Residency and Visa Access
Portugal's D7 Visa is the decisive advantage. Spain has no direct equivalent. Spain's Golden Visa was suspended in April 2024. Portugal's D7 requires €870/month in passive income and no minimum investment. For American buyers whose primary goal is EU residency, Portugal wins this comparison categorically.
Tax Treatment
Spain's Beckham Law offers a flat 24% rate on Spanish-sourced income for six years. Portugal's IFICI offers flat 20% on Portuguese-sourced income for ten years, plus potential exemptions on foreign-sourced income under the US-Portugal treaty. Portugal wins for Americans drawing primarily from US-sourced income.
Property Market
Comparable villa stock in Vilamoura trades at a 30–50% discount to comparable stock in Marbella's prime locations. For buyers who prioritise value relative to quality, Portugal is the stronger thesis.