Spain’s Golden Visa Ends: Portugal’s Program Shines Brighter Than Ever

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Rocks and Cliffs along the Coast of Lagos in the Algarve, Portugal
Written by / Last updated on January 9, 2025

With Spain announcing the end of its Golden Visa program effective April 3, 2025, investors are likely to turn their attention to Portugal’s program, which continues to offer attractive pathways to European residency and citizenship.

The End of an Era in Spain

Spain’s Golden Visa program will close its doors to new applicants after April 3, 2025. Until then, investors can still apply through several investment routes:

  • €500,000 in real estate
  • €1 million in Spanish companies or shares
  • €2 million in government bonds
  • €1 million in bank deposits
  • €1 million in business development projects that create jobs or contribute to innovation

Portugal’s Golden Visa: Alive and Evolving

While Portugal made significant changes to its Golden Visa program in October 2023, eliminating real estate and certain capital transfer options, the program remains robust with several attractive investment pathways:

  • €500,000 in investment funds (excluding real estate-related funds)
  • €250,000 in cultural and artistic production
  • Creation of 10 jobs (or 8 in low-density areas)
  • €500,000 in scientific research
  • €500,000 in company capitalization with job creation requirements

A new “solidarity golden visa” option is also in development, demonstrating Portugal’s commitment to evolving the program rather than ending it.

Looking Ahead

As Spain’s program winds down, Portugal’s Golden Visa is positioned to become even more attractive to international investors looking for “EU citizenship.” Here’s why:

Faster Path to Citizenship

  • Portugal: 5 years to citizenship eligibility
  • Spain: 10 years to citizenship eligibility

Dual Citizenship

  • Portugal: Freely allows dual citizenship
  • Spain: Requires renunciation of previous citizenship in most cases

Lower Investment Thresholds

  • Portugal: €500,000 for fund investments
  • Spain: €1 million for comparable investments

Recent Improvements

The Portuguese government has implemented several positive changes in 2024:

  • Citizenship eligibility now counts from the application date, not the residency permit issuance. This means that even if you are in a two-year backlog, those two years will count towards your citizenship qualification
  • A dedicated “taskforce” is working to clear application backlogs
  • AIMA has promised that processing times will improve significantly

Conclusion

While Spain’s Golden Visa program draws to a close, Portugal continues to offer a well-structured, evolving program that provides clear pathways to European residency and citizenship.

The program’s continued refinement and improvement demonstrate Portugal’s commitment to maintaining a sustainable investment migration option that benefits both investors and the country’s economy.

Those interested in Spain’s program must act quickly, with applications due before April 3, 2025. However, unless you’re specifically interested in investing in Spanish real estate, Portugal may be a better choice anyway.

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