Portugal Golden Visa vs. Spain's Current Options (2026)
This is no longer a head-to-head Golden Visa comparison — Spain doesn't have one anymore. It is now a comparison of Portugal's investment-based Golden Visa against Spain's income-based visa alternatives. Which fits your situation depends on whether you have capital to invest or income to qualify.
| Feature | Portugal Golden Visa | Spain — Current Options |
|---|---|---|
| Investment-based residency? | Yes — funds, cultural heritage, R&D Open | No Closed Apr 2025 |
| Real estate route? | No Closed Feb 2023 | No Closed Apr 2025 |
| Income-based residency? | D7 (€820/mo), DN Visa (€3,280/mo) | DN Visa (€2,600/mo), NLV (€30k/yr savings) |
| Minimum investment (Golden Visa) | €250k (cultural) / €500k (funds) | N/A — no investment visa |
| Path to citizenship | 5 years | 10 years |
| Language for citizenship | A2 Portuguese (basic) | B1 Spanish (intermediate + culture exam) |
| Dual citizenship explicitly allowed? | Yes | No (de facto possible) |
| Minimum stay (Golden Visa / DNV) | 7 days/year | None (DNV/NLV) |
| Wealth tax on foreign assets? | No | Yes — up to 3.5% |
Spain's Golden Visa Is Closed — What US Citizens Need to Know
- You cannot obtain Spanish residency by purchasing real estate at any price
- You cannot obtain residency through bank deposits, bonds, or company investment (these were also terminated)
- Applications submitted before April 3, 2025 may be grandfathered — new applications are not accepted
- Buying property in Spain is still legal — it simply no longer triggers any visa or residency permit
The Only Iberian Investment Route Left
Portugal's Golden Visa went through its own transformation in 2023 when the real estate route closed. What remains is a fund-focused program that has actually grown more popular since — less competition, cleaner structure, better alignment with citizenship goals.
| Investment Type | Minimum | Key Details |
|---|---|---|
| Investment funds | €500k | Most popular route. Qualified funds invest in Portuguese companies, real estate funds (indirectly), or infrastructure. Liquid after 5–6 years. Annual management fee ~0.5–1.5%. |
| Cultural heritage | €250k | Lowest entry point. Investment in arts, cultural preservation, or national heritage projects. Niche — fewer qualifying projects available. |
| Research & development | €500k | Investment in scientific research or technology development in Portugal. |
| Job creation | €500k + 10 jobs | Must create at least 10 permanent jobs for Portuguese residents. Complex to structure. |
Key advantages that make Portugal's fund route compelling: citizenship in 5 years with only A2 Portuguese (basic); just 7 days per year minimum stay; explicit dual citizenship; no wealth tax on foreign assets; and the ability to sell your fund shares after 5–6 years while keeping your residency and citizenship. The fund structure is also professionally managed — no tenant management, property maintenance, or annual property tax.
Digital Nomad Visa and Non-Lucrative Visa — Compared to Portugal's Golden Visa
For Americans who prefer income-based residency over investment, Spain still offers two strong options — with Beckham Law being a unique tax incentive that Portugal cannot match.
- Income req.€2,600+/month gross
- Work statusRemote for non-Spanish employer (up to 20% Spanish clients)
- Tax benefitBeckham Law — flat 24% on Spanish income for 6 years
- Min. stayNone for residency renewal
- Citizenship10 years (B1 Spanish + culture exam)
- Dual citizenshipOfficially no (de facto for many)
- Processing2–3 months
- Income req.€30,000+/year passive income or savings
- Work statusNo work allowed in Spain
- Tax benefitNone — standard progressive rates
- Min. stayNone (but must maintain ties)
- Citizenship10 years (B1 Spanish + culture exam)
- Dual citizenshipOfficially no (de facto for many)
- Processing2–4 months
| Feature | Portugal GV (€500k fund) | Spain DNV (€2,600/mo) | Spain NLV (€30k/yr) |
|---|---|---|---|
| Entry requirement | €500k investment | €2,600/month income | €30,000/year savings |
| Citizenship timeline | 5 years | 10 years | 10 years |
| Language for citizenship | A2 Portuguese (basic) | B1 Spanish (harder) | B1 Spanish (harder) |
| Dual citizenship | Yes — explicit | Officially no | Officially no |
| Minimum stay | 7 days/year | None | None (maintain ties) |
| Wealth tax on foreign assets | No | Yes (up to 3.5%) | Yes (up to 3.5%) |
| Special tax regime | NHR 2.0 (10 yrs, profession-based) | Beckham Law (6 yrs, flat 24%) | None |
| Work allowed? | Yes (your own business) | Yes (remote only) | No |
Portugal Wins — 5 Years vs. 10, A2 vs. B1
- A2 Portuguese — basic. Latin alphabet, achievable in 6–12 months
- 7 days/year physical presence (35 days total)
- Dual citizenship explicitly and fully allowed
- Fund shares can be sold after citizenship — capital returned
- B1 Spanish — intermediate plus a culture/civics exam. Achievable in 1–2 years.
- No minimum stay requirement for residency renewal
- Dual citizenship officially not recognized with the US (de facto for many Americans)
- Legal uncertainty around dual citizenship: Spain rarely enforces renunciation but does not formally permit it
The 5-versus-10-year gap is the starkest single difference between these two paths. For Americans in their 40s or 50s planning for long-term EU roots, Portugal's 5-year timeline means a passport by your mid-40s or late-50s. Spain's 10-year path means your mid-50s or late-60s. Combined with Portugal's explicit dual citizenship allowance versus Spain's legal gray area, Portugal is the decisive winner for anyone with an EU passport as a primary goal.
NHR 2.0 vs. Beckham Law — Different Advantages
Which Path Is Right for You?
The question is now simpler than before Spain's Golden Visa closed: do you have €250k–€500k to invest, or do you have qualifying income? Those with investment capital should choose Portugal. Those with income should compare Spain's DNV (for active remote workers) against Portugal's own income-based D7 and Digital Nomad visas.
- You have €250k–€500k to invest and want investment-based residency — Portugal is the only Iberian option
- You want an EU passport in 5 years with explicit dual citizenship
- You have significant assets outside Iberia — Portugal's zero wealth tax on foreign assets is critical
- You have children between 21–26 still studying — Portugal includes them, Spain's alternatives have different rules
- You want to exit your investment after 5–6 years while keeping your citizenship
- You prefer professional fund management over direct property ownership
- You don't have €250k+ to invest — you prefer income-based residency
- You earn €2,600+/month remotely and want Beckham Law's flat 24% tax for 6 years
- You're a retiree with €30k+/year passive income and prefer Spain's lifestyle and climate
- Zero minimum stay is more important to you than faster citizenship
- You're willing to wait 10 years for citizenship and navigate Spain's dual citizenship gray area
- You have modest foreign assets where Spain's wealth tax is not a major concern
| Priority | Winner |
|---|---|
| Investment-based residency | Portugal (Spain's Golden Visa closed April 3, 2025) |
| Fast EU passport | Portugal (5 years vs. 10) |
| Dual citizenship explicitly allowed | Portugal (Spain officially doesn't permit it) |
| Wealth tax avoidance | Portugal (none vs. Spain's up to 3.5%) |
| Language requirement for citizenship | Portugal (A2 basic vs. B1 Spanish + culture exam) |
| No minimum stay | Spain DNV/NLV (0 days vs. Portugal's 7 days/year) |
| Lower income entry point (no capital) | Spain DNV (€2,600/mo vs. Portugal GV €500k investment) |
| Beckham Law flat tax | Spain (unique — Portugal has no equivalent for remote workers) |
| Liquidity after 5–6 years | Portugal (sell fund shares, keep citizenship) |
| No wealth tax on foreign assets | Portugal (Spain's 3.5% wealth tax is a risk for asset-rich Americans) |
| Processing speed | Spain DNV (2–3 months vs. Portugal GV 4–8 months) |
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If Portugal Golden Visa is your direction
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If Spain income-based visa is your direction
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VSMore Golden Visa comparisons
We work with Portugal Golden Visa specialists and Spain visa attorneys who focus on Americans. From qualified fund selection for Portugal's Golden Visa to Beckham Law eligibility assessment for Spain's Digital Nomad Visa — we connect you with the right licensed professionals for your specific goals.