If you are comparing the Golden Visa Spain vs Portugal, then you should know that the Spanish Golden Visa closed to new applicants on 3 April 2025. The Portuguese Golden Visa is still open; however, the real estate and capital transfer routes were closed in October of 2023.
Existing holders of the Spain Golden Visa can still benefit from the program and renew their visas under the conditions that were in place at the time of their initial approval. The Portuguese Golden Visa is currently accepting new applicants, and existing applicants can continue to enjoy their benefits under the program.
While the Spanish program is now closed, the Portuguese program remains an appealing choice for non-EU/EEA/Swiss investors seeking residency in Europe. We have assisted thousands of clients find their ideal mobility solution, and we can help you make Portugal yours.
Our article explains the features of the Spanish program that are still relevant for existing holders and compares this to the Portuguese program. We also provide available alternatives to the Spanish Golden Visa, like the Digital Nomad Visa.
Spain vs Portugal Golden Visa: Key Takeaways
Spain Closed, Portugal Open: 2026 Update
- Spain stopped accepting new Golden Visa applications with effect from 3 April 2025.
- Valid Spanish permits keep their validity, and eligible renewals are processed under the rules in force when the initial authorization was granted.
- Portugal’s Golden Visa remains active and current routes exclude real-estate acquisition. Currently, the options include job creation, research, culture, non-real estate collective investment, and qualifying company capitalization/job routes.
Spain vs Portugal Golden Visa at a Glance
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 programs in the world. Expats can opt for several investment routes, such as art and cultural donations and investment funds.
More than 20,000 families have received Portuguese Golden Visas, raising over €7,5 billion, according to official ARI statistics. The visa allows investors and their families to live and work in Portugal as well as travel freely in the Schengen Area as a tourist.
Portugal’s mix of quality of life and a relatively low cost of living make it an appealing choice, especially for Americans. Investors can apply for permanent residency after keeping their investment for at least five years and meeting Portuguese immigration laws.
About the Golden Visa Spain
The Spanish Golden Visa is closed to new applicants, as of 3 April 2025. Existing holders of the visa can continue to enjoy the benefits and rights granted by the program. This includes the right to live and work in Spain, as well as to renew the visa, should all the conditions continue to be met.
What Existing Spain Golden Visa Holders Keep
Despite the program being closed, existing holders can continue to enjoy the rights and benefits it provided. According to BOE Law 14/2013, existing Spanish Golden Visa holders with valid permits are allowed to retain their validity. For existing holders, renewal is also possible, and they are processed under the rules that were in place when the first permit was granted.
Spanish Golden Visa holders get to keep their residency and work rights, as well as their capacity to renew the visa. The recency of the closure, and the ability for existing holders to retain their rights, underscores the importance of capitalizing on Golden Visa opportunities when they arise. The optionality of most Golden Visa programs means that immediate relocation is often not required.
Portugal Nationality Law Changes 2026
In May 2026, Portugal’s president, António José Seguro, approved several amendments to the Nationality Law that affect long-term residency permit holders. The most significant change requires that most nationals have ten years of legal residency before becoming eligible for citizenship.
The 2026 law also removed the “count from application date” rule introduced in a 2024 reform. The citizenship clock now runs from residence card issuance, not application submission for the card.
These changes are now in force. However, the updated Nationality Law does not affect the time required for permanent residency, which remains at five years. For the latest information regarding these changes, read Portugal Nationality and Citizenship Changes 2026.
Current Portugal Golden Visa Investment Options
Investment funds
The fund avenue requires a minimum investment of €500,000 into an eligible Portuguese investment fund. For a fund to be eligible it must be constituted under Portuguese law, have a maturity of at least five years at the time of investment, and invest at least 60% of its value in companies that are headquartered in Portugal.
Donation to arts and culture
The donation route requires a contribution of at least €250,000, or €200,000 for eligible projects that are in low-density areas, to a cultural initiative approved by the Portuguese authorities. Options are pre-approved by the government, and they aim to promote Portuguese culture, fund restoration efforts of national heritage, and highlight the arts.
Donation to scientific research
If you would like to advance scientific research in Portugal, you can contribute at least €500,000 for research activities conducted by public or private institutions. The projects are focused on healthcare, biotechnology, engineering, environmental research, AI, and other strategic fields vital for the country’s development.
Creation of ten jobs
Another option is the creation of at least ten full-time jobs. In low population areas, this number is reduced to eight. The jobs must align with Portugal’s labor and social security standards. This option can be difficult to execute due to ongoing compliance requirements.
Company investment and creation of five jobs
This route requires a minimum investment of €500,000 in a Portuguese company, either through incorporation or by increasing share capital. Plus, the business must create or maintain at least five permanent jobs. For entrepreneurs, this option facilitates expansion into the Portuguese market or the establishment of a European presence.
Portugal Golden Visa Stay and Renewal Rules
Minimum stay requirements
Portugal Golden Visa holders must meet a low physical-presence threshold to maintain and renew their residence permit:
- First year: at least seven days in Portugal (consecutive or non-consecutive).
- Each subsequent two-year period: at least 14 days in Portugal in total.
Days are counted as calendar days physically present in Portugal and the arrival and departure days both count towards the total. You must show at least seven days in year one and at least 14 days in each two-year renewal period thereafter. This is the minimum amount of time you must spend in the country to be able to renew your residency.
Renewal cycle and conditions
The initial Golden Visa residence card is valid for two years and is renewable in two-year increments if program conditions continue to be met. To renew, applicants must demonstrate:
- Maintenance of the qualifying investment: Fund subscription, capital transfer, or other eligible route under Portuguese law
- Compliance with the minimum stay rule: Seven days in year one; 14 days per subsequent two-year period
- Clean criminal record: Proven via updated criminal-record certificates
- Valid passport: As well as Portuguese NIF and a registered address
- Payment of renewal fees: For the main applicant and each dependent family member
Renewals are submitted to AIMA (the agency that replaced SEF for Golden Visa matters), and you should account for processing backlogs and document-validity windows when timing your submissions.
The Portugal Golden Visa can you let you live and work in the country, and the program is open and active
Permanent Residence and Citizenship: Current Timelines
Spain
In Spain, permanent residence is available after five years of continuous legal residence. Citizenship by naturalization is available after ten years, with shorter routes for specific groups. This includes two years for Ibero-American nationals, Filipinos, Portuguese nationals, Andorrans, Equatorial Guineans, and Sephardic applicants, and one year for certain special cases such as spouses of Spanish nationals.
Portugal
Portugal also keeps permanent residence at the five-year mark, but citizenship rules changed in 2026. Under the current law, most foreign nationals need ten years of legal residence for naturalization, while EU and CPLP nationals need seven years. The new citizenship law entered into force on 19 May 2026. Applications submitted before this date still qualify for the old five-year path to citizenship.
Costs and Processing: What Can Be Compared Today
Costs
The Portugal Golden Visa has several associated costs that you should be aware of before your application:
| Cost type | What to account for |
|---|---|
| Qualifying investment | Minimum investment or donation for the chosen route |
| Fund-related fees (if applicable) | Subscription, management, or performance fees |
| Government fees | Application, processing, card issuance, and renewal fees for the main applicant and for family members |
| Legal fees | Professional support, document review, and application handling |
| Document costs | Translation, apostille, certification, and courier costs |
The Government fees for the residence permit and its renewal can be seen below:
| Application | Permit Issuance | Per Renewal *Expect to renew twice in a five-year period | Total Over 5 Years | |
|---|---|---|---|---|
| Single Applicant | €842.80 | €8,418.90 | €4,210.30 | €17,682.30 |
| Couple | €1,685.60 | €16,837.80 | €8,420.60 | €35,364.60 |
Processing
The Portuguese Golden Visa has an average processing time of between 18 and 24 months. This duration is due to a current backlog, and improvements are being made to speed up waiting times. The closed Spain Golden Visa no longer has a processing time.
Alternatives for People who Want to Live in Spain
Even though the Spain Golden Visa is closed, there are still active residency routes available for eligible applicants:
Digital Nomad Visa
The Spain Digital Nomad Visa is a long-stay Type D visa that allows you to live and work in Spain for clients or companies based outside of the country. It requires a minimum income of €2,850 per month to qualify, and you may be eligible to benefit from the Beckham Law flat tax. Cities like Madrid and Barcelona are popular destinations for remote professionals thanks to their modern infrastructure, and large expat communities.
Non-Lucrative Visa
The Spanish Non-Lucrative Visa is a long-stay visa designed for those with enough passive income to support themselves without working. While this targets retirees, it is not restricted to this group, and anyone earning at least €2,400 per month of passive income could be eligible for the visa. The visa does not allow work of any kind, so your income must be strictly passive to qualify.
Highly Qualified Professional Visa
The Highly Qualified Professional Visa Spain is another long-stay visa option, but this visa requires employee sponsorship and a higher income threshold to qualify. The income requirement for the visa is €55,000 per year, which can be reduced to €41,356.36 for academic or scientific roles. Additionally, the visa offers a fast-processing time, the ability to bring your family, and the ability to qualify for Spain’s Beckham Law.
Which Option Should a New Applicant Choose?
As the Spanish program is closed, the Portugal Golden Visa is the clear choice for new applicants. Those seeking residency in Spain can still apply for the available visas that were described in the previous section. Additionally, those seeking European residency can consider other options like the Italian Investor Visa.
How Can Global Citizen Solutions Help You?
Global Citizen Solutions is an advisory migration consultancy firm with years of experience delivering bespoke residence and citizenship by investment solutions for international families. With offices worldwide and an experienced, hands-on team, we have helped hundreds of clients worldwide acquire citizenship, residence visas, or homes while diversifying their portfolios with robust investments.
We guide you from start to finish, taking you beyond your citizenship or residency by investment application.
