Post-1945 Spanish and Portuguese emigration and immigration histories encapsulate the Iberian region's long-standing interconnectedness with the wider world (particularly Latin America and Africa) and other parts of Europe alike. Portugal and Spain have both been part of multiple migration systems as important sending countries that ultimately experienced an international migration turnaround owing to their transition to democracy, decolonisation, and accession to a European Union in which internal freedom of movement counted among its core principles. With the aftermath of the 2008 financial crisis and Europe's migration crisis of the 2010s serving as its vantage point, this article considers these topics as they intersect with issues that include nationality and citizenship, race and racism, and religion and Islamophobia in multicultural Spain and Portugal.