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Golden Visa - full access to the EU
The Golden Visa program offers legal residence through investment, often property investment. Non-EU nationals can typically obtain permanent residency or citizenship, with full access to the EU.
Spain and Portugal offer golden visas, but the program requirements and conditions differ. In our guide to Spain vs Portugal Golden Visa, we tell you everything you need to know about both programs.
Golden Visa benefits for you
- Visa-free travel to 26 EU nations as part of the Schengen zone
- The right to live, work and study in the country
- Immediate family eligible for residency
- Alternative option (Plan B) to protect yourself in times of economic or political instability.
- Easy application renewal process
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Investors are no longer forced to invest than individuals. Rather, you can buy real estate in Spain either directly or indirectly through a registered company, as long as the investor still owns the majority of the shares and the address of the company is not in a tax haven. This means that if you find investment partners, you can secure a visa for Spain by investing well under € 500,000.
The residence permit also enables a work permit in Spain.
Entrepreneur visa
This category includes two types of visas / permits:
- An entry visa for a maximum stay of one year, for the sole or main purpose of initiating the preparatory steps for carrying out an entrepreneurial activity.
- A residence permit to initiate, carry out or manage an entrepreneurial activity. To apply for this residence permit, the entry visa according to section 1 is not required.
Entrepreneurship is defined as an innovative activity of particular economic interest to Spain, as evidenced by a positive report from the Spanish government. In addition to the creation of jobs in Spain – particularly and with priority – the following will be taken into account: a) the applicant’s professional profile, education, work experience and involvement in the project; b) the business plan together with a description of the project, product or service, market analysis and funding; and c) its added value for the Spanish economy, innovation or investment opportunities.
Application time
Portugal: 3-6 months
Spain: 20 business days
Spain’s Golden Visa application processing time is fast and efficient. Once the paperwork is submitted, it usually takes 20 business days for the visa to be approved.
Portugal’s Golden Visa processing time is comparably slower, taking between 3-6 months for the golden visa to be approved.
Investment comparison
Portugal: More competitive investment options and lower investment thresholds than Spain.
Spain: While Spain has fewer investment options and is more expensive, its real estate market is just as dynamic and strong as Portugal’s.
Most affordable investment route:
Portugal: €280,000 in renovations project
Spain: Buy real estate that’s at least worth €500,000
Investment options:
Portugal: Real estate, renovations, business startup, research, private equity funds, capital transfer, national heritage funds
Spain: Real estate, business shares, government bonds
The types of investments for an Investor Visa Spain are the following:
- Acquisition of real estate with a minimum value of € 500,000. The relevant real estate assets shall be free of liens, at least up to the minimum value of € 500,000. Co-ownership of real estate also qualifies, provided that the individual investment made by the applicant of the Golden Visa amounts to € 500,000 (free and clear).
- Investment of € 2 million in Spanish government bonds; € 1 million in shares of Spanish companies; € 1 million euros in investment funds,closed-ended investment funds or private investment (venture capital/private equity) funds incorporated in Spain2; or deposit of € 1 million in a Spanish bank account.
- Undertaking in Spain of a business project that, subject to supporting documentation, is regarded as being of general interest (i.e. creation of jobs, relevant socioeconomic impact in the region, scientific and/or technological innovation).
Tax Advantages
Portugal: NHR Tax Regime (10 years).
Spain: 24.75% on income derived in the country
Portugal’s Golden Visa program offers the ultimate tax advantage. Foreign investors who intend to live in Portugal can benefit from the NHR Portugal Tax Scheme, which allows tax-exemptions for its holders for up to ten years. Exemptions include income obtained from pensions, dependent, independent work, capital, real estate income, capital gains, intellectual or industrial property. Portugal’s property transfer tax is also extremely beneficial for foreign investors looking to set up a home in Portugal since expats end up paying the same tax rates as local residents.
In Spain, investors are taxed on their worldwide income if they live in Spain for over 183 days per year. For non-resident individuals, tax is charged at 24.75% on income derived in the country, like rental income.
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Citizenship timeline
Portugal: After 6 years
Spain: After 10 year
Spain’s Golden Visa scheme doesn’t automatically grant you citizenship unless you’re a national from one of Spain’s former colonies. These nations include Mexico, Peru, Argentina, Philippines, Cuba, Bolivia, Chile, Colombia, Costa Rica, Dominican Republic, Ecuador, El Salvador, Guatemala, Honduras, Venezuela, Panama, and Paraguay.
Nationals from these countries enjoy fast-track to citizenship privileges, with passports being granted in 2 short years, provided that the short stay requirements are met. These requirements include the need to travel every 2 and a half months to 3 months or 8 times in total to Spain within the two-year period. These residency requirements for citizenship are made possible with a multiple exits Golden Visa, as long as none of the trips last longer than 3 consecutive months.
If you’re not a national from these former Spanish colonies, the normal Golden Visa route lets you first live as a temporary resident in Spain, with an opportunity to become a permanent resident (PR) after the first five-year period. To become a PR, you must physically reside in Spain for 183 days per year. You can only apply for Spanish citizenship after you live in the country for ten years.
While Portugal’s Golden Visa program also doesn’t grant you citizenship straight away, the process of acquiring PR and citizenship is less complicated and faster. You can apply for PR after five years, without the need to live in Portugal. Citizenship can be obtained after six years.
Golden Visa general requirements
- Applicant must be over 18
- Clean criminal record
- Hold valid medical insurance & health certificate
- Enough funds to live in the country
- Not on the list of undesirables (only Portugal)
- Not have been previously refused visas or entry in Schengen zone (only Portugal)
- Make qualifying investment and maintain it for 5 years
Golden Visa residence rules
Portugal: 7-day first year (14 days every two years after.) Spain: Visit Spain once every year
Spain’s Golden Visa requirements are flexible. There is no residency requirement to maintain the Golden Visa. You must only visit Spain once in the first year for your biometrics collections session, and once each time the permit is renewed.
Meanwhile, Portugal has a minimum 7-day requirement in the first year, then no less than 14 days every two years after.
Family eligibility
Portugal: Spouse and dependent children (under 18 years old or still completing studies) Spain: Spouse, dependent parents and children under the age of 18
For Spain, the investor’s spouse, children under the age of 18, as well as parents can be included as dependents on an application.
Portugal’s Golden Visa allows a spouse and dependent children (under 18 years old or still completing studies) to be included under the ‘family reunion’ application, however, not parents.
Any questions left? See the frequently asked questions...
Portugal’s Golden Visa program, commonly referred to as the Resident Permit for Investment, is a program that fast-tracks Portuguese residency in exchange for a qualifying investment. The initial Golden Visa grants its holders a temporary residence permit for a year, with options for renewal up to 5 years. Afterward, investors can apply for permanent residency and even Portuguese citizenship.
Spain’s Golden Visa program is a residency-by-investment visa program, allowing non-EU foreigners to become residents in exchange for making a qualifying investment in the country. Qualified applicants and immediate family members are issued with a residency visa, with possible pathways to permanent residency after five years, and Spanish citizenship after ten years
Portugal’s Golden Visa Program does have a lower investment requirement than Spain. Investments start from €280,000 in renovations projects, however, most investors choose to buy property at the value of or exceeding €500,000. For Spain’s Golden Visa, the minimum investment option is to buy property at the value of or exceeding €500,000.
Spain’s Golden Visa program lets you obtain a temporary residence permit in as little as 2 months. In contrast, to get a Portugal Golden Visa, it can take up to six months since the application approval time is slower.
