Spain closed its Golden Visa in 2025. Portugal kept its programme and moved to funds. What the comparison actually looks like for investors weighing Europe today.
Until recently, Portugal and Spain sat side by side on every European residency-by-investment shortlist. Same climate, similar lifestyle appeal, both routes to EU access, both wearing the same “Golden Visa” label. Investors could reasonably weigh one against the other on the merits. That comparison no longer really exists. Spain closed its programme. Portugal kept its own and rebuilt the qualifying routes. What used to be a live debate has settled by default.
This piece looks at what actually changed, why Spain moved when it did, and what the Portugal Golden Visa vs Spain question really means for anyone weighing Europe in 2026.
| The Portugal vs Spain comparison used to be about which programme was better. Now it is about which one is still open. |
What happened to the Spain Golden Visa
In April 2024, Spain’s Prime Minister announced plans to abolish the country’s Golden Visa, citing housing pressure in major cities. As Reuters reported at the time, the political framing was straightforward: protect housing access for Spanish residents from speculative foreign investment. The programme officially closed to new applicants in April 2025. Spain still offers other residency routes, including the non-lucrative visa for retirees and the digital nomad visa for remote workers, but the investment-led pathway that ran from 2013 to 2025 is gone.
For anyone who had been weighing Spain on the basis of the Golden Visa, the question is settled by default. Spain no longer offers that door. What’s left in Iberia, and one of only a handful of substantial routes anywhere in Western Europe, is Portugal.
How the two programmes compared when both were open
The comparison matters less now, but it’s worth knowing because it explains why the choice landed where it did. Even before Spain closed, the Portugal Golden Visa tended to offer stronger long-term value for non-EU investors, and the reasons were structural rather than cosmetic.
Spain’s programme leaned heavily on real estate, with a minimum property investment of €500,000. That was the majority route. Portugal took real estate off the table in October 2023, moving instead to regulated fund investment through vehicles overseen by the CMVM, Portugal’s securities regulator. That change was partly for the same reason Spain later closed its programme, to ease housing pressure, but Portugal chose to keep the residency route open by reshaping it rather than shutting it down.
The stay requirements told a similar story. Spain’s Golden Visa had no formal minimum stay, which sounded attractive. In practice, the Spanish programme didn’t lead to citizenship without significantly more time living in Spain, and Spain requires ten years of effective residence for naturalisation. Portugal’s programme asks for just seven days a year on average across the two-year renewal cycle, and those days count toward the residency clock that leads to citizenship.
Where the Portugal Golden Visa stands now
With Spain closed, Portugal sits in an unusual position. It is the last major Western European Golden Visa programme still open to non-EU investors, and it operates within an EU country with a clear pathway to citizenship.
The current shape is straightforward. A qualifying investment of €500,000 into a CMVM-regulated fund remains the main route. Family inclusion covers a spouse, dependent children up to certain age limits, and dependent parents where the criteria are met. The stay requirement is seven days on average per year, which keeps residency live without asking anyone to relocate. Applications go through AIMA, the immigration agency that replaced SEF in 2023.
One important thing has moved on citizenship. Under Lei Orgânica n.º 1/2026, in force since 19 May 2026, eligibility to apply for Portuguese citizenship arises after ten years of legal residence for most applicants, or seven years for EU and CPLP nationals. That’s a longer horizon than the old five-year rule, and older guides that quote five years are out of date. The full picture on the citizenship change is worth reading if that’s where your planning centres.
What this means for investors weighing Europe today
For anyone who had considered Spain, the comparison is over. For anyone approaching the question fresh, the shortlist across Western Europe has thinned. Greece still runs a Golden Visa, but with meaningful real estate exposure and no clear pathway to citizenship. Malta operates differently, through a permanent residence programme rather than a Golden Visa in the Portuguese sense. Outside the EU, the UAE offers residency without EU access. Portugal is the last programme that combines EU membership, family inclusion, a light stay requirement and a defined route to citizenship.
None of that makes the decision automatic. The €500,000 commitment is real, and the ten-year horizon to citizenship asks for patience. But the question of Portugal vs Spain, which used to be the industry’s most-asked comparison, isn’t really a question any more.
Where to start
If you’re early in your thinking, our overview of why Portugal and our summary of key benefits are good next reads. For families thinking about where to base themselves, our region-by-region read covers the trade-offs. When you’re ready to talk specifics, get in touch for a relaxed, no-pressure conversation.
Elite Golden Visa provides immigration consultancy services. We do not provide financial or legal advice. All legal services are delivered by independent, qualified immigration lawyers. All investment decisions should be made with independent financial advice.
