Golden Visa: Portugal vs Spain in 2026 — which to choose now
What changed in both programs after 2024–2025 reforms, real costs, residency timelines, and which one still makes sense in 2026.
Both Portugal and Spain reformed their Golden Visa programs over 2023–2025, ending the easy real-estate-for-residency route that drove most foreign capital. Here is the honest 2026 picture: what each country still offers, what it costs, and which one fits which investor profile.
Portugal Golden Visa: what survived after 2023 reform
Portugal's Golden Visa is no longer available through direct residential property purchases or capital transfers (closed October 2023). Surviving routes: investment in approved private equity / venture capital funds (minimum €500,000), donation to scientific research (€500,000+), donation to arts and heritage (€250,000+), creation of 10+ jobs in Portugal, or capital transfer of €1.5M+ to a Portuguese bank or government bonds. The fund investment route is the most popular today — typically Portuguese SMEs or real estate development funds — but carries higher risk than direct property ownership.
Spain Golden Visa: closed April 2025
Spain ended its Golden Visa for property-based applications in April 2025. Existing holders can renew under the old €500,000 threshold; new applicants cannot use real estate. The remaining investment routes (€1M+ in Spanish company shares, €1M+ in Spanish bank deposits, €2M+ in Spanish government bonds, €1M+ in investment funds) are still active but rarely used because the price-to-benefit ratio is poor relative to other EU programs.
Side-by-side: total cost to residency
Portugal fund route: €500,000 investment + €5,000–8,000 government fees + €15,000–25,000 legal/setup + ongoing fund management fees (~1.5%/year). Total first-year cost: ~€530,000–550,000. Spain remaining routes: €1M+ minimum investment + €10,000–20,000 legal — total first-year cost: €1,020,000+. Portugal is dramatically cheaper for new applicants in 2026.
Residency obligation: how much time you must spend
Portugal: minimum 7 days in year 1, 14 days in each subsequent 2-year period. Light obligation — among the lowest in the EU. Spain: technically only 1 day per year required to maintain the visa, but to apply for permanent residency (after 5 years) or citizenship (after 10 years), you must demonstrate "effective residence" — typically 183+ days per year. Spain is lighter on paper but heavier if you want eventual citizenship.
Path to citizenship
Portugal: eligible for citizenship after 5 years of residency, no Portuguese language requirement above A2 level, dual citizenship allowed (Portugal has tax treaties with most countries to prevent double taxation). Spain: 10 years required for general citizenship, must demonstrate Spanish fluency (DELE A2 minimum) and pass a culture test. Spain does NOT allow dual citizenship for most nationalities — you would have to renounce your original passport. Latin American, Andorran, Filipino, Equatoguinean, Portuguese and Sephardic Jewish applicants are exempt and can hold dual.
Tax implications
Portugal: Non-Habitual Resident (NHR) regime was phased out in 2024 for new arrivals. The replacement is the IFICI regime (Tax Incentive for Scientific Research and Innovation) — narrower eligibility, only for specific high-skill or scientific professions. For general foreign income outside those categories, Portugal taxes at standard progressive rates (14.5–48%). Spain: progressive tax up to 47% on income, plus wealth tax on assets above €700,000 (regional rates vary). For passive investors, Portugal is generally more favorable; for active business income, both are comparable.
Which to choose: 3 typical profiles
Profile 1 — passive investor seeking EU residency: Portugal fund route wins clearly. €500K vs €1M+, lighter residency obligation, faster path to citizenship. Profile 2 — investor who wants direct property ownership: neither Golden Visa works for new applicants — buy property freely (no restrictions) and apply for a Non-Lucrative Visa (Spain) or D7 Visa (Portugal) based on passive income. Profile 3 — large-scale capital holder (€2M+) who wants citizenship in a Spanish-speaking country: Spain is the only EU option that can lead to a Spanish passport, but requires giving up your original citizenship for most nationalities — major decision.
FAQ
Can I still get a Golden Visa by buying property in Portugal or Spain in 2026?
No. Portugal closed the property route in October 2023, Spain closed it in April 2025. Both still allow visa applications via other investment categories (funds, government bonds, business creation).
Which is cheaper, Portugal or Spain Golden Visa?
Portugal is significantly cheaper for new applicants — €500,000 fund minimum versus Spain's €1,000,000 minimum for any remaining route.
Can I keep my original passport with these programs?
Portugal allows dual citizenship with all countries. Spain requires renouncing your original passport when naturalizing, except for citizens of Latin American countries, Andorra, the Philippines, Equatorial Guinea, Portugal and Sephardic Jews.
Are the visa funds invested in Portugal or Spain safe?
They carry typical investment risk. Approved Portuguese funds must be registered with CMVM (the Portuguese securities regulator) but are not capital-guaranteed. Diversify and choose funds with audited track records.
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