Portugal vs Spain Golden Visa: 2026 Investment Guide

Key Takeaways

• Portugal’s Golden Visa program remains open in 2026, while Spain no longer offers a Golden Visa for new applicants and only maintains rights for existing holders.
• Portugal offers a low physical stay requirement of 14 days every two years, which suits investors who want a Plan B without relocating, unlike Spain and Greece, which require long-term residence for citizenship.
• Portugal now focuses its Golden Visa on regulated investment funds rather than personal properties, offering a route to permanent residency and, after 10 years of residence, eligibility to apply for citizenship.
• The Golden Visa grants residency rights only in Portugal, plus visa-free travel across the Schengen area for up to 90 days in any 180-day period. Full EU mobility, including the right to live, work, and study in any EU or Schengen Zone country, only comes after obtaining a Portuguese passport.
• Investors can use the VIDA Fund, with advisory support from VIDA Capital, to meet Golden Visa fund requirements while accessing Portugal’s hospitality sector. Speak with VIDA Capital about the Portugal Golden Visa and the VIDA Fund.

Why Your Choice of Golden Visa Program Matters More Than Ever

EU residency by investment has become an important tool for investors who want long-term security for their families, geographic flexibility, and diversified exposure to different jurisdictions. Program rules in Europe have tightened over the past few years, and several countries now require full relocation and tax residence to keep long-term status.

Spain has closed its Golden Visa to new applicants, and Greece now expects at least seven years of residence and tax payments to qualify for citizenship. Portugal stands out in this context because it still offers a residency path that can lead to citizenship without relocation, provided you meet stay requirements and maintain your investment over time.

Discuss your Plan B strategy with VIDA Capital’s Portugal Golden Visa advisory team.

Portugal Golden Visa: A Focused Pathway to Residency and Citizenship

Portugal’s Golden Visa, launched in 2012, is still active and open to new investors in 2026. Lawmakers removed personal properties as an eligible investment route in 2023 and redirected the program toward regulated investment funds that support economic activity in Portugal.

Key features of the current Portugal Golden Visa include:

• Minimum investment: 500,000 euros in qualifying regulated investment funds that invest in Portuguese companies.
• Fund focus: Many qualifying funds invest in areas such as hospitality, private equity, or growth capital, including specialized vehicles such as the VIDA Fund.
• Residency requirement: At least 14 days in Portugal in each two-year residency period.
• Family inclusion: Spouse or legally recognized partner, financially dependent children, and financially dependent parents and in-laws. For partners, you can use either a marriage certificate or other official proof of the relationship.
• Children’s conditions: Dependent children must be full-time students, not working, unmarried throughout the residency period, and still meet these criteria when you apply for the Golden Visa and later for citizenship.
• Residency rights: Right to live, work, and study in Portugal, plus visa-free travel across the Schengen area for up to 90 days in any 180 days.
• Long-term outcome: Eligibility to apply for Portuguese citizenship after 10 years of residence. Nationals of Portuguese-speaking countries and EU citizens can apply after seven years. The new 2025 framework applies to Golden Visa holders unless they have already submitted a citizenship application under the previous rules.

Spain Golden Visa: What Its Closure Means for Investors

Spain introduced its Golden Visa in 2013 and attracted many investors through property-based routes. On April 3, 2025, Spain closed its Golden Visa to new applicants. Existing permit holders keep their rights and renewal options, but there is no new entry pathway for investors.

For historical context, Spain previously allowed investors to qualify through:

• Purchase of property assets worth at least 500,000 euros.
• Investment of at least 1 million euros in approved funds or bank deposits.
• Investment of at least 2 million euros in public debt or listed shares.
• Creation of a business project considered to be of general interest, for example, one that generated employment.

Progression from Spanish residency to citizenship usually required significant physical presence and stronger integration, including language and tax residence, which made it less suitable for investors who did not wish to relocate.

Head-to-Head: Portugal Golden Visa vs. Spain Golden Visa

This comparison sets out why Portugal remains one of the strongest options for investors who want residency now and a future path to citizenship, while Spain is relevant only as a historical reference.

Compare how Portugal fits your situation with guidance from VIDA Capital.

Why Portugal’s Golden Visa Works Well as a Long-Term Plan B

Portugal continues to adjust its Golden Visa instead of closing it, which shows a policy preference for regulated investment over property-led inflows. This gives investors a predictable framework for residency planning.

The 14-day stay requirement every two years makes the program accessible for globally mobile families who spend most of their time elsewhere. Greece, by contrast, expects seven years of residence and tax presence for citizenship, and many other European routes require full relocation.

Once you hold Portuguese residency, you can live, work, and study in Portugal and travel within the Schengen area for short stays. Citizenship, if granted after the required residence period, opens full rights to live, work, study, and access public healthcare and education across EU and Schengen Zone countries.

Portugal ranks among the safest countries in the world, and forecasts for its tourism sector point to continued growth, which strengthens the long term appeal of a residency foothold there.

Choosing the Right Investment: How VIDA Capital Supports You

With personal properties no longer eligible, investment funds are now the main route for the Portugal Golden Visa. Selecting a compliant, professionally managed fund that aligns with your risk profile and time horizon is essential.

VIDA Capital acts as an advisory firm that helps investors access the VIDA Fund for Golden Visa purposes. The VIDA Fund buys existing hospitality assets in Portugal, renovates and repositions them, and gives these assets a second life. The strategy is asset-backed, which means there are underlying properties and operating businesses that can be sold if needed.

This asset base can help reduce the risk of a total capital loss compared with purely financial products. Any discussion of target or historical returns must remain conservative. Historical returns are not a guarantee of future returns.

The VIDA Fund is regulated by the Portuguese Securities Market Authority, known as CMVM, and is audited twice a year by Deloitte, which provides additional oversight for investors.

VIDA Capital guides investors through fund selection, documentation, and coordination with legal counsel, so that the investment and immigration steps are aligned from the start.

Contact VIDA Capital to understand how the VIDA Fund can support your Portugal Golden Visa plans.

Navigating the Portugal Golden Visa Application Process

The Portugal Golden Visa process typically spans 12 to 18 months from initial preparation to receipt of the first residency card. A specialized lawyer is essential at every step, and VIDA Capital can help you connect with experienced law firms.

Pre-application steps include choosing your legal team, obtaining a Portuguese tax number, called a NIF, and opening a local bank account. These steps often can be handled remotely. You then subscribe to at least 500,000 euros to a qualifying fund such as the VIDA Fund.

Your lawyer submits the online Golden Visa application for you and any eligible family members and handles communication with the Agency for Integration, Migration, and Asylum. After pre-approval, you attend an in-person appointment in Portugal to provide biometric data.

Once approved, you receive a temporary residency permit valid for two years. You then renew that permit for another two years, and again for a third two-year period if needed, while keeping the investment and meeting stay requirements. As the approval card issuance usually takes a year, you will most likely only need to do a single renewal instead of two in the five-year period.

After five years with legal residence, you can apply for permanent residency. Citizenship currently requires 10 years of residence, or seven years for CPLP and EU nationals, and includes additional language and integration requirements.

Frequently Asked Questions (FAQ)

Is the Spanish Golden Visa still available for new applicants?

No. Spain closed its Golden Visa to new applicants in 2025. Existing holders can usually renew, but new residency by investment entries now need to follow other Spanish immigration routes, which generally involve residence and tax ties.

What are the main investment options for the Portuguese Golden Visa now?

The main option is an investment of at least 500,000 euros in a qualifying regulated fund that invests in Portuguese assets. This can include private equity or sector-specific funds such as hospitality-focused vehicles.

Do I need to live in Portugal full-time to keep my Golden Visa?

No. You must spend at least 14 days in Portugal over each two-year residency period, which the authorities treat as a minimum presence requirement for maintaining your status.

Can my family members be included in my Portugal Golden Visa application?

Yes. You can usually include your spouse or legally recognized partner, dependent children who are full-time students, not working, and unmarried, and financially dependent parents and in-laws. Relationship proof can be a marriage certificate or other official documentation in the case of a common-law partnership.

Why do some investors choose the VIDA Fund for their Golden Visa investment?

Many investors value the VIDA Fund’s asset-backed strategy in Portugal’s hospitality sector and the fact that it is CMVM-regulated and audited by Deloitte. The fund buys and renovates existing hospitality assets rather than building from scratch, and gives them a second life. Historical returns are not a guarantee of future returns, and every investor should assess risk carefully.

Conclusion: Why Portugal Remains a Strong Choice in 2026

Spain’s closure of its Golden Visa and Greece’s stricter residence expectations have made Portugal one of the last remaining European options for investors who want a structured path to residency and potential citizenship without relocating.

Portugal’s Golden Visa combines a clear legal framework, modest presence requirements, and a defined route to permanent residency and, after a longer residence period, eligibility to apply for citizenship. Fund-based investments now sit at the center of the program, and advisory support from specialists such as VIDA Capital can help you align your investment with immigration goals.

Start a confidential conversation with VIDA Capital about the Portugal Golden Visa and the VIDA Fund.