Golden Visa Spain vs Portugal 2026: What’s Left & Better Alternatives
For years, Spain and Portugal Golden Visas were the headline residency-by-investment programs in Europe — both offering EU residency in exchange for €500K+ real estate investments. That era is over.
Spain ended its Golden Visa program entirely on April 3, 2025 under Organic Law 1/2025. Portugal severely restricted its Golden Visa in October 2023 (Law 56/2023), eliminating real estate routes and limiting eligibility to specific investment funds and cultural contributions.
This guide explains what’s actually available in 2026, why both countries pivoted away from real estate Golden Visas, and which residency pathway makes sense for Americans considering Iberian relocation.
Disclaimer: Investment-residency rules change frequently. Verify current requirements with the relevant immigration authority and a licensed Iberian immigration lawyer before making any investment decision. This article is informational only.
Quick verdict — what residency path should Americans take in 2026?
| If you… | Best path |
|---|---|
| Have €500K–€1M to invest passively in Portugal | Portugal Golden Visa (investment fund route) |
| Have €870/month passive income & want Portugal | Portugal D7 (much cheaper, similar outcome) |
| Have €3,480/month income from remote work & want Portugal | Portugal D8 (Digital Nomad) |
| Want Spain residency with significant assets | Spain NLV (€28,800/year required) — Spain Golden Visa no longer exists |
| Want Spain residency with remote-work income | Spain Digital Nomad Visa |
Key insight: For most Americans, D7/NLV/DNV are now better paths than Golden Visa — even for those with the capital. They’re cheaper, faster, and lead to the same EU residency + 5-year citizenship pathway.
Spain Golden Visa — eliminated April 2025
On April 3, 2025, Spain’s Golden Visa program (Visa de Inversionista, often called “Spain Golden Visa”) was eliminated entirely under Organic Law 1/2025, as part of a broader real-estate-affordability response.
What ended
- Real estate investment route (€500K+ Spanish property → residency)
- Bond investment route (€2M+ Spanish government bonds → residency)
- Bank deposit route (€1M+ Spanish bank deposits → residency)
- Capital investment route (various € minimums → residency)
All routes are closed to new applicants.
What happened to existing Golden Visa holders
Existing Spain Golden Visa holders (issued before the April 3, 2025 elimination) generally retained their residency and renewal rights under transition provisions of the law, subject to standard renewal compliance.
Why Spain ended it
Spanish housing affordability had become a national crisis — particularly in Madrid, Barcelona, and the Balearic Islands. Foreign capital flowing into real estate via Golden Visa was a contributing factor (alongside short-term rentals, foreign investment funds, and broader supply constraints). The elimination was politically popular.
What Americans can do for Spain residency now
If you wanted Spain Golden Visa, your alternatives in 2026:
- Spain Non-Lucrative Visa (NLV) — passive income basis, €28,800/year required for 2026 (IPREM unchanged from 2025; 400% × 12 monthly payments)
- Spain Digital Nomad Visa (DNV) — remote-work income basis, similar income level
- Spain Entrepreneur Visa — business plan + investment basis
- Spain Highly Qualified Activity Visa — for senior corporate employees with Spanish employer
For most Americans with capital but not employment in Spain, Spain NLV is the natural successor pathway.
Portugal Golden Visa — heavily restricted but still exists
Portugal’s Golden Visa survives in 2026 but in a dramatically narrower form than the pre-2023 era.
What ended in 2023
- Real estate investment in mainland Portugal — closed
- Real estate investment in Madeira/Azores — closed
- Capital transfer to Portuguese banks — closed (€1M deposit route)
- Real estate restoration projects — closed
What remains in 2026
Per Law 56/2023:
- Investment fund subscription — €500,000 minimum into Portuguese-regulated investment funds (private equity, venture capital, with specific Portugal-deployment requirements)
- Capital investment in Portuguese companies — €500,000 minimum (creating jobs or supporting Portuguese-domiciled businesses)
- Cultural production / national heritage support — €250,000 minimum in donations to artistic, cultural, or scientific Portuguese institutions
- Scientific research — €500,000 minimum into Portuguese research entities
Practical reality
The remaining routes have proven slower and more legally complex than the pre-2023 real estate route. AIMA processing times are 12–24 months even for cleanly-documented Golden Visa applications. Investment-fund routes require careful due diligence on the funds themselves; many post-2023 GV-eligible funds are new and unproven.
For most Americans considering Portugal residency, D7 (passive income) or D8 (digital nomad) are dramatically faster and cheaper paths to the same outcome.
Why Golden Visas got restricted across Europe
The Spanish elimination and Portuguese restriction reflect a broader European pattern:
- Ireland ended its Golden Visa in 2023
- Cyprus restricted significantly in 2020 after EU pressure
- Portugal restricted in 2023 as described above
- Spain eliminated entirely in April 2025
- Greece raised investment thresholds substantially in 2024- Malta maintains program but with EU regulatory pressure
Driver: EU pressure on Golden Visa programs amid concerns about money-laundering, real-estate inflation in tourist cities, and broader skepticism about residency-as-product.
For Americans considering Europe, the era of “buy a house, get residency” is largely over. The remaining paths — investment funds, business creation, passive-income visas — are less straightforward than the headlines of 2015–2022 suggested.
Side-by-side comparison: what’s actually available
| Factor | Portugal Golden Visa | Spain (no Golden Visa) | Portugal D7/D8 | Spain NLV/DNV |
|---|---|---|---|---|
| Available 2026? | ✅ Yes (restricted) | ❌ No | ✅ Yes | ✅ Yes |
| Min. investment | €250K–€500K | N/A | €0 (income proof only) | €0 (income proof only) |
| Income/asset requirement | None directly | N/A | €920/mo (D7) or €3,680/mo (D8) | €28,800/yr (NLV) or similar (DNV) |
| Initial visa duration | 2 years | N/A | 1 year | 1 year |
| Renewal cycle | 2-year renewals to 5 years | N/A | 1 year, then 2-year cycles | 1 year, then 2-year cycles |
| Path to citizenship | 5 years | N/A | 5 years | 10 years (Spain — longer than Portugal) |
| Min. physical presence | 7 days/year (effectively none) | N/A | 6 months/year | 183 days/year |
| Tax residency required | No (often) | N/A | Often yes (D7 6mo+) | Yes (NLV typically) |
| Best for | HNW investors who don’t want to live there | Those who want to live in Spain | Those who want to live in Portugal | Those who want to live in Spain |
| Total cost (legal+gov fees, ex-investment) | $15K–$40K | N/A | $3K–$8K | $3K–$8K |
| Processing time | 12–24 months | N/A | 4–8 months consulate | 4–6 months consulate |
When Portugal Golden Visa still makes sense
For most Americans, D7 or D8 wins. But Golden Visa retains advantages in specific cases:
1. You don’t want to physically live in Portugal
The big differentiator: Golden Visa requires only ~7 days/year in Portugal (14 days every two-year renewal period) to maintain residency. D7/D8 require ~6 months/year.
If you want EU residency as a “second-passport” insurance policy without committing to physical residence, Golden Visa is structurally appropriate. You become a Portuguese resident on paper while living elsewhere.
2. You have €500K+ to deploy passively into investment funds
If you have meaningful capital and would invest similar amounts in funds anyway, the Golden Visa route is “free” residency in exchange for capital deployment you’d otherwise do. Choose carefully — Portuguese GV-eligible funds vary widely in quality and many are new/untested.
3. You want to avoid Portuguese tax residency
Because GV doesn’t require physical presence, you can hold Portuguese residency without becoming Portuguese tax resident. This matters if your tax planning is built around remaining tax-resident in another (lower-tax) jurisdiction.
For D7 holders who establish 6+ months in Portugal each year, Portuguese tax residency is the default — with all NHR/IFICI complications that entails.
4. You’re navigating complex family situations
Some family-reunification scenarios are smoother under Golden Visa structures than D7/D8 because of how dependents are added. Specific case-by-case analysis with a Portuguese immigration lawyer is essential.
When D7/D8 wins (most cases)
1. You want to live in Portugal
If you’ll spend most of the year in Portugal, D7/D8 is the right legal framework. Cheaper, faster, and consistent with your actual situation.
2. You don’t have €500K+ to lock up in investment funds
D7’s threshold is approximately €870/month passive income — orders of magnitude lower than Golden Visa investment requirements.
3. You don’t need “passive residency” as second-passport insurance
If you’re not optimizing for residency-without-presence, paying $30K-plus in legal/government fees on Golden Visa for outcomes D7 achieves for $5K is wasteful.
4. You’re comfortable with Portuguese tax residency
D7 holders typically become Portuguese tax residents (after 183+ days/year). For retirees with US passive income, this often means modest Portuguese tax (NHR/IFICI may or may not apply) plus continued US tax filing. Acceptable for most.
What about Spain — what to do if Spain was your Plan A?
If you were planning Spain Golden Visa before April 2025, your alternatives:
Option 1: Spain Non-Lucrative Visa (NLV)
- Required income: €28,800/year for 2026 (single applicant; IPREM remains €600/month, unchanged from 2025)
- Plus: €8,394/year per dependent
- Best for: Retirees, investors with stable passive income
- Catch: No employment allowed (cannot work in Spain on NLV)
- Path to citizenship: 10 years for Americans (one of EU’s longest, vs. Portugal’s 5-year path)
Option 2: Spain Digital Nomad Visa (DNV)
- Required income: ~€2,762/month (Spain DNV requirement = 200% of Spain monthly minimum wage; SMI 2026 = €1,381/month, so DNV minimum is roughly €2,762/month for the main applicant)
- Best for: Remote workers, freelancers
- Catch: Must work for non-Spanish clients/employers
- Path to citizenship: 10 years for Americans
Option 3: Reconsider Portugal
For Americans torn between Spain and Portugal, the elimination of Spain Golden Visa + Portugal’s faster citizenship path (5 years vs. Spain’s 10) tilts the calculus toward Portugal for many investors.
Frequently Asked Questions
Is the Spain Golden Visa still available? No. Spain ended its Golden Visa program in April 2025 as part of housing-affordability legislation. All investment routes (real estate, bonds, bank deposits, capital investment) are closed to new applicants. Existing Golden Visa holders generally retained their residency.
Is the Portugal Golden Visa still available? Yes, but heavily restricted. Real estate routes ended in 2023. Remaining routes: investment fund subscription (€500K minimum), capital investment in Portuguese companies (€500K), cultural/heritage donations (€250K), or scientific research investment (€500K). Processing times are 12–24 months in 2026.
What’s the difference between Spain NLV and Portugal Golden Visa? Spain NLV: passive income basis (€28,800/year), 6+ months physical residence required, 10-year path to citizenship. Portugal Golden Visa: investment basis (€250K-€500K), only ~7 days/year physical presence required, 5-year path to citizenship. NLV is for those who want to live in Spain; Golden Visa is for those who want EU residency without physical presence.
Is Portugal D7 better than Portugal Golden Visa for Americans? For most Americans, yes. D7 requires only €870/month passive income (vs. €250K-€500K Golden Visa investment), processing is faster (4-8 months vs. 12-24 months for Golden Visa), and the citizenship pathway is identical (5 years). Choose Golden Visa over D7 only if you have €500K+ to deploy AND don’t want physical residence in Portugal.
Can I get EU residency without buying a house in Spain or Portugal anymore? Yes — and now this is the standard path. Spain NLV and Portugal D7 require only passive income proof, not real estate purchase. Portugal D8 (digital nomad) requires income from remote work. None require buying property in Iberia.
How long does it take to get citizenship through Portugal Golden Visa vs D7? Both lead to citizenship in 5 years. Golden Visa offers a shorter physical-presence requirement (~7 days/year) but the 5-year clock starts at residence permit issuance. D7 requires ~6 months/year physical presence but starts the same 5-year clock. The physical-presence difference is the practical distinction.
Why did Spain end its Golden Visa? Spanish housing affordability had become a national crisis, particularly in Madrid, Barcelona, and the Balearic Islands. Foreign capital flowing into real estate via Golden Visa was a contributing factor. The elimination was politically popular and reflects a broader European trend (Ireland 2023, Portugal 2023, Greece 2024 raised thresholds, Cyprus 2020 restrictions).
Can I still buy property in Spain or Portugal as a foreigner? Yes. Property ownership by foreigners isn’t restricted (with minor exceptions for specific border zones in Mexico, etc.). What changed is that property purchase no longer grants residency in Spain (eliminated 2025) or Portugal (eliminated 2023). You can buy property — you just need a separate visa (NLV, D7, etc.) for residency rights.
Is Portugal Golden Visa worth €500K+ in 2026? For most Americans: no. The remaining investment-fund routes are slow (12-24 month processing), the funds themselves are often new/unproven, and the same EU residency outcome is achievable through D7 for less than $10K all-in. Golden Visa makes sense if you’d invest €500K passively anyway AND want residency without committing to physical presence in Portugal.
Disclaimer
Investment-residency rules change frequently and significantly. Spain Golden Visa was eliminated in April 2025; Portugal Golden Visa was restricted in 2023. Always verify current requirements with the relevant immigration authority and a licensed Iberian immigration lawyer before making any investment decision. This article is informational only and not legal, immigration, or financial advice.