Portugal vs. Italy Golden Visa: Which One is Right for You?

The Portugal Golden Visa and the Italy Golden Visa both allow non-EU nationals to obtain residence in an EU country through investment, but they operate differently.  

Portugal asks you to complete the investment before you file, expects a short stay each year, and offers a wider range of lower-cost routes.  

Italy approves you first, gives you three months after arrival to transfer the funds, sets no minimum stay for the visa itself, and offers a tax regime for new residents that Portugal no longer matches. 

In this article, we’ll take a closer look at the investment options, the tax treatment, how much time you’re expected to spend in the country, and how long the route to permanent residence and citizenship takes. 

Portugal vs. Italy Golden Visa: Key Takeaways

Both routes give you residence in an EU country, and both now require ten years of legal residence before you can apply for citizenship if you aren’t an EU or CPLP national. 

Portugal offers more entry points at lower amounts, including arts and cultural heritage, and the fund route. Italy’s options run from an innovative startup at the lower end to government bonds at the higher end. 

Portugal wants the investment completed before you file. Italy pre-approves you and gives you three months after you enter the country to transfer the funds. 

Portugal expects seven days in the first year and 14 days in each of the following two-year periods. Italy sets no minimum stay for the visa itself, though your presence in the country matters for permanent residence and naturalization. 

Italy’s flat tax regime for new residents is open to those who qualify. Portugal’s Residente Não Habitual regime closed to new applicants at the end of 2023, and its replacement is tied to eligible professional activity rather than to investing.

Both programs follow the same basic step: You choose a qualifying investment, prove where the money came from, an authority checks your file, and you receive a residence permit that you keep by maintaining the investment.  

What differs is the order of those steps and who moves first. Portugal requires proof of a completed investment as part of the application. You commit the funds, then you file.  

However, in Italy, the process is reversed: you submit an investment plan, the authorities issue a clearance, and only then do you transfer the money.  

That shapes almost everything else about how the two applications work, including how much capital you have at risk before anyone tells you whether you qualify. 

What is the Portugal Golden Visa? 

The Portugal Golden Visa is a residence permit for non-EU nationals who make and maintain a qualifying investment in Portugal.  

Its formal name is Autorização de Residência para Investimento, commonly abbreviated as ARI, and it falls under Article 90.º-A of Portugal’s immigration law. 

The permit lets you and your family members live, work, and study in Portugal, and it gives you access to the Schengen Area on the same terms as other Portuguese residence permit holders.  

You apply through the ARI portal run by AIMA, which receives the file, checks it, and grants the permit.  

You must hold the investment for a minimum of five years. At the five-year mark, you can apply for permanent residence, provided you’ve met the stay requirement and maintained the investment throughout.  

What is the Italy Golden Visa? 

The Italy Golden Visa, officially the Investor Visa for Italy, is a two-year residence permit for non-EU nationals who commit to a qualifying investment or donation in Italy. It can be renewed for a further three years, provided the investment remains in place. 

The process starts with a clearance rather than a transfer. You submit an investment plan through the Investor Visa for Italy portal and apply for a nulla osta, a certificate of no impediment.  

A dedicated committee reviews the plan and issues the nulla osta, which stays valid for six months. That’s the authority’s decision, and it comes before your money moves.  

You then apply for the visa at an Italian Consulate, enter Italy, complete the investment within three months, and apply for your permesso di soggiorno at the local immigration office. 

The visa itself sets no minimum number of days you have to spend in Italy. That doesn’t mean presence is irrelevant. If you’re aiming at permanent residence or naturalization later, both count your actual residence in the country, and a permit held at arm’s length won’t get you there. 

The two programs diverge on four points that matter to most applicants: When you commit the funds, how much time you’re expected to spend in the country, how you’re taxed once you’re a resident, and how long the path to permanent residence and citizenship takes.  

Here’s how each one compares. 

Investment timing: Portugal requires the investment to be completed before you submit the application. Italy pre-approves your investment plan through the nulla osta, and you have three months from the date of entry to transfer the funds. 

Stay requirement: Portugal requires seven days in the country during the first year and 14 days in each subsequent two-year period. Italy sets no minimum stay for the investor visa itself, though you’re expected to maintain the investment and, if permanent residence or naturalization is the goal, to actually reside in the country. 

Tax treatment: Italy’s regime for new residents allows you to pay a fixed annual substitute tax on foreign-source income instead of the ordinary rates, regardless of the amount of that income. Italian-source income is taxed normally. Portugal’s Residente Não Habitual regime closed to new applicants at the end of 2023. Its replacement, the Incentivo Fiscal à Investigação Científica e Inovação, or IFICI, is tied to eligible professional activity in specified fields rather than to investing, so a Golden Visa investment doesn’t in itself give you access to it. 

Residency and citizenship: Both countries allow you to apply for permanent residence after five years. For citizenship, both now require ten years of legal residence, unless you’re an EU or CPLP national applying in Portugal, in which case the requirement is seven years. 

Both programs start at €250,000, but the routes behind that figure are different in kind. Portugal spreads its options across funds, donations, business creation, and company capital, with most routes sitting at €500,000 and two entry points below that.  

There are also two options that reduce the starting amount to €200,000 if the projects are in low-density areas. 

Italy runs four routes with a wider spread, from an innovative startup at the bottom to government bonds at the top. 

Which one suits you depends less on the headline amount than on what you want the money to do. Portugal’s fund route puts capital into a regulated vehicle you don’t manage.  

Italy’s equity and startup routes put you into a specific company. The donation routes in both countries are not investments at all, and you don’t get a return (or very little) on your money. 

Portugal Golden Visa investment options 

• Investment fund: €500,000 into a qualifying Portugal Golden Visa investment fund, which must be regulated in Portugal and meet the criteria set for the ARI route 
• Arts and cultural heritage: €250,000 as a donation or investment supporting artistic production or the recovery of national cultural heritage. It can be reduced to €200,000. 
• Science and technology: €500,000 contributed to research activity carried out by accredited institutions in the national scientific and technological system 
• Company capital and job creation: €500,000 into the share capital of a company with its head office in Portugal, combined with creating five permanent jobs or maintaining ten jobs 
• Job creation: creating and maintaining ten jobs, with no minimum capital figure attached to the route itself 

Real estate was removed as a qualifying route in October 2023. 

Italy Golden Visa investment options 

• Innovative startup: €250,000 in shares or stakes of an innovative startup registered in Italy 
• Italian company equity: €500,000 in shares or stakes of a company based and operating in Italy 
• Philanthropic donation: €1 million to a public-interest project in fields such as culture, education, scientific research, or heritage preservation 
• Government bonds: €2 million in Italian government securities with a minimum maturity of two years 

The startup and equity routes require the target company to be genuinely active. For the equity route, that means a company with filed accounts by the time you apply, not a shell incorporated for the purpose.  

The eligible startup register is maintained by the Italian Chamber of Commerce and updated regularly, so a company that qualifies today may not qualify when you file. 

Both countries require that the investment remain in place for the duration of the visa. Portugal requires you to hold it for at least five years to reach permanent residence. Italy requires you to maintain it for the duration of the permit, and losing the investment puts the renewal at risk.  

An Italian Golden Visa lawyer can tell you what maintaining the investment means for the specific route you’re considering, because it isn’t identical across the four. 

How the two tax regimes compare 

Tax is where the two countries have moved in opposite directions, and it’s worth understanding before you choose on investment terms alone. 

Italy operates a substitute tax regime for individuals who move their tax residence to the country after being non-residents for at least nine of the previous ten tax years.  

Under it, you pay a fixed annual amount on your foreign-source income instead of ordinary progressive rates, whatever that income comes to. Italian-source income is taxed normally, and the fixed amount also doesn’t cover capital gains on qualifying shareholdings sold in the first five years.  

Family members can be brought into the regime for a lower fixed amount each. The figures were increased for people transferring residence from 1 January 2026, and anyone already in the regime continues at the amount that applied when they entered, so what you’d pay depends on when you move rather than on the rate you read in an older article. Current figures are published by the Agenzia delle Entrate. 

Portugal’s Residente Não Habitual (NHR) regime closed to new applicants at the end of 2023, with transitional cases running into 2024.  

It was replaced by IFICI, which offers a reduced income tax rate but is available only to people carrying out specified activities, including higher education teaching and scientific research, qualified roles in recognized research and technology centers, and highly qualified professions in certain economic sectors.  

Registration goes through the tax authority, with the employing entity’s eligibility assessed by IAPMEI or AICEP. Holding a Golden Visa doesn’t make you eligible. 

The key point here is that Italy’s regime is available to investors who meet the residence condition, while Portugal’s is not. Whether it’s worth having depends on how much foreign-source income you have.  

A fixed annual charge is only an advantage when the income it replaces is sufficient to justify it; below a certain level, ordinary Portuguese rates may leave you better off.  

The qualifying rules are similar across the two countries, but the document requirements differ somewhat. Italy’s requirements are heavier at the application stage because the authorities assess your investment plan before you commit any money. 

Portugal Golden Visa requirements 

To qualify, you must: 

• Be a national of a country outside the EU, EEA, or Switzerland 
• Be at least 18 at the time of application 
• Hold a clean criminal record 
• Make a qualifying investment and maintain it for a minimum of five years 
• Meet the stay requirement of seven days in the first year and 14 days in each subsequent two-year period 

You’ll also need to supply: 

• A valid passport 
• A Portuguese tax number, or NIF, and a Portuguese bank account 
• Criminal record certificates from your country of nationality and from any country where you’ve resided for more than a year, apostilled and translated 
• Proof of the investment, in the form required for the route you’ve chosen 
• Health insurance valid in Portugal 
• A declaration from the tax authority and social security confirming you have no outstanding obligations 

Most applicants appoint a legal representative in Portugal to file through the ARI portal and a fiscal representative to handle the NIF and the bank account.  

Neither is a formality you can skip late in the process, so both are worth arranging early. A Portugal Golden Visa lawyer can confirm which documents your specific route calls for. 

Italy Golden Visa requirements 

To qualify, you must: 

• Be a national of a country outside the EU, EEA, or Switzerland 
• Be at least 18 at the time of application 
• Hold a clean criminal record 
• Commit to one of the four qualifying investment or donation routes 
• Obtain a nulla osta before applying for the visa 

You’ll also need to supply: 

• A detailed investment plan describing the target, the amount, and the purpose 
• Proof that you hold the funds and that they’re lawfully yours, including a bank letter confirming compliance with international anti-money laundering standards 
• A signed undertaking to make the investment within three months of entering Italy 
• Where the target is an existing company, a resolution from that company accepting the investment 
• Evidence of suitable accommodation in Italy 
• A valid passport and payment of the applicable fees 

Italy’s proof-of-funds standard is the part that applicants most often underestimate. You’re not just showing a balance. You’re showing where the money came from and that it’s available for transfer, and, depending on the source, it may need certification from a lawyer or accountant.  

If your wealth is held across several jurisdictions or tied up in illiquid assets, assembling that evidence takes longer than the application itself. 

The two programs also differ in how they handle a weak file. In Portugal, an incomplete application delays the process.  

In Italy, the committee reviewing your investment plan can decline to issue the nulla osta, which means the plan itself, not just the paperwork, has to satisfy them before you go any further. 

Portugal Golden Visa application process 

• Discuss your objectives with legal counsel and decide which qualifying route fits them 
• Appoint a fiscal representative, obtain a NIF, and open a Portuguese bank account 
• Gather and legalize your documents, and those of any family members joining the application 
• Transfer the funds and complete the investment 
• File through the ARI portal, usually through a legal representative in Portugal 
• Pay the reception and analysis fee when the payment reference is issued 
• Attend a biometrics appointment in person, once AIMA schedules it 
• Wait for AIMA’s decision and, if granted, pay the permit issue fee 

Italy Golden Visa application process 

• Choose your investment route and identify the specific target 
• Prepare the investment plan and the supporting evidence on the source of funds 
• Apply for the nulla osta through the Investor Visa for Italy portal 
• Receive the nulla osta, valid for six months 
• Apply for the investor visa at the Italian consulate covering your place of residence 
• Enter Italy on the visa 
• Complete the investment within three months of entry 
• Apply for your permesso di soggiorno at the local immigration office 
• Maintain the investment for the duration of the permit, and evidence it at renewal 

Keep in mind that the nulla osta expires after six months, so a delay in the consular stage can cost you the clearance. And the three-month window to complete the investment starts when you enter Italy, not when the visa is issued, which matters if the transfer involves selling assets or moving money across several jurisdictions. 

Which sequence suits you? 

If you don’t want capital committed before an authority has looked at your file, Italy’s order is the one that fits. You get a decision on your plan before the money moves. 

If you’d rather not deal with a consular appointment, a relocation, and a three-month transfer deadline all stacked together, Portugal’s process is simpler once the investment is complete. 

Aside from the investment, there are administrative and professional fees, which most applicants tend to underbudget.  

What you’ll pay in Portugal 

Portugal charges separately at several points:  

• A fee when AIMA receives and analyzes the application  
• A fee when the permit is granted  
• A further fee at each renewal  

Family members joining the application are charged on the same basis as the main applicant rather than at a reduced rate, so a family of four costs close to four times that of a single applicant on the government side. 

AIMA updated its fee table in March 2026, and the figures for the investment route rose substantially compared with those that applied previously.  

Current amounts are published by AIMA and should be checked at the point you apply, because they’re set by ministerial order and revised periodically. 

On top of the government fees, budget for legal representation, the fiscal representative, criminal record certificates with apostilles, certified translations for every applicant, and bank account opening.  

Fund subscriptions carry their own costs, typically a subscription fee and ongoing management charges, which are separate from the €500,000 and reduce what you get back at the end. 

What you’ll pay in Italy 

Italy’s government fees are lower than Portugal’s, and are broken down into three parts: 

• A visa application fee at the consulate  
• A residence permit fee when you apply for the permesso di soggiorno  
• A permit fee comprising several separate charges, including the electronic permit itself and a revenue stamp 

The investment plan and the source-of-funds evidence usually require legal and accounting input before you file, and if your wealth is held across jurisdictions, that work can be substantial.  

Certified translations and legalization apply to your documents as they do in Portugal. 

Both countries also charge for the renewals, and in Portugal’s case, the renewal fee is a significant figure in its own right rather than a nominal administrative charge.  

Comparing the two on cost 

Portugal’s minimum investment and Italy’s both start at €250,000, so the government fee difference doesn’t change which program is cheaper to enter. It changes what you pay to hold the permit. Over five years and for a family, Portugal’s fee structure adds materially more than Italy’s.  

Portugal does reduce the investment threshold by 20% on some routes where the investment goes into a low-density territory, defined by reference to population density and GDP per capita rather than to any particular region, so the entry point can be lower than the headline figure suggests. The reduction applies to the amount you invest, not to the fees, which are the same either way.  

That said, cost rarely decides this. The €500,000 fund route in Portugal returns capital at the end of the fund’s life, subject to performance. Italy’s €1 million donation route returns nothing by design. 

Since the 2026 nationality law changes in Portugal, both countries require ten years of legal residence before you can apply for citizenship, unless you’re an EU or CPLP national applying in Portugal.  

If citizenship were the sole reason you were considering Portugal over Italy, the comparison would now rest on different grounds. Here are four things to consider before deciding on the best route for you and your family. 

How much time do you actually want to spend there? 

Portugal requires seven days in the first year and 14 days in each of the following two-year periods; commitments most people can meet without changing how they live.  

Italy asks for nothing at the visa stage, which may sound like less, but that’s only true if you stop at the residence permit stage. If you want permanent residence or naturalization in Italy, your actual presence in the country matters, and the permit alone won’t get you there. 

What do you want the money to do? 

Portugal’s fund route puts €500,000 into a regulated vehicle, with the prospect of capital being returned at the end of the fund’s life, subject to performance. Portugal’s arts and cultural heritage route costs less to enter and offers nothing in return.  

Italy’s startup and equity routes put you into a specific company, which means company risk rather than fund risk, and its donation and bond routes sit at the higher end. 

If you want the investment to be an investment, the fund route and the Italian equity route are the ones to consider. 

Are there tax breaks for you? 

Italy’s substitute tax regime is available to investors who meet the residence conditions, and for someone with substantial foreign-source income, it can be the single largest factor in the comparison.  

Portugal’s equivalent closed to new applicants at the end of 2023, and IFICI, which replaced it, is tied to eligible professional activity rather than to investing. 

Are you planning to move, or planning to have the option? 

Italy’s tax regime rewards actual residence, the language requirement for naturalization is B1 rather than Portugal’s A2, and the presence expectations for long-term status assume you’ll be there. 

Portugal suits people who want lawful residence in the EU without having to relocate now. Low stay requirements, family inclusion covering spouse, dependent children, and dependent parents, and a permit you can hold while you decide. 

Why choose Global Citizen Solutions for your Portugal Golden Visa?

• Global approach by local experts: A team of experienced local case executives, immigration lawyers, and investment specialists based in Portugal.
• Independent service:We are not a marketing agency for any projects. You will access all eligible routes for the Golden Visa, with over 40 vetted qualifying investment options, so you can decide on the best option for you.
• 100% approval rate: We have the unique distinction of never having had a Golden Visa case rejected and have helped hundreds of clients from more than 35 countries.
• All-encompassing solution: Our dedicated onboarding and immigration teams will assist you throughout the process and beyond with a single channel of communication. 
• Transparency: Our fees are clear and detailed, covering the entire process with no hidden costs. 
• Privacy: Your personal data is stored within a GDPR-compliant database on a secure SSL-encrypted server.

To see the full list of reasons why to work with Global Citizen Solutions for your Portugal Golden Visa, you can find out more here: Why Work with Global Citizen Solutions for Your Golden Visa Portugal Application?