Portugal vs. Spain: Who do Latin American investors prefer?
Over the past decade, Europe has solidified its position as a strategic destination for international investment and residency planning. Within this context, two countries—Portugal and Spain—have captured the attention of global investors. However, in the case of Latin America, the trend is clear: Latin American investors prefer Portugal.
This preference is due to regulatory, fiscal and operational factors that make the Portuguese regime a more efficient option for those seeking international mobility, asset protection and access to the European market.
End of the Golden Visa in Spain: what has changed?
Since April 2025, Spain has officially eliminated its Golden Visa program, which allowed individuals to obtain residency through investment, primarily in real estate. Despite this elimination, the country continues to attract foreign capital, especially in cities like Madrid and Barcelona, thanks to the stability of the real estate sector and the ongoing interest from international buyers.
However, the lack of a structured mechanism for granting residency through direct investment limits the advantages the system previously offered. For Latin American investors seeking not only European assets but also mobility and residency, this represents a key disadvantage compared to the model still in place in Portugal.
Portugal maintains its competitive advantage
Portugal, for its part, maintains its residency by investment program, although with recent adjustments that exclude the purchase of residential properties in the most densely populated areas. However, the country continues to offer attractive alternatives such as investment in regulated funds and urban revitalization projects.
A key advantage is that Portugal does not require actual residency: simply spending seven days a year in the country is sufficient. This allows investors to maintain their immigration status without changing their tax residency or main business operations.
IFICI tax regime: the new incentive
Although the old non-habitual resident (NHR) regime was eliminated, Portugal has introduced the new IFICI regime (Tax Incentive for Attracting International Investment and Talent). Informally known as “NHR 2.0”, this regime offers similar, albeit more targeted, tax benefits.
The IFICI provides incentives to individuals with professional, scientific, or technical backgrounds who contribute to strategic sectors of the Portuguese economy. Although more restrictive than its predecessor, it remains a useful tax planning tool for specific profiles within the high-net-worth segment.
Why do Latin American investors prefer Portugal?
Portugal offers a clear legal framework, a modern banking system, and a more efficient public administration than other countries in the region. Its lower cost of living, public safety, Mediterranean climate, and high quality of life make it a preferred destination. Furthermore, while distinct, Portuguese has a linguistic similarity that facilitates adaptation for Spanish speakers.
In contrast to Spain, where there is no longer a formal channel to obtain residency through investment, Portugal is consolidating itself as the most viable option, especially for those seeking to structure their international migration without altering their tax residency.
Chilean investors: a marked trend
The behavior of Chilean investors is an emblematic case within the region. Portugal has issued more residency permits to Chilean citizens than Spain in recent years, a trend that has intensified since the elimination of the Spanish program.
This demonstrates that high-net-worth individuals in Chile prioritize jurisdictions that combine immigration flexibility, tax advantages, and legal certainty. Portugal meets these criteria, reinforcing its position as the preferred destination in Western Europe for family, wealth, and estate planning investments.
AIM Global: specialized consulting in Europe
At AIM Global, we support our Latin American clients through every stage of the international investment process. Our team has proven experience structuring residencies and second citizenships in Europe, with a comprehensive approach to mobility, wealth planning, and regulatory compliance.
If you're considering investing in Portugal, we can help you define a clear, secure, and efficient strategy. Schedule your appointment now. an informational meeting us.
