With golden beaches, enticing food, and excellent weather, Spain and Portugal offer safe and stable lifestyles in the heart of Europe. Both nations have adopted the popular Golden Visa scheme in Europe to encourage foreign investment and boost the state economy, attracting hundreds of investors yearly.
The Golden Visa Spain vs Portugal programs offer legal residency by investment in their respective nations. If all program requirements are met, non-EEA, non-Swiss, and non-EU nationals can typically acquire permanent residency and citizenship in the long run, with full access to the European Union (EU).
Spain and Portugal both offer Golden Visa programs, but they differ in investment requirements, residency timelines, and citizenship paths. Portugal’s program, while requiring a lower minimum investment (starting at €250,000), has more diverse investments. In our Spain vs. Portugal Golden Visa guide, we compare the differences between the Spain and Portugal Golden Visa programs so you can decide which residency by investment program to seek.
⚠️ Spain Golden Visa Ending: April 2025 Update
The Spain Golden Visa program ended on April 3, 2025, and is no longer accepting applications.
Investors and family members who submitted applications before the April deadline will remain unaffected. They will retain all benefits and renewal rights under the program’s current rules. Existing Golden Visa holders will also maintain their rights.
The Portugal, Italy, Greece, and Malta Golden Visas are great alternatives for investors looking for a European residency permit without a stay requirement. For those seeking to live in Spain, the Non-Lucrative Visa and the Digital Nomad Visa are excellent options.
Golden Visa Spain vs Portugal Golden Visa: An Overview
About the Portugal Golden Visa Program
The Portugal Golden Visa, or Portuguese residence permit for investment activity (ARI), is a five-year residency program in Portugal for non-EU nationals who invest in the country.
Introduced in 2012 to boost foreign investment, it has become one of the most popular residency-by-investment programs in the world.
Foreigners can opt for several investment routes, such as art and cultural donations and investment funds.
Over 20,000 families have received Portuguese Golden Visas, raising over €4 billion. Golden Visa programs like this allow investors and their families to live, work, and travel freely in the Schengen Area.
Portugal’s beauty and lifestyle make it an appealing choice, especially for Americans. Investors can apply for permanent residency or citizenship after keeping their investment for at least five years and meeting Portuguese immigration and nationality laws.
About the Golden Visa Spain
The Spain Golden Visa program was launched in 2013 as part of the country’s initiative to boost the Spanish economy by increasing foreign investment.
Also known as the Spanish Investor Visa or the Spanish Residence Visa for Investors (Visado de Residencia para Inversores), the scheme offers residency to non-EU citizens who make significant investments in Spain.
In addition, the Spain Golden Visa programs allow qualifying individuals to get a renewable, temporary residence permit in exchange for contributing to investment programs such as:
- Purchasing real estate
- Investment programs for qualified Spanish companies
- Investing in funds or bank deposits
- Job creation opportunities
- Making a qualifying contribution to government bonds.
The program has proven particularly popular among applicants from China, Russia, Venezuela, Ecuador, Brazil, and India. According to the Ministry of Inclusion, Social Security, and Migration (Ministerio de Inclusión, Seguridad Social y Migraciones), 13,000 Spain Golden Visas have been approved as of 2021.
Key Differences Between Golden Visa Spain vs Portugal
The Golden Visa programs in Spain and Portugal offer non-EU nationals a path to residency through investment, but they differ significantly in their requirements and benefits.
Spain’s Golden Visa required a minimum investment of €500,000 in real estate, while Portugal’s program has a lower investment threshold, with options for investments in funds, businesses, or cultural heritage.
Despite the Golden Visa Spain program ending, below we briefly outline the key differences between the two visa programs.
Investment requirements
Spain required a minimum investment of €500,000 in real estate, while Portugal has a lower threshold and more diverse investment options.
Minimum residency requirements
Portugal requires only 7 days in the first year and 14 days every two years thereafter, while Spain mandated at least 183 days per year to maintain residency.
Citizenship
Portugal offers a faster path to citizenship (5 years), while Spain required 10 years of residency.
Processing Time
Spain generally processed Golden Visa applications faster than Portugal, with approvals often granted within 20 business days after submission, while Portugal’s processing can take 18 months or more.
Real estate investment
Spain’s Golden Visa allowed investors to acquire property in any region, while Portugal’s program has removed the real estate investment option completely.
Golden Visa Program status
As of 3 April 2025, Spain’s Golden Visa program has ended, while Portugal’s Golden Visa program is still active, though the real estate and capital transfer routes are no longer available.
Spain Golden Visa vs. Portugal Golden Visa: The Benefits
The Golden Visa Spain and Portugal’s Golden Visa program offers excellent advantages for minimum investment. In return, applicants gain the freedom of movement and the right to live legally in Europe.
Below is a comparison of the benefits of Spain Golden Visa vs. Portugal Golden Visa.
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
 Portugal | Spain |
| 12 to 18 months | Three months |
Spain’s Golden Visa application processing time is fast and efficient. Once the paperwork is submitted, the visa is usually approved in around 20 business days.
Portugal’s Golden Visa processing time is comparably slower, taking at least 18 months after the online submission. Some applicants have enlisted the help of a Portugal Golden Visa lawyer to speed up the process.
Portugal vs Spain Golden Visa: Timeline to Citizenship
| Portugal | Spain |
| After five years | After ten years |
Golden Visa Spain timeline for citizenship
The Golden Visa Spain doesn’t automatically grant you Spanish citizenship unless you’re a national from one of Spain’s former colonies, including:
- Argentina
- Bolivia
- Brazil
- Chile
- Colombia
- Costa Rica
- Cuba
- Dominican Republic
- Ecuador
- El Salvador
- Guatemala
- Honduras
- Mexico
- Nicaragua
- Panama
- Paraguay
- Peru
- Portugal
- Puerto Rico
- the Philippines
- Uruguay
- Venezuela
Foreign nationals from these countries can fast-track their citizenship applications and receive passports within two years, provided they meet the short-stay requirements.
These requirements include traveling to Spain every two and a half to three months—or eight times in total—within two years. These residency requirements for citizenship are made possible with a multiple exit Golden Visa, as long as none of the trips last longer than three consecutive months.
If you’re not a national of these former Spanish colonies, the regular Golden Visa route lets you live temporarily in Spain. After the first five years, you can become a permanent resident (PR), provided you physically reside in Spain for 183 days per year.
You can only apply for Spanish citizenship after you have lived in the country for ten years.
Portugal Golden Visa program timeline to citizenship
While the Portuguese Golden Visa scheme also doesn’t immediately grant citizenship, acquiring permanent residency and citizenship is less complex and faster than in Spain.
Applicants are granted an initial two-year residence permit, which can be renewed for the first five years. Once completed, you can apply for permanent residency and Portuguese citizenship, provided you spend at least 14 days in the country every two years and maintain your investment for five years.
In January 2024, Portugal updated its nationality law, allowing the time between applying for and receiving a temporary residency permit to count towards the five-year requirement for Portuguese citizenship.
Part of this updated law means that Portugal Golden Visa benefits include a shortened waiting period for citizenship, especially for delayed applications. Overall, it aims to improve the immigration and naturalization process in Portugal.
Spain and Portugal both allow dual citizenship, but before applying for citizenship of either country, it’s important to clarify whether your country of origin also permits dual citizenship.
⚠️ Portugal Nationality Law Changes 2025
On June 23, 2025, the Portuguese Government announced plans to amend the Nationality Law and the legal framework governing immigration. The proposals have passed the plenary vote on October 28, 2025, which marks a significant step forward in the legislative process.
Among the measures under discussion are an increase in the residence requirement for nationality from five years to ten years – seven years for nationals of CPLP and EU countries – and a change to how residency time is calculated, so that the clock would start when residency is issued rather than when the application is submitted.
These changes are not yet law. They must still undergo Presidential review. At that stage, the President may promulgate the law, issue a veto, or request a review by the Constitutional Court. The final text may still be amended, including any transitional provisions or possible grandfathering rules, but they might not be enacted because the law is not final until its promulgated.
For the latest information regarding these changes, read Portugal Nationality and Citizenship Changes 2025
Spain vs. Portugal Golden Visa: Requirements
| GENERAL REQUIREMENT | PORTUGAL | SPAIN |
|---|---|---|
| Applicant must be over 18 | Yes | Yes |
| Hold a clean criminal record | Yes | Yes |
| Hold valid medical insurance & health certificate | Yes | Yes |
| Show proof of sufficient funds to sustain your residency in the country | Yes | Yes |
| Not on the list of undesirables | Yes | No |
| Not have been previously refused visas or entry into the Schengen Zone | Yes | No |
| Make the qualifying investment and maintain it for five years | Yes | Yes |
Portugal Golden Visa programs residence rules
| Portugal | Spain |
| Seven days in the first year, and 14 days every two years after that. | Visit Spain once every year. |
The Golden Visa in Spain has flexible requirements. There is no residency requirement to maintain the Golden Visa. You must only visit Spain once in the first year for your biometrics collections session and once each time the permit is renewed.
Meanwhile, Portugal requires a minimum of seven days of legal residence in the first year and no less than 14 days every two years after that.
Family eligibility
| Portugal | Spain |
| Spouse and dependent children under 18, or children still completing studies, dependent parents. | Spouse, dependent parents, and children under the age of 18. |
For the Golden Visa Spain, the primary applicant’s spouse, children under 18, and parents can all be included in the same Golden Visa application.
The Portugal Golden Visa allows the spouse and dependent children — under 18 or still completing studies— to be included under the ‘family reunion’ application. Parents of either spouse, if over 66 years old (or 55 and dependent), can also be included in the application.
Investment Options for the Spain Golden Visa vs Portugal Golden Visa
See the table below for the Spain vs Portugal Golden Visa programs for investment.
| Golden visa investment | Portugal | Spain |
| Most affordable investment program route | €250,000 arts donation | Buy real estate that’s worth at least €500,000 |
| Investment options | Business startup, scientific research, fund subscriptions, job creation, arts or national heritage funds | Real estate, business shares, government bonds, bank deposits |
| Analysis | More competitive investment options and lower investment thresholds than Spain | While Spain has fewer investment options and is more expensive, its real estate market is just as dynamic and strong as Portugal’s |
Spain vs. Portugal Golden Visa: Application Costs
| Golden visa government fees | Portugal | Spain |
| Initial government application fee |
|
|
| Gov. permit (upon issuance of residence card) |
|
|
Please note that visa fees are subject to change depending on the respective government’s decision.
Which Golden Visa is better, Spain vs Portugal?
Regarding having a ‘Golden Visa Europe comparison’ between Spain and Portugal, it’s best to determine what option is better for you by speaking with experts in the field to guide you on your most suitable route to European residency. Also, consider whether you would like to move to Spain or Portugal, as each country is entirely different and will have pros and cons.
Comparing investment costs
Regarding costs, the Portuguese Golden Visa Program has a lower minimum investment requirement than Spain.
Investments start from €250,000 for art donations or national cultural heritage projects or €200,000 if the project is in a low-density area. Typically, most investors would qualify through a real estate investment, buying property at or exceeding €280,000 or €500,000, depending on the property’s location.
Real estate investment and capital transfers are only available on the Spanish Golden Visa pathway. However, the Golden Visa program ended in Spain on April 3, 2025.
Portugal eliminated their real estate Golden Visa investment route in October 2023.
In recent years, subscribing to investment options, such as a venture capital fund or private equity, has gained traction. The investment fund option is trendy because it offers potential returns on income.
Gaining EU citizenship
While neither Spain nor Portugal is Europe’s cheapest Golden Visa option, they offer some of the quickest routes to citizenship.
The Portuguese Golden Visa program offers the quickest route. After maintaining residency there for five years, you can apply for your permanent residence permit and citizenship. For Spain, applying for Spanish citizenship takes ten years to be eligible.
Both Golden Visa programs have advantages and disadvantages, so it is best to speak with an expert in the field to discuss your options.
Let’s get you moving forward in your quest to acquire a permanent residence permit in European countries and citizenship by naturalization.
Add Your Heading Text Here
Need more information on Golden Visa programs?
Americans Moving to Canada: A Comprehensive Guide
Americans Moving to Europe: Top Reasons To Consider Reloc…
European Citizenship and Caribbean Citizenship: Eight Dif…
Golden Visa Spain vs Portugal Golden Visa: Which One To C…
