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posted 1 year ago
SPAIN GOLDEN VISA OR PORTUGAL GOLDEN VISA
Are you trying to decide between Spain and Portugal for your golden visa? This is a detailed comparison to help you make the right choice for you and your family.
WHAT YOU NEED TO KNOW
Both programs are hugely popular, Portugal’s marginally more so, and especially with Americans, who have been the largest single nationality recently – retirees, digital nomads, and businessmen leading the group – but also many other nationalities.
These countries offer scenic beauty, wonderful weather, great cuisines, and an excellent quality of life. Legal residency through investment is available to all non-EU nationalities. Meeting all program requirements can eventually lead to permanent residency and citizenship. While the benefits of the Golden Visa programs are similar in both Spain and Portugal, the requirements have some differences.
SPAIN VS. PORTUGAL GOLDEN VISA BENEFITS
For both countries’ programs investors can enjoy
PROCESSING TIME
WHICH PROGRAM IS QUICKER: SPAIN VS. PORTUGAL GOLDEN VISA?
RESIDENCY REQUIREMENTS
RELATIVELY LENIENT FOR BOTH
CITIZENSHIP
WHICH PROGRAM IS QUICKER: SPAIN VS. PORTUGAL GOLDEN VISA?
Spain after 10 years and Portugal after 5 years and it is easier than in Spain.
In Spain, the Golden Visa program does not automatically grant Spanish citizenship unless you are a national from one of Spain’s former colonies in Central and South America, the Caribbean or the Philippines. These nationals can gain citizenship within two years, provided they meet other requirements.
Particularly for Americans, as well as nationals of other countries, they must first live as temporary residents in Spain, for 183 days per year and apply to become permanent residents after five years. After another 5 years of permanent residency, they can apply for citizenship – 10 years in all.
In Portugal, acquiring permanent residency and citizenship is easier and faster. Investors can apply for permanent residency after five years, without living in Portugal. They become eligible for citizenship after the fifth year.
INVESTMENT COSTS
Portugal has more competitive investment options and is generally a little less costly than Spain.
Portugal has 3 options.
SPAIN GOLDEN VISA REAL ESTATE INVESTMENT PROS AND CONS.
First Spain has only two options
Both countries have relatively dynamic and robust real estate markets, and it is worth noting that these are investment programs. It is reasonable to expect that investors can recoup their funds after 5 years with a likely profit, except for the Portugal Arts donation option, and there may be interim dividends available.
FAMILY ELIGIBILITY
Portugal’s Golden Visa program offers more – the Non-Habitual Residence (NHR) Portugal Tax Regime, which allows tax exemptions for up to ten years. These exemptions are extensive and include income obtained from pensions, dependent and independent work, real estate income, capital gains, and intellectual or industrial property. Portugal’s property transfer tax is also highly beneficial.
Spain’s Golden Visa real estate investment has a significant factor to consider, which is the taxation system. Investors who reside in Spain for more than 183 days per year are subject to tax on their worldwide income, which is not the case in Portugal. For non-resident individuals, the country charges a 24% tax on income derived in Spain, such as rental income.
TAX – SPAIN VS. PORTUGAL GOLDEN VISA BENEFITS
Both countries include spouses, dependent children under 18 dependent parents. All eligible for residency. Portugal offers marginally broader family eligibility, for example, including dependent children over 18 who are still in school.
SUMMARY
In summary, for Americans or most other nationalities, there are very solid benefits to both Golden Visa programs. Many experts consider Portugal’s Golden Visa to be slightly more advantageous, but it’s important to note that both Portugal’s and Spain’s golden visa real estate investment pros and cons exist. It’s important to consider both options and choose the one that best aligns with your priorities.
As noted earlier there have been some reports of Portugal terminating their Golden visa program. In this event we would recommend you consider some of the other similar European programs, such as those of Malta, Cyprus, Greece, France and Monaco.
Please note: There has been recent discussion by the Portuguese Government about halting the Portugal Golden Visa program.
Please check back with our website.
REQUEST MORE INFORMATION ABOUT GOLDEN VISAS
Please feel free to contact us without hesitation.
Harvey Law Group (HLG) has been advising on Immigration and Business Law for more than three decades. With 20 offices around the world including in the United States,
To schedule a free consultation, contact us at +1 352 331 7554 or [email protected] to schedule a visit at
Harvey Law Group USA office located at 1395 Brickell Avenue, Miami, Florida 33131.
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