These two programmes are often mentioned together, but they are no longer in the same position. Portugal keeps an active investment residence route, while Spain closed its golden visa to new applicants in 2025.
Information, not advice. Figures are indicative and current as of June 2026. Always confirm the present rules with the official program authority and a licensed professional before you act.
Portugal runs an open residence by investment route administered by the Agency for Integration, Migration and Asylum, known as AIMA. Spain ran a comparable golden visa from 2013 until it was repealed for new applicants in April 2025.
The practical takeaway is simple. If you are comparing these today as a new applicant, Portugal is a live option and the Spanish golden visa is not.
Portugal's most used route today is a subscription of at least 500,000 euros into a qualifying investment fund. Other routes include support for arts and culture, scientific research and job creation or business investment. Property purchase no longer qualifies after the 2023 reform.
Spain's golden visa previously accepted a property purchase from 500,000 euros, among other options. That route is closed to new applicants, so the figure is historical rather than something you can act on now. Confirm any current Portuguese figure with AIMA before you commit.
Portuguese processing times have varied with the transition to AIMA, so confirm the current expectation with the authority rather than relying on older estimates. Residence is renewed periodically and can build toward citizenship eligibility after a qualifying period of legal residence.
That qualifying period for Portuguese citizenship has been under political review, so treat any single number with caution and confirm the current rule with the official authority.
Both Portugal and Spain are European Union member states, so each passport carries the rights of Union citizenship and broad international travel. The difference is access. Portugal still offers a route that can lead there over time, while Spain's golden visa no longer does for new applicants.
Portugal suits an investor who wants an active European Union residence route with a path toward citizenship, and who is comfortable with a fund based investment rather than property.
The Spanish golden visa suits almost no new applicant, because it is closed. Anyone set on Spain should look instead at its other residence categories, which are different in nature and not investment for residence in the golden visa sense.
| Item | Portugal Golden Visa | Spain (legacy golden visa) |
|---|---|---|
| Current status | Open to new applicants | Closed to new applicants on 3 April 2025 |
| Main qualifying route | Investment fund subscription from 500,000 euros | Was property purchase from 500,000 euros, now closed |
| Other routes | Arts and culture, research, job creation, business | Historical only |
| Outcome | Residence, with a path toward citizenship eligibility | Was residence; no new grants by this route |
| Authority | AIMA, Portugal | Spanish authorities, route repealed |
Figures are indicative and current as of June 2026. Agency for Integration, Migration and Asylum (AIMA), Portugal publishes the binding detail. Verify before you act.
No. Spain closed the golden visa to new applicants on 3 April 2025. Applications filed before that date are processed under the prior rules and existing holders may renew, but no new golden visa files are accepted.
No. Portugal removed property purchase as a qualifying option in 2023. The most common route now is a subscription into an eligible investment fund. Confirm the current options with AIMA.
Both countries are EU members, so either citizenship carries Union rights. In practice only Portugal still offers an investment residence route that can lead there over time, since Spain's is closed.
Information, not advice. Figures are indicative and current as of June 2026. Always confirm the present rules with the official program authority and a licensed professional before you act.
The rules for this route changed recently. Confirm the current position with current guidance before you act.
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