Golden Visa Spain vs Portugal: What You Need to Know in 2026

In April 2025, Spain officially ended its Golden Visa program, closing the door on new investor residency applications. This major shift has pushed prospective investors to reconsider their options within Europe. While Spain’s scheme once attracted thousands through property-based investments, it no longer exists for new applicants.

Portugal, on the other hand, continues to offer a Golden Visa program, focused on innovation and productive investment. For anyone comparing Golden Visa Spain vs Portugal, the difference is now clearer than ever. 

This article breaks down what Spain’s Golden Visa used to offer, how Portugal’s updated program works today, and why Portugal is now one of the strongest investor residency pathways in the EU. 

What Spain’s Golden Visa used to offer (before being discontinued)

Spain’s Golden Visa program previously allowed non-EU investors to secure residency in exchange for qualifying investments. It offered flexible stay requirements, Schengen travel, and a path to long-term residency for families before the program was discontinued, reshaping the Golden Visa Spain vs Portugal conversation across Europe.

Previous investment routes available in Spain

Before it was discontinued, Spain’s Golden Visa offered several investment options. The most popular route required a €500,000 real estate purchase, which allowed investors to buy residential or commercial property.

Other options included a €1 million capital investment into Spanish companies or financial instruments, €2 million in government bonds, or business investment tied to job creation or economic contribution. These routes made the program highly accessible for a decade.

Residency rights Spain previously provided

Spain’s Golden Visa provided residency for the main applicant and qualifying family members, granting the right to live, work, and study in the country. Holders also enjoyed visa-free access across all Schengen countries, simplifying travel throughout Europe. 

As long as the underlying investment was maintained and renewals were completed, families could remain in Spain without strict relocation requirements.

Why Spain ended its Golden Visa in April 2025

Spain discontinued its program due to rising housing affordability concerns and mounting political pressure to prioritise local residents. Real estate-driven investor migration contributed to property inflation in major cities, prompting calls for reform. 

Additionally, the European Union raised concerns about property-based Golden Visas across member states, leading Spain to eliminate the program entirely for new applicants.

Understanding the Portugal Golden Visa 

After the 2023 changes, the Portugal Golden Visa program shifted away from property and toward investments that support the country’s growth, but the core idea of getting residency through investment remains the same, especially for investors now comparing the Golden Visa Spain vs Portugal landscape after Spain’s program ended.

Overview of the Portugal Golden Visa after the 2023 reforms

Portugal restructured its Golden Visa in 2023, removing all real estate investment routes under the Mais Habitação reforms. Today, the program focuses on investment options that support economic innovation, cultural heritage, scientific development, and entrepreneurship. 

Despite these changes, Portugal remains one of the most attractive Golden Visa programs in Europe due to its minimal stay requirements, path to citizenship after five years, and full Schengen mobility rights.

Who the Portugal Golden Visa is designed for

The Golden Visa is built for investors who want EU residency without relocating full-time. It also suits entrepreneurs seeking to expand into the European market and families looking for long-term security, education access, and global mobility. 

Many high networth applicants compare the Golden Visa with Portugal’s D7 and D8 visas, but choose the Golden Visa for its flexibility and minimal physical presence requirement.

Benefits of the Portugal Golden Visa

The Portugal Golden Visa program offers several strong advantages that make it appealing to investors and families.

Schengen travel access

Golden Visa holders gain visa-free access across all 27 Schengen countries, making travel for business, leisure, and family visits simple and seamless. Portugal effectively becomes a base for European travel, removing the need for additional visas or bureaucratic steps. This is one of the strongest mobility features offered by any EU residency program.

Minimal stay requirement

Portugal’s residency rules remain among the most flexible in Europe. Golden Visa holders only need to stay 7 days in the first year and 14 days on the subsequent years

Family benefits

The Portugal Golden Visa program allows full family reunification under one application, covering spouses, dependent children, and dependent parents. Children over 18 can also qualify. This makes the program significantly more flexible than standard residence permits for families.

Path to residency or citizenship

After five years, Golden Visa holders may apply for permanent residence or Portuguese citizenship. Permanent residence allows you to live in Portugal indefinitely. Citizenship offers full EU rights, political participation, and an EU passport, and the underlying investment does not need to be maintained once citizenship is granted.

Minimum client involvement

The Portugal Golden Visa process can be managed almost entirely by legal representatives, making it a low-effort residency solution. Applicants generally only need to attend their biometrics appointment, while all investment verification, document preparation, and application handling are completed by professionals. This structure appeals to investors seeking a streamlined, hands-off process.

Access to healthcare and education

Golden Visa holders may register with Portugal’s national healthcare system and access affordable medical treatment. Children can enrol in public schools and universities at the same tuition rates as locals. International schools are also widely available.

Business and investment opportunities

Portugal offers access to the entire European Union market, creating significant opportunities for entrepreneurs and investors. This includes launching a company, expanding an existing business, or investing in fast-growing Portuguese sectors such as renewable energy, technology, and tourism. Residency further simplifies cross-border activities within the EU.

Eligibility criteria, documentation, and minimum stay obligations for Portugal Golden Visa

Here’s what applicants need to meet and prepare before starting the Golden Visa process.

Basic eligibility criteria for applicants

To qualify for the Golden Visa, applicants must be non-EU, non-EEA, and non-Swiss nationals. They must provide a clean criminal record and proof that their funds come from a legal source. A valid passport and health insurance are also required. 

Required documentation for submission

Applicants must prepare several documents, including their passport, recent photographs, NIF (tax number), Portuguese bank account details, and proof of investment such as fund subscription certificates or cultural donation confirmations. 

They must also submit criminal background checks and an IRS compliance certificate. All documents must be apostilled and translated into Portuguese when required.

Minimum stay rules under the Portugal Golden Visa

To maintain Golden Visa status, applicants need to remain in Portugal for seven days in the first year and 14 days in each subsequent year. This structure allows investors to keep residency without relocating full-time, making it one of the most flexible residency programs in Europe.

Qualifying investment routes for the Portugal Golden Visa 

Portugal now offers a few clear investment paths for Golden Visa applicants, all centred on productive and regulated contributions.

Investment in regulated funds

The most popular route is the €500,000 investment in regulated funds monitored by CMVM, Portugal’s Securities Market Commission. These funds may include venture capital, private equity, or mixed-asset strategies, and at least 60% of the capital must be invested in Portuguese companies. Real estate–linked funds are not permitted, and the investment must be maintained for at least five years.

Contribution to arts and culture

Applicants may support cultural initiatives through a qualifying contribution to projects approved by GEPAC, Portugal’s cultural authority. These can include museum expansions, heritage site restorations, archaeological work, or cultural programming. This route supports the preservation of Portugal’s cultural heritage and remains one of the program’s most accessible investment pathways.

Investment in scientific research

Investors may support public or private research institutions with funding directed toward areas such as renewable energy, environmental sciences, biotechnology, climate research, and marine studies. These investments directly contribute to Portugal’s scientific advancement and must meet the minimum threshold of €500,000.

Investment in Portuguese companies

Applicants may invest at least €500,000 into an established Portuguese company to help expand its capital. To qualify, the investment must either create five new full-time jobs or maintain ten existing jobs, with at least five being permanent positions. This option supports real economic growth and business development within Portugal.

Job creation route only

Applicants can also qualify by creating at least ten full-time jobs, or eight jobs in low-density regions. Another option is to create five jobs combined with a €500,000 capital injection. These routes are designed for entrepreneurs and investors who want to establish a business presence or a company in Portugal.

Tax advantages for Portugal Golden Visa holders

Portugal offers Golden Visa investors considerable tax flexibility, depending on how long they choose to reside in the country.

Non-resident tax status

Golden Visa holders don’t need to live in Portugal full-time. The only requirement is to stay at least seven days in the first year and fourteen days during each following two-year period. If you keep your time in Portugal within these limits, you won’t become a tax resident, allowing you to legally avoid Portuguese income tax if that suits your overall tax planning.

Becoming a tax resident

You become a tax resident in Portugal if you spend more than 183 days in the country in a single year or if you maintain a home that qualifies as your primary residence. Those who meet the criteria for tax residency may also be eligible for Portugal’s updated incentive program, NHR 2.0, as long as they fall within the approved categories.

NHR 2.0 Eligibility for Golden Visa Holders

NHR 2.0 (also known as IFICI) replaced the old Non-Habitual Resident scheme and now targets professionals in specialised, high-value fields.

Who can apply?

To benefit from NHR 2.0 as a Golden Visa holder, you must fall into one of these categories:

Professionals in approved sectors

You must work in a recognised high-skilled area such as:

• Technology
• Healthcare
• Scientific or academic research

Eligible job titles include software engineers, researchers, medical specialists, and senior-level managers.

Executives and board members

Golden Visa investors may also qualify if they hold a leadership or board role in a Portuguese company or startup in which they’ve invested.

NHR 2.0 benefits for qualified applicants

Golden Visa holders who successfully enter the program enjoy several long-term incentives:

• 20% flat income tax rate on eligible Portuguese employment income
• Exemptions on foreign income, such as dividends, rental income, and capital gains (subject to program rules)
• 10-year benefit window, offering a full decade of predictable tax treatment

Portugal’s Golden Visa for cryptocurrency investors

Portugal remains a popular choice for crypto-focused applicants. While you cannot make your Golden Visa investment directly in cryptocurrency, several regulated funds now include crypto-related or blockchain-linked assets, giving investors exposure to the sector while meeting program requirements.

Portugal Golden Visa for U.S. Citizens

For many Americans, the Portugal Golden Visa is an attractive route to secure EU residency without sacrificing U.S. citizenship. Most applicants prefer investing through private equity or venture capital funds, as these options are straightforward, regulated, and easy to manage from abroad. Business owners also have the option to expand their companies into Portugal, which can provide residency while opening doors to the wider European market.

The program tends to fit well with U.S. financial planning. Portugal’s stay requirements are minimal, so you’re not expected to relocate permanently to maintain your residency. Strong tax treaties between the two countries help reduce or avoid double taxation, and eligible applicants can benefit from Portugal’s NHR 2.0 regime, which offers reduced tax rates and potential exemptions, making long-term financial planning easier.

Step-by-step process to apply for the Portugal Golden Visa

Step 1: Obtain a Portuguese NIF

You must obtain a Portuguese tax number (NIF), which is required for all financial and legal transactions in Portugal. Non-residents typically need a Portuguese tax representative to request the NIF on their behalf.

Step 2: Open a Portuguese bank account

After securing your NIF, you must open a Portuguese bank account to transfer your investment funds. Banks will require identification documents, proof of income, and tax forms, particularly for U.S. citizens.

Step 3: Transfer the qualifying investment amount

You must transfer the qualifying investment amount—typically €500,000—into your Portuguese bank account. The bank will issue an official statement confirming the transfer.

Step 4: Collect and prepare documentation

Applicants must prepare several documents, including their passport, bank account confirmation, proof of investment, criminal background checks, and IRS compliance certificates. All documents must comply with Portuguese legal standards.

Step 5: Complete the investment

Once the funds are in your Portuguese account, you must complete the investment into the chosen eligible route, such as a regulated fund, cultural project, or research institution. Investment confirmation documents will be included in the application.

Step 6: Submit your application to AIMA

Your application is submitted to AIMA, the Portuguese immigration authority, for review. AIMA verifies your investment and documentation before scheduling your biometrics appointment.

Step 7: Attend biometrics appointment in Portugal

Applicants must attend an in-person appointment where fingerprints, photographs, and signatures are collected. Dependents may attend the same appointment.

Step 8: Receive Golden Visa residency card

After approval, you will receive your residence card, which grants full residency rights. The five-year residency clock begins on the date the card is issued.

Timeline for the Portugal Golden Visa process

Here is how the Golden Visa process typically unfolds from start to finish.

Online submission to AIMA and initial review

Applications are submitted online through AIMA’s portal, where documents and investment details undergo verification. This stage confirms eligibility and checks compliance with the program’s requirements.

Appointment scheduling and wait times

The overall period from submission to appointment can take up a few weeks.

In-person biometrics appointment for main applicant and dependents

The biometrics appointment includes fingerprinting, photographs, and identity verification. Families may attend together, simplifying the process.

Issuance of Golden Visa residence cards

Residence permits are typically issued within four months of the appointment. Once issued, they grant full residency rights and begin the five-year path toward permanent residency or citizenship.

Costs and government fees associated with the Portugal Golden Visa

Here is a breakdown of the main government fees involved in the Golden Visa.

Application analysis fee

The analysis fee is €618.60 per applicant, paid at the time of submitting the application.

Residence permit issuance fee (initial + renewals)

The initial residence card costs €6,179.40 per applicant. Renewals cost €3,090.40 per applicant.

Permanent residence fees after five years

The fee for permanent residence is €8,463.40. Renewals cost €4,326.30.

Additional administrative and documentation costs

Applicants should budget €100–€300 for criminal record certificates, apostilles, notarised translations, and certified copies. Costs vary depending on the applicant’s country of origin.

Legal support and immigration representation fees

Full-service legal representation typically ranges from €10,000 to €20,000, depending on the number of dependents and complexity. This covers document preparation, compliance reviews, communication with AIMA, and full application management.

Renewals, permanent residency, and a pathway to Portuguese citizenship

Portugal’s Golden Visa is renewable every two years as long as the investment is maintained and the minimum stay requirements are met. After five years, applicants may apply for permanent residence or Portuguese citizenship. 

Citizenship requires evidence of basic Portuguese language proficiency at the A2 level and a clean criminal record. Once citizenship is granted, you are no longer required to maintain your Golden Visa investment.

How does touchdown assist you with the Portugal Golden Visa

Every Golden Visa journey starts differently. Some people invest for flexibility, others for family security, and many for a long-term connection to Europe. Touchdown, built by expats for expats, helps you make sense of where you fit and what the process looks like from the very beginning.

You can use the free Eligibility Checker to determine whether the Golden Visa is a suitable option for your profile. Once you know where you stand, it becomes much easier to understand your investment options. Most applicants ultimately choose between regulated investment funds, cultural contributions, or research investments, depending on their goals and risk tolerance.

Touchdown explains the requirements for each option and helps you understand which one aligns with your plans, but the support doesn’t stop at choosing an investment. The team prepares your documents, submits your application, secures your NIF, opens your bank account, coordinates fund transfers, and handles tax matters such as NHR 2.0 or company setup if your move requires it.

You can book a 1:1 consultation where the team reviews your situation and outlines the path that fits your investment capacity, family setup, and long-term plans.

Portugal Golden Visa FAQs

Which EU country has the best Golden Visa?

Portugal is widely considered the strongest Golden Visa in the EU due to its low stay requirements, diverse investment routes, and clear path to citizenship. Most competing programs rely heavily on real estate or have less predictable policies. With Spain’s Golden Visa program closed, Portugal remains the most balanced and stable option.

What is the downside of a Portugal Golden Visa?

The main downside is that real estate is no longer eligible, so investors must use funds, research, cultural projects, or company investment routes. These can carry higher investment risk and require more due diligence. Processing times can also be slow due to AIMA’s workload.

Why is Portugal ending the Golden Visa?

​​Portugal is not ending the Golden Visa. It has only removed property investment to reduce housing pressures and align with EU recommendations. The program continues but now focuses on innovation, culture, research, and entrepreneurship.

What are the cons of the Golden Visa in Spain?

Spain’s Golden Visa is no longer available, and the heavy reliance on property investment contributed to housing shortages and political backlash. Investors also faced unpredictable policy changes, which ultimately led to the program’s complete closure.