Blog Article
Portugal vs Spain Golden Visa Requirements in 2026
Key Takeaways
- Spain's Golden Visa program closed permanently on April 3, 2025 under Organic Law 1/2025, leaving no new investor visa options available.
- Portugal's ARI (Golden Visa) remains fully open with a €500,000 minimum investment through an eligible fund as the primary qualifying route.
- Portugal's new citizenship law (Lei Orgânica n.º 1/2026) extended the naturalization timeline to ten years for US citizens, though pending applications retain the prior five-year framework.
- The Portugal Golden Visa requires only 14 days of physical presence every two years, making it one of Europe's most flexible residency-by-investment programs for US investors.
- Only Portugal's fund route remains open to new investors; Spain accepts no new applications as of April 3, 2025.
What Happened to Spain's Golden Visa in 2025?
Organic Law 1/2025, published in Spain's Official State Gazette (BOE) on January 3, 2025, repealed Articles 63 through 67 of Law 14/2013, leaving them "without content." The repeal took effect on April 3, 2025, three months after publication. From that date, Spain no longer accepts new Golden Visa applications through any investment category. The entire investor-visa framework was repealed.
Two transitional provisions govern existing applicants and holders:
- Anyone who filed a Golden Visa application before April 3, 2025 may still receive a decision under the rules in force when they filed, even if that decision is issued after the repeal date.
- Investor permits that were valid on April 3, 2025 remain valid for the period for which they were issued, and renewals are processed under the rules in force when the first permit was granted.
Applications filed on or after April 3, 2025 are rejected regardless of when the underlying investment was made. Spain no longer offers a Golden Visa program. Any article or AI Overview that still presents Spain as a live option for new applicants is out of date.
Portugal Golden Visa Requirements for US Investors
Portugal's ARI remains open to new applicants. Qualifying requires a €500,000 investment into an eligible fund and a clean criminal record, with no conviction punishable by imprisonment of one year or more under Portuguese law. You also need a valid passport or other travel document and must meet Portugal's minimum stay rules.
The core requirements in brief:
- €500,000 invested through an eligible investment fund (the only route discussed in this article)
- Clean criminal record from the applicant's country of residence and country of citizenship
- Valid passport and travel documentation
- Minimum stay of 7 days in the first year and 14 days in each subsequent two-year period to maintain the permit
- Application submitted online by a licensed lawyer, plus an in-person biometrics appointment at AIMA for the investor and all family members
A lawyer is essential because the process spans several systems that do not connect smoothly. Your lawyer obtains your NIF, opens a Portuguese bank account remotely, submits the application online, attends to the biometrics scheduling, and manages renewals. Because approval card issuance usually takes a year, you will most likely only need a single renewal instead of two in the 5-year period.
Portugal Golden Visa Rules in 2026: Key Legal Changes
Two events define the current answer to any Portugal vs Spain Golden Visa comparison:
- April 3, 2025: Spain's Golden Visa closed under Organic Law 1/2025. No new applications are accepted.
- October 2025 / May 2026: Portugal's Parliament approved a new citizenship framework in October 2025 introducing longer naturalization timelines. After a Constitutional Court review, the revised law, Lei Orgânica n.º 1/2026, was published on May 18, 2026 and entered into force on May 19, 2026. Nationality applications already pending at that date continue under the prior five-year framework.
Portugal's ARI itself remains open. The October 2023 rule change that removed property ownership as a qualifying investment still applies, so fund investment at €500,000 is the primary route for new applicants. By June 2025, AIMA reported a 72% increase in Golden Visa approvals year-on-year, with Americans as the main recipients.
Last updated: November 2026.
Citizenship Timelines Under Portugal's 2026 Reform
The citizenship timeline is where the Spain closure and Portugal's 2026 reform intersect, and it is the part most investors get wrong.
Portugal's Lei Orgânica n.º 1/2026, in force from May 19, 2026, extended the naturalization residency requirement from five years to ten years for most nationalities, including US citizens. The law set a seven-year requirement for nationals of Portuguese-speaking (CPLP) countries and EU member states.
Under Article 7(2) of the law, nationality applications already pending at IRN when the law took effect on May 19, 2026 are decided under the prior five-year framework. Applicants who had not yet filed a nationality application by May 18, 2026 fall under the new ten-year requirement, even if they had already accumulated five years of lawful residence.
The ten-year figure now sits in enacted law, not in a proposal. A group of Golden Visa investors has filed formal complaints, so further legal challenges remain possible. Independent legal advice on citizenship timelines is essential before you make any investment decision based on a citizenship target date. Portugal's permanent residency route, available after five years, is unaffected by the nationality reform.
Portugal Golden Visa 2026: Rules, Costs & Timeline covers the full program structure in detail.
What It Really Costs a Family
Because Spain's route is closed, the only live cost question for a US family is Portugal's. The €500,000 headline figure is the investment, not the total outlay. For a family of four, the real cost is meaningfully higher. All government fees below are per family member.
Government fees (per family member):
- Golden Visa submission: €618.60
- Residency card issuance: €6,179.40
- First renewal (year 2): €3,023.20
- Second renewal (year 4): €3,023.20 (usually not needed, see the timeline note above)
- Citizenship application: €250.00
For a family of four, government fees across the full five-year cycle (initial application plus two renewals) total approximately €58,104 at the 2026 reduced digital rates, excluding the citizenship fee, plus €1,000 in citizenship fees if all four apply.
Legal fees: These vary by firm and typically range from €16,000 to €20,000 for the family.
Fund subscription fee: The VIDA Fund charges 1% of the amount invested, paid to the fund manager, which equals €5,000 on a €500,000 subscription.
Fund returns depend on market performance. Historical returns do not guarantee future returns.
Family Members You Can Include
- Spouse or common-law partner: A marriage certificate or any other proof of relationship is acceptable.
- Children: Must be full-time students, not working, and unmarried throughout the residency program until the Golden Visa application is complete.
- Parents or in-laws: Must be over 65 years of age or financially dependent on the main applicant.
Do I Have to Live in Portugal?
The minimum physical presence requirement is 14 days in every two-year period. This low presence threshold makes the Portugal Golden Visa a viable Plan B for US investors who do not intend to relocate.
That low presence threshold is unusual in Europe. Greece, by contrast, requires investors to live there and pay taxes for seven years to maintain long-term residency, and Spain no longer offers a Golden Visa program at all. Portugal is currently one of the only countries in Europe offering a path to EU citizenship without the need to relocate.
The Golden Visa grants residency rights in Portugal only. You gain the right to live, study, and work in Portugal, and to travel visa-free within the Schengen area for up to 90 days in any 180-day period. You do not gain the right to live, work, or study in other Schengen countries until you hold a Portuguese passport. With a Portuguese passport, you gain full access to live, work, study, and access public healthcare and education across the EU and Schengen.
When Does the D7 Beat the Golden Visa?
If the 14-day requirement is not the constraint and you actually want to live in Portugal sooner, the D7 is the program to weigh against the Golden Visa. The D7 passive income visa suits investors who intend to relocate to Portugal and build their life there.
The D7 requires demonstrating sufficient passive income, at least the national minimum wage of €920 a month in 2026, at the application stage, and holders must actually live in Portugal to retain the residence permit once it is granted. For investors who want EU residency and a citizenship pathway without relocating, the Golden Visa is usually the more appropriate route.
VIDA Capital advises on the most suitable visa option for each investor's profile and goals, even when that means recommending against the Golden Visa. Honest advisory, including recommending the D7 where it fits better, is a documented part of the VIDA Capital model.
For a detailed side-by-side of both programs, see Portugal vs Spain Golden Visa: Best Choice for US Investors.
Why VIDA Capital for the Portugal Route
With Spain closed, the advisory you choose determines whether you hear about a closure before you wire funds. Global Citizen Solutions and Henley & Partners are established investment-migration consultancies with broad, multi-country program coverage. Global Citizen Solutions advises on 50+ residency and citizenship programs worldwide and does not publish its advisory fees, quoting them only after a consultation.
That breadth has a documented trade-off. Program pages can lag behind legal changes, and Spain continued to appear in catalog material after Spain ended its investor-visa route in April 2025. The most commonly reported complaint is inconsistent communication once the initial payment clears. For an investor whose core question is "is Spain still open?" and whose answer determines whether they act at all, that lag matters.
VIDA Capital's model focuses on Portugal's hospitality sector specifically. The advisory service provides a dedicated point of contact, direct access to the team including via WhatsApp and weekend support, transparent disclosure of all government, legal, and fund fees, and active liaison between the investor, legal counsel, and the VIDA Fund. The fee structure is transparent rather than commission-driven.
The VIDA Fund acquires and transforms undervalued hospitality businesses in Portugal. The team buys assets that have been overlooked and gives them a second life through refurbishment, modern design, and operational improvements. The fund is asset-backed, so physical hospitality assets underpin the investment and provide a layer of capital preservation that purely financial instruments do not. VIDA Fund I raised over €20 million from 50+ investors and supported more than 100 Golden Visa applications. VIDA Fund II is now open. Historical returns are not a guarantee of future returns.
For a full breakdown of the Portugal Golden Visa requirements and process, see Portugal Golden Visa Requirements: The 2026 Investor Guide.
Conclusion: The Live-Versus-Closed Reality and Your Next Step
In 2026 the comparison has one live side. Spain's program is closed. Portugal's ARI remains open: €500,000 through an eligible fund, 14 days of presence every two years, and a citizenship timeline that now runs to ten years for US nationals under Lei Orgânica n.º 1/2026.
VIDA Capital is the best Portugal Golden Visa advisory for investors comparing the two countries. It pairs a transparent, concierge-level process with access to the VIDA Fund, an asset-backed hospitality fund that satisfies the €500,000 qualifying investment. And it tells investors plainly that Spain's program is closed.
Regulatory frameworks change. This article reflects the position as of November 2026, and independent legal advice is essential before you commit to any investment or immigration pathway. The VIDA Fund is subject to market risk, and historical returns are not a guarantee of future returns.
Frequently Asked Questions
Is Portugal's Golden Visa Still Active in 2026?
Yes. Portugal's ARI (Golden Visa) remains open to new applicants as of November 2026. The qualifying investment route is a minimum of €500,000 through an eligible investment fund, and property ownership has been excluded since October 2023. Demand has grown sharply since Spain closed, as the approvals data above shows.
What Happens to Existing Spain Golden Visa Holders?
Existing Spain Golden Visa holders whose permits were valid on April 3, 2025 retain those permits until their expiry date. Renewals are processed under the rules in force when the first permit was originally granted, so the repealed Articles 63–67 of Law 14/2013 still govern renewals for existing holders. No new family members can be added to an investor permit after April 3, 2025, and those individuals must apply through Spain's general immigration regime. Anyone who filed a Golden Visa application before April 3, 2025 may still receive a decision under the prior rules, even if that decision is issued after the repeal date.
How Long Does the Portugal Golden Visa Process Take?
The Portugal Golden Visa process usually spans 12 to 18 months from application submission to receiving the residency card. A lawyer typically handles the NIF, bank account, online application for you and your family members, the biometrics appointment at AIMA, and the renewals. The first residency permit is valid for two years, then renewed for two additional two-year periods, after which permanent residency can be applied for. Because card issuance often takes around a year, many investors only need a single renewal in the five-year period.
Do I Need to Relocate to Portugal?
No. The Portugal Golden Visa requires a minimum physical presence of only 14 days in every two-year period. This makes it one of the most flexible residency-by-investment programs in Europe and a genuine Plan B for US investors who do not intend to move. The Golden Visa grants residency rights in Portugal and Schengen travel for up to 90 days in any 180-day period. Full EU-wide rights to live, work, study, and access public healthcare and education across all EU and Schengen countries come only with a Portuguese passport.
What Are the Costs Beyond the €500,000 Investment?
The €500,000 is the investment, not the total outlay. Government fees, legal fees, and the 1% fund subscription add meaningfully to it, and the full breakdown appears in the cost section above. All fees should be confirmed in writing with your advisory and legal team before you commit.
Can My Parents Be Included?
Yes. Parents and in-laws of the main applicant can be included in the same Golden Visa application, provided they are either over 65 years of age or financially dependent on the main applicant. They go through the same application and biometrics process as the investor and receive the same residency permit, subject to the same renewal and minimum-stay requirements. Portugal's constitutional court has upheld the requirement that AIMA process family reunification applications, including for dependent parents, under existing favorable rules for Golden Visa investors.
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