Country comparison

Portugal vs Spain

Portugal vs Spain for foreign property buyers in 2026: visa, tax, prices, mortgage

TL;DR

Portugal is the only one of the two with an active Golden Visa in 2026 (fund route, real estate closed since Oct 2023). Citizenship in 5 years vs 10 in Spain. Portuguese property in Lisbon costs more than Madrid; secondary Spanish cities are cheaper. Transaction costs are roughly 4 points lower in Portugal. Both offer mortgages to non-residents at 60-65% LTV.

For foreigners weighing Portugal against Spain in 2026 the headline trade-off is residency speed versus property cost. Portugal still grants citizenship after 5 years with light physical-presence requirements; Spain takes 10 years for most non-EU applicants and closed its Golden Visa entirely on 3 April 2025. Spain offers cheaper property in secondary cities and a marginally cheaper mortgage. Portugal offers a cheaper transaction cost and the faster passport.

Side-by-side: Portugal vs Spain on 12 dimensions

Each row sourced against public 2026 data from AIMA, Numbeo, OECD, Henley Passport Index and the relevant Spanish authority. Edge icon shows which jurisdiction wins that row, or whether the two are effectively tied.

DimensionPortugalSpainEdge
Golden Visa status 2026Active (fund route, 500K EUR)Closed (3 April 2025)portugal
Property GV routeClosed since Oct 2023Was closed; never reopenedtie
Citizenship after5 years of residency10 years (2 for Sephardic/Latin American)portugal
Physical-presence requirement~7 days/year183 days/yearportugal
Lisbon vs Madrid median EUR/m2Lisbon ~6,200Madrid ~5,400competitor
Porto vs Barcelona median EUR/m2Porto ~3,900Barcelona ~5,200portugal
Property transaction cost~6-8% all-in~10-12% all-in (ITP/AJD)portugal
Tax regime for new arrivalsIFICI 20% for 10 years (science/innovation)Beckham Law 24% for 6 yearsportugal
Non-resident mortgage LTV60-65%60-70%competitor

Spain marginally higher LTV for prime borrowers

Cost of living index (Numbeo 2026)50.449.8tie
Schengen accessYesYestie
EU passport quality (Henley 2026)#3 globally#3 globallytie

The verdict for foreign buyers

Portugal wins for foreign buyers whose primary goal is fast EU citizenship with minimal physical presence and the lowest transaction cost. Spain wins for foreign buyers who care more about property price-per-square-metre outside the primary capitals and who can commit to 10 years of meaningful residence. The mortgage difference is marginal; the visa and citizenship difference is decisive.

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FAQ: foreign-buyer questions on Portugal vs Spain

Is the Portuguese Golden Visa still active in 2026 after the 2023 reform?
Yes, but property routes are closed. The eligible routes in 2026 are 500K EUR Portuguese investment fund, 250K EUR cultural-heritage contribution, 500K EUR research, or company creation with 10 jobs. Spain closed its Golden Visa entirely on 3 April 2025.
Which country has the faster path to EU citizenship?
Portugal is significantly faster. After 5 years of legal residency Portugal grants citizenship under the nationality law. Spain requires 10 years for most non-EU foreigners (2 for Sephardic and Latin American applicants). Portugal is the fastest EU citizenship route for non-EU buyers today.
Where are property prices lower in 2026?
Outside Madrid and Barcelona, Spain is generally cheaper than Portugal. Lisbon median is ~6,200 EUR/m2 vs Madrid ~5,400 EUR/m2; Porto ~3,900 EUR/m2 vs Barcelona ~5,200 EUR/m2. The price advantage of Spain widens in secondary cities (Valencia, Sevilla) compared with the Portuguese coast.
What is the equivalent of Portuguese NHR in Spain?
Spain has the Beckham Law (Régimen Especial para Trabajadores Desplazados): 6 years at a 24% flat rate on Spanish income. Less flexible than Portugal's IFICI (the NHR successor) which caps qualifying professional income at 20% for 10 years and excludes most foreign passive income.
Can a non-resident foreigner get a mortgage in Portugal vs Spain?
Both allow non-resident mortgages but at lower loan-to-value. Portuguese banks cap LTV for non-EU non-residents at 60-65%; Spanish banks at 60-70%. Rates in 2026 are very close, with Spain marginally lower for prime borrowers. Both require 12 months of bank statements and life insurance.
Which country has a lower property transaction cost?
Portugal is roughly 6-8% all-in (IMT 5-7%, stamp 0.8%, notary + lawyer ~1-1.5%). Spain is roughly 10-12% all-in (ITP/AJD 6-10% depending on autonomous community, plus notary, registry and lawyer). For a 600K EUR purchase, Portugal saves the foreign buyer ~25-30K EUR in transaction costs.

Sources cited

Last reviewed by Portugal Property Invest editorial team. .

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