides for at least 183 days annually.

Portugal Golden Visa citizenship timeline

Portugal offers a faster path to citizenship compared to Spain. Applicants initially receive a two-year residency permit, renewable for a total of five years.

After five years, individuals can apply for permanent residency or citizenship by maintaining the investment and spending at least 14 days in Portugal every two years.

Recent updates to Portugal’s nationality law now count the time from the temporary residency application toward the five-year citizenship requirement, expediting the process.

Spain vs. Portugal Golden Visa: Requirements

Residency rules

Spain’s Golden Visa program is highly flexible, requiring only one visit per year and during permit renewals. Portugal, however, mandates a minimum of seven days of residence in the first year and 14 days every two years thereafter.

Family eligibility

Spain allows the inclusion of a spouse, children under 18, and parents on the same application. Portugal extends eligibility to the spouse, dependent children (under 18 or studying), and dependent parents over 66 years old (or 55 if financially dependent).

Investment requirements

The Spanish Golden Visa typically requires a minimum real estate investment of €500,000. However, the Spanish government plans to phase out real estate options, leaving other avenues, such as capital transfers, as the primary route.

Portugal previously allowed real estate investments but eliminated this route in late 2023. Current options include investing in cultural or artistic projects (from €250,000) or venture capital funds. Investments in low-density areas require a lower threshold, such as €200,000 for cultural projects or €280,000 for real estate prior to its removal.

Spain vs. Portugal Golden Visa: Tax Advantages

Portugal’s Non-Habitual Resident (NHR) tax regime offers significant benefits, including exemptions on certain foreign income for up to 10 years.

However, this regime ended in 2023, with applications accepted until March 2025 only if applicants meet certain criteria. A new tax incentive for scientific research and innovation will replace it.

Spanish tax laws differ for residents and non-residents. Residents are taxed on global income if they stay over 183 days per year, while non-residents pay a flat 24 percent  tax on income sourced in Spain.

Spain vs. Portugal Golden Visa: Application Costs

Which Golden Visa is better, Spain vs Portugal?

Determining which Golden Visa program is better – Spain or Portugal – depends largely on individual goals, priorities, and financial considerations. Portugal has lower investment thresholds and a wider variety of options, but Spain’s real estate market is still a strong draw for property-focused investors.

Choose Portugal if:

• You want a quicker route to citizenship
• You prefer lower investment thresholds and more varied options
• You seek favorable tax benefits and minimal residency requirements

Choose Spain if:

• You want a flexible visa with no mandatory residency to maintain it
• You’re interested in real estate investment (while still available)
• You prioritize a vibrant and diverse cultural lifestyle

Comparing investment costs

The Portuguese Golden Visa has a lower entry cost, starting at €250,000, compared to Spain’s €500,000 for real estate. While neither program is the cheapest in Europe, Portugal offers the fastest route to EU citizenship in five years, compared to Spain’s 10-year requirement.

Gaining EU citizenship

Both programs provide a gateway to European residency and eventual citizenship, but the choice depends on individual preferences, investment capacity, and timeline goals. Consulting with experts can help identify the most suitable option based on your personal and financial circumstances.

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.