Spain vs Portugal Golden Visa: Which Program To Pick

With golden beaches, enticing foods, and excellent weather, both Spain and Portugal offer safe and stable lifestyles in the heart of Europe. To encourage foreign investment and boost the state economy, both nations have adopted the popular Golden Visa scheme in Europe — attracting hundreds of investors each year. 

The Golden Visa program offers legal residence through investment– often property investment – in the nation. Provided that all program requirements are met, non-EU nationals can typically obtain permanent residency or citizenship in the long-run, with full access to the EU. 

While both Spain and Portugal offer golden visas, the program requirements and conditions differ. Which Golden Visa is better?

Golden Visa benefits

Portugal and Spain both offer fantastic benefits when it comes to the Golden Visa.

Application time

PORTUGAL	SPAIN
3-6 months	20 business days

Spain’s Golden Visa application processing time is fast and efficient. Once the paperwork is submitted, it usually takes 20 business days for the visa to be approved. 

Portugal’s Golden Visa processing time is comparably slower, taking between 3-6 months for the golden visa to be approved. 

Citizenship timeline

PORTUGAL	SPAIN
After 6 years	After 10 year

Spain’s Golden Visa scheme doesn’t automatically grant you citizenship unless you’re a national from one Spain’s former colonies. These nations include Mexico, Peru, Argentina, Philippines, Cuba, Bolivia, Chile, Colombia, Costa Rica, Dominican Republic, Ecuador, El Salvador, Guatemala, Honduras, Venezuela, Panama and Paraguay.

Nationals from these countries enjoy fast-track to citizenship privileges, with passports being granted in 2 short years, provided that the short stay requirements are met. These requirements include the need to travel every 2 and a half months to 3 months or 8 times in total to Spain within the two-year period. These residency requirements for citizenship are made possible with a multiple exits Golden Visa, as long as none of the trips last longer than 3 consecutive months.

If you’re not a national from these former Spanish colonies, the normal Golden Visa route lets you first live as a temporary resident in Spain, with an opportunity to become a permanent resident (PR) after the first five-year period. To become a PR, you must physically reside in Spain for 183 days per year. You can only apply for Spanish citizenship after you live in the country for ten years.

While Portugal’s Golden Visa program also doesn’t grant you citizenship straight away, the process of acquiring PR and citizenship is less complicated and faster. You can apply for PR after five years, without the need to live in Portugal. Citizenship can be obtained after six years.

Golden Visa general requirements

GENERAL REQUIREMENT	PORTUGAL	SPAIN
Applicant must be over 18
Clean criminal record
Hold valid medical insurance & health certificate
Enough funds to live in the country
Not on the list of undesirables
Not have been previously refused visas or entry in Schengen zone
Make qualifying investment and maintain it for 5 years

Golden Visa residence rules

PORTUGAL	SPAIN
7-day first year (14 days every two years after.)	Visit Spain once every year

Spain’s Golden Visa requirements are flexible. 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 has a minimum 7-day requirement in the first year, then no less than 14 days every two years after.

Family eligibility 

PORTUGAL	SPAIN
Spouse and dependent children (under 18 years old or still completing studies)	Spouse, dependent parents and children under the age of 18

For Spain, the investor’s spouse, children under the age of 18, as well as parents can be included as dependents on an application.

Portugal’s Golden Visa allows a spouse and dependent children (under 18 years old or still completing studies) to be included under the ‘family reunion’ application, however, not parents.

Golden Visa Portugal vs Spain investment comparison

GOLDEN VISA INVESTMENT	PORTUGAL	SPAIN
Most affordable investment route	€280,000 in renovations project	Buy real estate that’s at least worth €500,000
Investment options	Real estate, renovations, business startup, research, private equity funds, capital transfer, national heritage funds	Real estate, business shares, government bonds
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.

Tax Advantages

PORTUGAL	SPAIN
NHR Tax Regime (10 years)	24.75% on income derived in the country

Portugal’s Golden Visa program offers the ultimate tax advantage. Foreign investors who intend to live in Portugal can benefit from the Non-Habitual Resident Status, which allows tax-exemptions for its holders for up to ten years. Exemptions include income obtained from pensions, dependent, independent work, capital, real estate income, capital gains, intellectual or industrial property. Portugal’s property transfer tax is also extremely beneficial for foreign investors looking to set up a home in Portugal since expats end up paying the same tax rates as local residents.

In Spain, investors are taxed on their worldwide income if they live in Spain for over 183 days per year. For non-resident individuals, tax is charged at 24.75% on income derived in the country, like rental income. 

Spain vs Portugal Golden Visa application costs to consider

GOLDEN VISA INVESTMENT	PORTUGAL	SPAIN
Initial government application fee	€80 per applicant	€70 per applicant
Approval fee	€5,857 per visa holder	€5,000 per visa holder
First visa renewal fee	€3,195.20 per visa holder	€3,000 per visa holder
Second visa renewal fee	€3,195 per applicant	€3,000 per visa holder

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