Portugal Golden Visa: The Clear Winner After Spain’s Exit
Official 2026 data confirms that Spain’s golden visa programme ended on April 3, 2025, when Organic Law 1/2025 repealed the residency-by-investment framework that had operated for over a decade. This positions Portugal’s Golden Visa programme as Europe’s most attractive investment-based residency option, particularly through the €500,000 fund route that leads to EU citizenship within six years.
The timing couldn’t be more significant for British investors seeking EU access post-Brexit. Non-EU residents purchased 27,000 properties in Spain during 2023, so demand for European residency clearly hasn’t gone away. Spain’s remaining visa routes, though, come with enough restrictions to make Portugal’s investment approach look very compelling by comparison.
Spain’s Remaining Options: Limited Appeal for Serious Investors
Spain now offers three primary visa routes for non-EU nationals, but each carries significant restrictions that fall well short of Portugal’s Golden Visa benefits. The Digital Nomad Visa, launched in January 2023, requires monthly earnings of at least €2,849 (following Spain’s 3.1% minimum wage increase in January 2026) and restricts 80% of professional activity to clients outside Spain.
The Non-Lucrative Visa demands €28,800 annual passive income and reinstated a 183-day physical presence requirement in 2025, a major deterrent for investors maintaining business interests elsewhere. The Entrepreneur Visa involves lengthy ENISA evaluations taking up to three months, followed by 20 business days of UGE processing.
These routes offer citizenship after ten years (or two years for Ibero-American nationals), compared to Portugal’s six-year pathway with minimal residence requirements.
Portugal Golden Visa Advantages Over Spanish Alternatives
Portugal’s €500,000 fund investment route provides several distinct advantages that Spanish visa options can’t match. The programme requires just seven days of annual residence during the initial five-year period, making it well suited to investors who maintain international business interests or UK connections.
Portuguese Golden Visa holders gain access to the entire Schengen area immediately, plus the right to live and work anywhere in the EU upon obtaining citizenship. The investment route also offers portfolio diversification through qualifying venture capital and private equity funds, rather than the property-focused approach that Spain has now abandoned.
For British expats planning to relocate to Spain eventually, obtaining Portuguese citizenship first is the stronger strategy. EU citizenship eliminates visa requirements and grants access to Spain’s Beckham Law, the special tax regime offering a 24% flat tax rate on Spanish-source income up to €600,000 annually for six years.
Tax Planning for British Expats in Spain
British nationals moving to Spain through any visa route should prioritise restructuring their investment portfolios for Spanish tax efficiency. Standard Spanish residents face progressive tax rates up to 47% on worldwide income, so tax-efficient savings vehicles matter a great deal.
Prudential International Spanish compliant bonds offer a strong solution here, providing tax deferral on growth with taxation only upon withdrawal. These bonds simplify annual tax reporting requirements while offering multi-currency flexibility and succession planning benefits, all of which matter for British expats managing cross-border wealth.
The proposed 100% tax on property purchases by non-EU, non-resident buyers currently under consideration in Spain adds further weight to the case for EU citizenship through Portugal’s Golden Visa. This potential tax would not apply to Portuguese citizens relocating to Spain as EU nationals.
How We Can Help
International Wealth Ventures specialises in Portugal Golden Visa applications through the €500,000 fund route, providing comprehensive guidance from initial investment to citizenship acquisition. Our team also helps British expats in Spain structure their savings through Prudential International Spanish compliant bonds, offering tax deferral, simplified reporting, and multi-currency flexibility. Book a free consultation to discuss how Portugal’s Golden Visa can provide your pathway to EU citizenship while optimising your Spanish tax position.
