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The Golden Visa Spain vs Portugal offer attractive options for individuals seeking residency or citizenship in Europe. However, it’s important to carefully compare the two to make an informed decision. In this article, we will examine nine key factors to consider when choosing between the Golden Visa Spain and Portugal: range of investment options, application costs, residence permit processing timelines, physical stay requirements, citizenship application timelines, global passport strength, dual citizenship, language requirements for citizenship, and tax benefits.
Range of Investment Options
Portugal offers a wider range of investment options compared to Spain. The minimum investment thresholds for each option vary, with Portugal providing more affordable choices. For instance, Portugal offers an option to invest €250,000 in arts and heritage projects. On the other hand, several towns in Spain provide special financial incentives to attract new residents, including offering financial rewards to individuals who move there.
Golden Visa Spain vs Portugal Application Costs
Golden Visa programs typically involve significant application fees. In Spain, the overall cost of applying is slightly higher compared to Portugal. For the main applicant, the application fee in Spain is €8,000, while in Portugal, it is €5,147. The fees for family members and renewal also differ between the two countries.
Residence Permit Processing Timelines
The timeline for obtaining a residence permit is crucial, as it marks the beginning of your journey towards citizenship. Portugal typically takes around nine months to process residence permits, while Spain has a shorter processing time of two to three months. Therefore, if a quicker residence permit is important to you, Spain may be the better choice.
Physical Stay Requirements
To apply for citizenship, most countries require individuals to live there full-time for a certain period. In Spain, you must reside in the country for at least 183 days per year if your ultimate goal is citizenship. In contrast, Portugal allows Golden Visa holders to maintain their residency status all the way to citizenship with a minimal physical stay requirement of just seven days per year.
Citizenship Application Timeline
The timeline for citizenship application varies between Spain and Portugal. In Spain, you can apply for Spanish citizenship after 10 years of residency, with at least five of those years spent as a permanent resident. In contrast, Portugal only requires five years of temporary residency to become eligible for Portuguese citizenship. Therefore, if acquiring citizenship in a shorter timeframe is important to you, Portugal is the better choice.
Global Passport Strength
Both Spain and Portugal have powerful passports, granting visa-free access to numerous countries. Spain’s passport ranks third globally, allowing visa-free travel to 190 countries. Portugal’s passport ranks sixth, granting access to 187 countries without a visa. Moreover, holding a Spanish or Portuguese passport automatically makes you an EU citizen, providing various benefits such as the freedom to live, work, study, do business, and retire in any EU or EEA country.
Dual Citizenship
Dual citizenship offers valuable advantages, particularly in an uncertain world. However, Spain and Portugal differ in their recognition of dual citizenship. Spain generally does not recognize dual citizenship, meaning you may have to relinquish your original nationality to obtain a Spanish passport. On the other hand, Portugal recognizes dual citizenship, allowing you to enjoy the benefits of a comprehensive Plan B without giving up your original nationality.
Language Requirements for Citizenship
Both Spain and Portugal have language requirements for obtaining citizenship. However, the level required is relatively low, reaching only A2 level on the European Common Framework of Reference for Languages. This requirement ensures a basic understanding of the national language but does not pose a significant barrier for applicants.
Tax Benefits
Tax liabilities are a crucial consideration when selecting a country for residency or citizenship. Portugal offers the non-habitual residency (NHR) tax program, which grants special tax status on various types of income for a duration of 10 years. However, to benefit from this program, you must choose to live in Portugal full-time. If you opt to live in your current residency country while taking advantage of the Portugal Golden Visa, you would not be considered a Portuguese tax resident and, therefore, would not be eligible for the NHR program. Spain, on the other hand, does not currently offer any specific tax incentives for new investors or residents.
Conclusion
In conclusion, when comparing the Golden Visa Spain vs Portugal, Portugal offers a more appealing overall package, especially for investors aiming for EU citizenship. While Spain may be a good option for those seeking EU permanent residency or specific reasons for living in Spain full-time, Portugal checks all the boxes as the best EU Golden Visa program for a solid pathway to EU citizenship. It provides a wider range of investment options, shorter residence permit processing times, more flexible physical stay requirements, a shorter citizenship application timeline, and the benefits of dual citizenship. Additionally, Portugal’s non-habitual residency program offers attractive tax advantages for those who choose to live in the country full-time.
