Spain closed its golden visa. Is Portugal's the best alternative for investors in 2026?

Spain stopped accepting new investor-visa applications on 3 April 2025. Portugal remains an option, but it is not automatically the best one. Its qualifying fund route requires €500,000 and carries market and liquidity risk, while the ARI stay requirement is only seven days in the first year and fourteen days in each later two-year period. Spain’s non-lucrative, digital-nomad and entrepreneur routes remain available, but require the relevant income, work or business basis and are designed for genuine residence rather than passive investment. For most non-EU and non-CPLP nationals, Portuguese naturalisation now requires ten years of legal residence; Spain’s general period is also ten years, with shorter rules for certain nationalities. Choose Portugal for low physical presence; choose a Spanish route if Spain is where you actually intend to live.

David Simões Fitas, Ordem dos Advogados 67185P