The Spain Golden Visa and Portugal Golden Visa are two of Europe’s most prominent residency-by-investment programs, designed to attract non-EU investors by offering residency in exchange for significant economic contributions. While Spain’s program officially ended on April 3, 2025, Portugal’s Golden Visa remains active, with updated investment options following reforms in 2023. Both programs have historically appealed to investors seeking access to the Schengen Area, a high quality of life, and potential pathways to permanent residency or citizenship. This article provides an in-depth comparison of the two programs, covering their history, investment options, eligibility criteria, application processes, benefits, and challenges, while also exploring alternatives for investors affected by Spain’s program closure.
Spain’s Golden Visa, launched in 2013, was a cornerstone of its post-2008 economic recovery strategy, particularly through real estate investments of €500,000 or more. Portugal’s program, introduced in 2012, has been one of Europe’s most successful, raising over €7.5 billion by 2023. Despite their similarities, the programs differ significantly in investment thresholds, residency requirements, and citizenship timelines. This guide aims to help investors choose the best option based on their goals, whether seeking mobility, lifestyle, or long-term residency in Europe. For the latest on European residency programs, visit Global Residence Index.
Historical Context and Program Overview
The Spain and Portugal Golden Visa programs were born out of economic necessity following the 2008 global financial crisis, which severely impacted both countries’ economies. Spain’s program, launched in 2013 under the Law in Support of Entrepreneurs and their Internationalization (Ley 14/2013), aimed to revive its struggling real estate sector by attracting foreign capital. It issued 14,576 visas by 2023, with 94% tied to real estate investments, primarily in Barcelona, Madrid, and the Costa del Sol. The program’s closure in 2025 was driven by concerns over housing affordability, as foreign investments inflated property prices in high-demand areas.
Portugal’s Golden Visa, introduced in 2012, sought to boost foreign investment across multiple sectors. By October 2023, it had approved over 12,000 applications, raising €7.5 billion, with real estate initially dominating until its removal as an option in 2023 due to similar housing concerns. Portugal’s program continues to thrive with alternative investment routes like cultural donations and venture capital funds. Both programs offered Schengen Area access and family inclusion, but their differences in flexibility and long-term benefits make them distinct. For more on Portugal’s program, see Get Golden Visa.
Spain Golden Visa: Rise and Fall
Spain’s Golden Visa was designed to attract affluent non-EU investors, particularly from China, Russia, the United States, and the United Kingdom. The program’s low investment threshold of €500,000 in real estate, compared to other EU programs, made it highly accessible. Investors could purchase residential or commercial properties, generating rental yields of 4–6% annually in cities like Barcelona. The program’s flexibility—no minimum stay requirement and the ability to include family members—drove its popularity, with Barcelona absorbing over 40% of investments.
However, rising property prices, particularly in urban centers (e.g., a 25% increase in Madrid from 2015 to 2023), fueled public backlash. Prime Minister Pedro Sánchez announced the program’s termination in 2024, citing its role in making housing a “speculative business” rather than a right. By April 3, 2025, the program ceased accepting applications, leaving investors to explore alternatives. The closure reflects a broader EU trend, with countries like Ireland and Portugal also tightening or ending similar schemes.
Portugal Golden Visa: Evolution and Resilience
Portugal’s Golden Visa, officially the Residence Permit for Investment Activity (ARI), was launched to stimulate economic growth post-2008. Its success is evident in its €7.5 billion in investments by 2023, with 88% initially tied to real estate. The program’s adaptability shone through reforms in 2023, which eliminated real estate and capital transfer options to address housing market pressures. Instead, it now focuses on cultural donations, venture capital funds, and job creation, maintaining its appeal for investors seeking EU residency.
The program’s low residency requirement—seven days per year in the first year and 14 days every two years thereafter—makes it ideal for those not planning to relocate permanently. Portugal’s faster citizenship pathway (five years) and recognition of dual citizenship further enhance its attractiveness compared to Spain’s stricter requirements. The program’s resilience is supported by streamlined digital processes introduced in 2024 to address application backlogs.
Investment Options

The investment options for the Spain and Portugal Golden Visa programs differ significantly in terms of cost, flexibility, and economic impact. Spain’s program focused heavily on real estate, while Portugal’s reforms have shifted toward more diverse, non-property-based investments.
Spain Golden Visa Investment Options
Before its termination, Spain’s Golden Visa offered three main investment pathways, with real estate being the most popular due to its accessibility and potential for financial returns.
Real Estate Investment
- Minimum Amount: €500,000 in one or multiple properties, free of liens or mortgages. Amounts above this could be financed.
- Flexibility: Investors could choose residential, commercial, or mixed-use properties in any region, with no restrictions on location. Popular areas included Barcelona’s Eixample district and Malaga’s coastal properties, offering rental yields of 4–7%.
- Process: Investors needed a Land Register certificate and deed of sale to verify the investment. Properties could be rented out, providing passive income.
Other Investment Pathways
- Business Investment: €1 million in Spanish company shares, investment funds, or bank deposits.
- Government Bonds: €2 million in Spanish public debt securities.
- Business Projects: €1 million in projects creating jobs or contributing to technological innovation.
These options were less popular, accounting for only 6% of visas, due to higher thresholds and complexity compared to real estate.
Portugal Golden Visa Investment Options
Since October 2023, Portugal’s Golden Visa has excluded real estate and capital transfers, focusing on investments that align with national economic goals. The program offers more affordable and diverse options than Spain’s former program.
Cultural Donation
- Minimum Amount: €250,000 to approved cultural heritage organizations or projects, such as art preservation or national heritage restoration.
- Appeal: This is the lowest investment threshold in Europe for a Golden Visa, ideal for those prioritizing cost over financial returns. Funds must be fully allocated to the project, with no expectation of profit.
Fund Investment
- Minimum Amount: €500,000 in government-regulated venture capital funds, with at least 60% invested in Portugal.
- Appeal: Funds vary from newer options designed for Golden Visa investors to established funds with over €1 billion in capital. They offer potential returns while supporting sectors like agriculture or technology.
Job Creation and Research
- Minimum Amount: Investments supporting job creation or scientific research, typically €500,000 or more.
- Appeal: This option suits entrepreneurs interested in starting businesses or contributing to Portugal’s innovation ecosystem, though it requires more active involvement.
Eligibility Criteria
Both programs targeted non-EU, non-EEA, and non-Swiss nationals, but their eligibility requirements varied slightly, reflecting different priorities.
Spain Golden Visa Eligibility
- Age: Over 18.
- Criminal Record: Clean criminal record for the past five years in countries of residence, legalized and translated into Spanish.
- Health Insurance: Comprehensive private or public health insurance valid in Spain.
- Financial Means: Proof of sufficient funds (approximately €30,000/year for the primary applicant, plus €7,000 per dependent) to avoid reliance on public resources.
- Investment: Proof of a qualifying investment, such as a €500,000 real estate purchase.
Family inclusion was a key feature, covering spouses, dependent children (no age limit if unmarried, financially dependent, and without children), and dependent parents. Applicants needed to demonstrate financial solvency, with a minimum monthly income of €2,316.08 for the main applicant and €579.02 per family member (based on 2022 IPREM indicators).
Portugal Golden Visa Eligibility
- Age: Over 18.
- Criminal Record: Clean criminal record, legalized and translated.
- Health Insurance: Valid health insurance for Portugal.
- Financial Means: Sufficient funds to support the applicant and family, though specific thresholds are less rigid than Spain’s.
- Investment: Proof of a qualifying investment, such as €250,000 in cultural projects or €500,000 in funds.
Portugal’s program is more inclusive, allowing spouses, dependent children (under 18 or up to 26 if studying), dependent parents (over 66 or 55 if financially dependent), and siblings under 26 if legally dependent. This broader definition of dependents makes Portugal’s program more family-friendly.
Application Process
The application processes for both programs were designed to be efficient but required meticulous documentation. Spain’s process was notably faster, while Portugal’s has faced delays but is improving with digital reforms.
Spain Golden Visa Application Process
- Choose an Investment: Complete a qualifying investment (e.g., €500,000 real estate purchase with Land Register certificate).
- Obtain NIE Number: Apply for a Número de Identificación de Extranjero at a Spanish consulate or in Spain (3 weeks).
- Submit Application: File at a Spanish consulate or in Spain, including the National Visa Application Form, investment proof, criminal record, health insurance, and financial documentation. Processing took approximately 20 days.
- Biometric Data: Visit Spain for fingerprinting at a police station.
- Temporary Residence Permit (TIE): Apply for a three-year TIE within one year, renewable for five-year periods if the investment was maintained.
- Long-Term Residency: After five years, apply for permanent residency; after ten years, citizenship was possible with 183 days/year residency.
The process was streamlined, with no minimum stay requirement for renewals, only a single visit per permit period.
Portugal Golden Visa Application Process
- Choose an Investment: Complete a qualifying investment (e.g., €250,000 cultural donation or €500,000 fund investment).
- Obtain NIF Number: Secure a Portuguese tax identification number (NIF) for financial transactions.
- Submit Application: File through the Agency for Integration, Migration, and Asylum (AIMA), including investment proof, criminal record, health insurance, and financial documentation. Processing takes 18 months or more due to backlogs, though digital reforms aim to reduce this to 30–90 days for biometrics.
- Biometric Data: Visit Portugal for fingerprinting.
- Residence Permit: Receive a two-year permit, renewable every two years with 7 days/year residency in the first year and 14 days every two years thereafter.
- Long-Term Residency: Apply for permanent residency or citizenship after five years, with a basic Portuguese language test for citizenship.
Portugal’s process is slower but benefits from low residency requirements and a faster citizenship timeline.
Benefits Comparison
Both programs offered significant benefits, but Portugal’s ongoing program and faster citizenship pathway give it an edge for long-term goals.
Spain Golden Visa Benefits
- Schengen Access: Visa-free travel to 26 Schengen countries for up to 90 days in any 180-day period.
- Family Inclusion: Spouses, dependent children, and parents could be included, with access to education and work rights.
- No Minimum Stay: Only one visit per permit period was required, ideal for those not relocating permanently.
- Real Estate Returns: Properties offered 4–7% rental yields and 3–5% annual appreciation (2015–2022).
- Residency and Work Rights: Investors and families could live, work, and study in Spain.
- Citizenship Pathway: Permanent residency after five years and citizenship after ten years (two years for former Spanish colony nationals), requiring 183 days/year residency.
Spain’s program was ideal for those prioritizing real estate investment and flexibility, but its long citizenship timeline and residency requirements were drawbacks.
Portugal Golden Visa Benefits
- Schengen Access: Visa-free travel across the Schengen Area.
- Family Inclusion: Broader eligibility, including spouses, children up to 26 (if studying), parents, and dependent siblings under 26.
- Low Residency Requirement: 7 days/year in the first year, 14 days every two years thereafter.
- Investment Returns: Fund investments offer potential returns, unlike donations. Real estate, though no longer an option, previously yielded 3–5%.
- Citizenship Pathway: Permanent residency and citizenship after five years, with minimal residency and a basic language test. Portugal allows dual citizenship, unlike Spain.
- Tax Benefits: The Non-Habitual Residence (NHR) regime offers tax exemptions on foreign income for up to ten years if staying under 183 days/year.
Portugal’s program excels for investors seeking a faster citizenship route and tax advantages.
Challenges and Considerations
Both programs presented challenges that investors needed to navigate, from costs to compliance.
Spain Golden Visa Challenges
- Additional Costs: Real estate investments incurred VAT (10–25%), stamp duty (1–2%), and transfer taxes (6–10%), adding 10–15% to costs. Legal fees ranged from €5,000–€10,000.
- Documentation: All documents required Spanish translation and legalization, increasing time and expense.
- Investment Maintenance: Investors had to maintain the €500,000 investment for residency renewals, limiting liquidity.
- Citizenship Restrictions: Spain’s 10-year citizenship timeline and requirement to renounce original citizenship (except for former colony nationals) were significant hurdles.
Portugal Golden Visa Challenges
- Processing Delays: Backlogs have historically extended processing to 18 months, though digital reforms aim to improve efficiency.
- Investment Risks: Fund investments carry market risks, and cultural donations offer no financial return. Investors must conduct due diligence to select regulated funds.
- Residency Maintenance: The 7-day/year requirement, while minimal, requires planning for global investors.
- Language Test: Citizenship requires a basic Portuguese language test, which may pose a barrier for some.
Alternatives Post-Spain Golden Visa Closure
With Spain’s Golden Visa terminated, investors can explore Portugal’s program or other options in Spain and the EU.
Spain’s Alternative Residency Options
- Digital Nomad Visa: Launched in 2023, this targets remote workers with a minimum monthly income (approximately €2,500–€3,000). It’s valid for one year, renewable for up to five years, with access to permanent residency.
- Non-Lucrative Visa: Ideal for retirees or those with passive income, requiring €30,000/year for the main applicant plus €7,000 per dependent. It offers residency without work rights and a path to citizenship after ten years.
Both options are more affordable than the Golden Visa but lack investment-based returns.
Other EU Golden Visa Programs
- Greece Golden Visa: Requires €250,000–€800,000 in real estate, depending on the region. It offers fast processing (60 days), no residency requirement, and permanent residency after seven years.
- Malta Golden Visa: Focuses on citizenship through investment, requiring €700,000–€1 million. It provides a Maltese passport with global mobility but is costlier.
Conclusion
The Spain Golden Visa, before its closure on April 3, 2025, offered a flexible and accessible residency pathway through a €500,000 real estate investment, ideal for those seeking Schengen access and real estate returns without a minimum stay requirement. However, its long citizenship timeline (10 years) and housing market impact led to its termination. Portugal’s Golden Visa, with its €250,000–€500,000 investment options, lower residency requirements (7 days/year), and faster citizenship pathway (5 years), remains a compelling choice for investors. Its focus on cultural and fund investments aligns with sustainable economic goals, making it a resilient option in Europe’s shifting residency landscape.
Investors must weigh their priorities—whether speed of residency, citizenship goals, or investment returns—when choosing between Portugal’s program and alternatives like Spain’s Digital Nomad or Non-Lucrative Visas, or other EU programs in Greece or Malta. For personalized guidance, consult experts at Cross Border Freedom for Portugal’s program.