With Spain’s Golden Visa Gone, Portugal Leads the Way in EU Residency-by-Investment

When considering European residency-by-investment options, Portugal stands out as a leading choice—particularly now that Spain’s once-popular Golden Visa programme has officially closed.

Both countries historically attracted thousands of non-EU investors seeking a foothold in the European Union through property and capital investments.

With Spain officially ending its programme in 2025, Portugal now offers the most reliable, future-focused pathway to EU residency and citizenship.

Investment Flexibility and Golden Visa Programme Status

Portugal’s Golden Visa has undergone significant changes to remain both investor-friendly and socially responsible.

While it no longer offers a real estate route (phased out in October 2023), it now focuses on more sustainable and economically productive investment channels.

Investors can qualify by investing €500,000 in a regulated Portuguese alternative investment fund. This is the main route to obtain a Portugal Golden Visa.

Alternatively, investors can establish a Portuguese business which provides at least 10 full-time jobs, donate €250,000 to an approved cultural heritage preservation project, or invest €250,000 in an approved artistic production project (such as film or music production).

These diversified investment paths provide meaningful ways to support Portugal’s cultural, economic, and technological growth—making the programme more robust and aligned with long-term national priorities.

By contrast, Spain’s Golden Visa was heavily focused on real estate. It required a minimum of €500,000 in Spanish property, although alternative routes such as €1 million in shares or funds or €2 million in government bonds were also permitted.

While initially successful, this property-centric approach came under heavy criticism for fuelling housing inflation in urban areas like Barcelona and Madrid.

In response, the Spanish government abolished the Golden Visa programme in April 2025, closing it to new applicants.

Residency Requirements and Path to Citizenship

Portugal offers one of the most flexible residency requirements in Europe. Portugal Golden Visa holders need to spend an average of just seven days per year in Portugal—ideal for globally mobile investors and families. After five years, investors can apply for both permanent residency and dual EU citizenship (and an EU passport), provided they complete the basic A2 level Portuguese language course and meet other standard requirements.

Spain, by comparison, offered minimal residency requirements—just a single visit per year to maintain visa validity. However, the path to citizenship was longer, requiring ten years of residency before applicants could apply for a Spanish passport.

This distinction is critical: Portugal continues to offer a fast and realistic route to dual EU citizenship and an EU passport, which includes the right to live, work, and travel freely throughout all EU member states.

Paul Stannard, Chairman and Founder of Portugal Pathways and the Portugal Investment Owners Club, said: “We have found, time and time again, that the opportunity to gain dual citizenship in the EU through Portugal’s Golden Visa residency by investment programme has made it the number one relocation destination in Europe.

“With a clear pathway to citizenship and a lower investment threshold, Portugal’s Golden Visa residency by investment programme makes it the ideal choice for most non-EU families looking to Europe for a second passport.

“Portugal’s climate and the fact that it is one of the safest and most stable countries in Europe, as well as its culture and growing economic outlook, have resulted in this year potentially becoming a record year for Portugal’s Golden Visa residency by investment programme.”

Quality of Life and Family Considerations

Portugal consistently ranks among the top countries in Europe for safety, healthcare, and overall quality of life. Its public healthcare system is ranked among the top three globally, and its education system is accessible and steadily improving.

Families also benefit from Portugal’s warm climate, low cost of living, stability, and reputation for being one of the friendliest and safest countries in Europe.

While Spain also boasts strong infrastructure and cultural vibrancy, it has experienced more economic volatility and political tension in recent years.

Investors may find Portugal’s calmer political climate and clear legislative framework more appealing for long-term planning.

Investor Sentiment and Economic Outlook

Portugal continues to attract foreign investment, particularly into technology, innovation, and sustainable development.

It has a better credit rating than Spain according to most major international agencies, and its public debt as a percentage of GDP is forecasted to remain significantly lower—89.7% for Portugal vs. over 100.9% for Spain by 2026.

Investor sentiment towards Portugal has remained strong despite the removal of real estate from the programme.

In fact, the pivot towards alternative investment funds, research and development, and job creation is being seen by many advisors as a more sustainable and socially responsible long-term strategy.

Which Golden Visa Programme Should You Choose?

With Spain’s programme now closed to new applicants and no new investment routes yet clearly defined, Portugal’s Golden Visa stands as the more attractive and secure option.

It offers a broader range of investments, a faster path to EU citizenship, minimal residency requirements, and a more stable political and economic environment.

For families and individuals seeking long-term security, global mobility, and a future in Europe, Portugal’s Golden Visa remains the top choice.

Portugal Pathways can support you through the Portugal Golden Visa process. Arrange a no-obligation discovery call here

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Interested in Portugal's Golden Visa? Arrange a discovery call with one of Portugal Pathways' experts

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About Portugal Pathways

Portugal Pathways has supported hundreds of Golden Visa residency-by-investment applications and provides expert guidance through its professional supply chain network on luxury property, wealth management, and tax optimisation, including post-NHR tax regime planning, as well as private healthcare, IFICI tax incentive applications, money transfers and bespoke relocation solutions to enhance life and investments in Portugal.

About Portugal Investment Owners Club

The Portugal Investment Owners Club, or P Club for short, is a unique investor membership community designed for discerning individuals, families, and organisations committed to exploring and capitalising on life in Portugal and enjoying money-can't-buy experiences and exclusive events.

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Disclaimer: The information on the Portugal Pathways and Portugal Investment Owners Club (P Club for short) websites and in email communications is for general informational purposes only and should not be construed as legal, tax, or financial advice. You should consult and check with a qualified professional advisor before relying on any information provided on this website or in email communications. As it relates to investments in Golden Visas or other wealth management solutions offered by regulated and professional advisors, it is important to note that past performance is no guarantee of future returns. Private equities can be highly illiquid and come with risk and should always be under professional independent advice. Golden Visa investments need to be held for 6 to 7 years to allow for permanent citizenship/passport in the EU.

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