Patricia Casaburi
Portugal and Italy offer two of the most appealing Golden Visa programs for non-European Union nationals seeking residency through investment. These programs provide a pathway to visa-free travel within the Schengen Zone, potential permanent residency in Europe, and even the possibility of citizenship over time.
While the investment programs in both countries have similarities, they differ in several key areas, including investment requirements, tax benefits, residency obligations, and the timelines for obtaining citizenship. In this article, we will examine the differences between the Portugal Golden Visa and the Italy Golden Visa, so you can make an informed choice for yourself and your family.
You’ll also find out more about:
How the Portugal vs. Italy Golden Visa Works
What is the Portugal Golden Visa?
The Portugal Golden Visa is a five-year residency initiative for non-EU nationals who invest in the country.
This program allows qualifying investors and their family members to live, work, and study in Portugal, and become permanent residents or apply for citizenship after five years.
It is one of the most popular investment programs in Europe, and it is part of Portugal’s immigration strategy to attract foreign investment and stimulate the national economy.
What is the Italy Golden Visa?
The Italy Golden Visa, officially known as the Investor Visa for Italy, is a residency-by-investment program that allows non-EU nationals to obtain a renewable two-year residence permit by making a significant financial investment in the country.
The visa provides access to the Schengen Area and includes family reunification rights, with no minimum physical stay requirement, though longer presence may be necessary for permanent residency or citizenship.
Key Differences Between the Golden Visas
Both Golden Visa programs are enticing, but their structures, investment routes, and long-term benefits vary significantly. Whether you’re aiming for faster EU access or more lifestyle flexibility, understanding these core differences can help you make the right move.
Here is a quick look at some key differences between the Portugal and Italy Golden Visas.
Residency and citizenship: Portugal’s Golden Visa program enables investors and their families to obtain permanent residency after five years. Additionally, they can apply for citizenship without the need for full-time residence. In contrast, Italy’s Investor Visa provides a two-year residence permit, which can be renewed for three more years. However, it requires ten years of continuous residency before individuals are eligible for Italian citizenship.
Stay requirement: To obtain a Portugal Golden Visa, a minimum stay of seven days is required during the first year, followed by a minimum of fourteen days in each of the subsequent two years. In contrast, Italy’s Investor Visa does not have a strict minimum stay requirement; however, it is crucial to maintain the investment for visa renewal.
Investment timeline: Portugal’s Golden Visa requires investment completion before application submission. Italy’s Investor Visa allows applicants to submit an application prior to transferring funds, but investments must be completed within three months of entering Italy.
Tax benefits: Portugal’s hugely popular Non-Habitual Residency tax regime closed for new applicants in 2025, so that is no longer an option for investors. On the other hand, Italy’s flat tax regime allows foreign investors to pay a fixed annual tax of €200,000 on global income, making it attractive for high-net-worth individuals.
Portugal Golden Visa | Italy Golden Visa | |
Minimum investment | From €250,000 | From €250,000 |
Real estate option | Removed in 2024 | Not available |
Path to citizenship | Eligible after 5 years | Eligible after 10 years |
Physical presence | Seven days in the first year, 14 days in the subsequent two years | No minimum, but regular presence expected |
Tax benefits | None for new applicants | Flat tax on foreign income (€100K/year) |
Family inclusion | Spouse, children, dependent parents | Allowed, but with stricter financial proof |
Processing time | Often slow—can exceed 12 months | Faster—pre-approval online |
⚠️ Portugal Nationality Law Changes 2025
A draft law published in June 2025 proposes major changes to Portugal’s nationality rules. The main change is increasing the residency requirement for citizenship from 5 to 10 years (7 years for CPLP nationals).
It's important to note that the draft proposal is only a set of recommendations, and there are a few more steps before it becomes law. To learn more, read Portugal Nationality Law Changes 2025
Take a Look at our Portugal Golden Visa Ultimate Guide
Italy vs Portugal Golden Visa Investment Options
One key difference between the two Golden Visa programs is the investment options. Portugal offers several affordable and flexible routes, whereas Italy offers four options, two of which require over €1 million in investment.
Portugal Golden Visa investment options
- Venture capital: A minimum investment of €500,000 in a qualifying Portugal Golden Visa investment fund.
- Arts and Culture: Investment or donation in the arts or reconstruction of national cultural heritage with a donation of at least €250,000.
- Science or Technology: Donate or contribute at least €500,000 to advancing science or technology research.
- Business: Creation and maintenance of ten jobs during the required period.
- Company startup and job creation: Invest €500,000 in a commercial company with its head office in Portugal or reinforcement of a company’s share capital, combined with creating five or maintaining ten jobs (five of them permanent).
Italy Golden Visa investment options
- Startup investment: €250,000 in shares or stakes of an innovative startup based in Italy. The official list of eligible startups is updated weekly and available on the Italian Chamber of Commerce portal.
- Equity in an Italian Company: €500,000 in shares or stakes of a company based and operating in Italy. The Italian limited company must be active with at least one balance sheet filed by the time of your application.
- Philanthropic donation: €1 million donation to a public-interest project in fields like culture, education, scientific research, or heritage preservation. No ongoing management is required after the donation.
- Italian government bonds: €2 million in Italian government bonds (such as BTP, CTZ, or CCT). The investment must have a minimum maturity of two years and offer competitive returns through periodic interest payments.
While both visa options mandate that investments must be held for at least five years before qualifying for permanent residency, Portugal’s Golden Visa requires that investments be completed before submitting a Golden Visa application.
In contrast, Italy’s Investor Visa permits applicants to submit their application before transferring funds, but the necessary investments must be finalized within three months of entering Italy. An Italian Golden Visa lawyer can help you through the process.
Italy vs Portugal Golden Visa Eligibility
Portugal Golden Visa requirements
As with all visa and residency applications, Portugal’s Golden Visa has several requirements that must be fulfilled.
- Be either non-EU, non-Swiss, or non-EEA national
- Spend an average of seven days per year in Portugal
- Be at least 18 years old at the time of application
- Maintain the investment for a minimum of five years
- Have a clean criminal record
- Have valid health insurance
Italy Golden Visa requirements
The visa application process is quick and grants a two-year residence permit, which can be renewed for three more years. However, there are a few eligibility criteria that must be fulfilled before lodging an application.
- Be at least 18 years old at the time of application
- Be either non-EU, non-Swiss, or non-EEA national
- A qualifying investment or donation must be made
- A clean criminal record certificate
- Submit a detailed investment plan and obtain a Nulla Osta (certificate of no impediment) from the Italian government.
- Proof of funds must include the following:
- A bank letter states compliance with FATF international anti-money laundering and anti-terrorism standards.
- A self-declaration of the investment.
- A board resolution accepting the investment.
- If required, a lawyer or accountant must certify a declaration confirming the availability and legal origin of funds
- Applicants must provide evidence of suitable accommodation in Italy
- The investment or donation must be completed within three months of entering Italy.
- Payment of the required fees
Golden Visa Application Process
Portugal Golden Visa
While applying for the Golden Visa is relatively straightforward, there are quite a few steps to take toward a successful Golden Visa process. To submit your application, you are advised to consult with a Portugal Golden Visa lawyer or a Golden Visa consultant to see what documentation you need on top of your investment.
- Initial discussions with the onboarding and legal teams
- Gather all necessary documents for yourself and any family members.
- Appoint a fiscal representative to open a Bank account and obtain a NIF
- Make the investment
- Submit your application through the ARI Portal by a legal representative in Portugal.
- Your application will be pre-approved because you fulfill the requirements.
- Attend a Portugal Golden Visa biometrics appointment in person
- After your biometrics, your Golden Visa has to be approved by AIMA.
- Pay the government permit issue fee.
Italy Golden Visa
The application steps for Italy’s Golden Visa are somewhat similar, but Italy’s process is faster, digital-first, and requires no upfront transfer of funds, making it efficient but more involved post-arrival
- Choose your investment type
- Apply for the Nulla Osta (Certificate of No Impediment)
- Receive the Nulla Osta, which is valid for six months.
- Apply for the Investor Visa at an Italian Consulate
- Enter Italy and finalize the investment within 3 months.
- Apply for a residence permit (permesso di soggiorno) at the local immigration office.
- Maintain the investment for the full duration of your stay. The permit can be renewed for another three years, provided the investment is still active.
Cost of the Golden Visas for Italy and Portugal
In addition to the initial investment required for the Golden Visa, both countries charge various administrative fees throughout the process.
For example, the Italian “D” Settlement Visa application costs €116 per applicant, and the issuance of a residence permit costs €112 per family member. Additionally, you’d have to factor in €5,000 to €10,000 for legal fees, certified translations, apostilles, and document legalizations.
While Portugal charges fees for similar tasks, it’s at a much higher rate. Portugal requires a €605 application fee for a single applicant, a €6,045 fee for the residency permit’s issuing, and €3,023 for every permit renewal, for a total cost of €12,696.70 per person.
As with Italy, you’d also have to factor in an immigration lawyer and legal fees, as well as certified translations and apostilles.
Italy vs Portugal Golden Visa: Which One to Choose?
Choosing between the Portugal and Italy Golden Visa programs comes down to your priorities—speed, flexibility, long-term goals, and lifestyle preferences. If your main objective is to gain EU citizenship with minimal physical relocation, Portugal offers a clear advantage.
Its Golden Visa allows you to apply for citizenship after five years, with only seven days of annual stay required. This low-commitment path is ideal for global investors, frequent travelers, or those who want a “Plan B” in Europe without uprooting their lives.
While Portugal no longer offers tax incentives like the NHR regime, it still provides broad family inclusion, access to the Schengen Zone, and a relatively simple long-term residency route.
On the other hand, Italy’s Golden Visa may appeal more to those who plan to live in Italy or want to take advantage of the country’s flat tax regime. The application process is faster and more digital-friendly, with a pre-approval system (Nulla Osta) and no need to transfer funds until the visa is granted.
However, the citizenship timeline is longer—ten years—and while there’s no formal stay requirement, you’ll be expected to reside in Italy to qualify for permanent residency or naturalization. Italy is a better fit for those interested in establishing deeper ties with the country, such as starting a business, enjoying Italian culture and lifestyle, or leveraging its investor-friendly tax framework.
Factor | Portugal Golden Visa | Italy Investor Visa |
Time Required for Citizenship | 5 years of legal residency required for citizenship | 10 years of continuous residency required for citizenship |
Residency Requirement | Minimal stay requirement (7 days per year) | No strict minimum stay, but must maintain the investment |
Permanent Residency Eligibility | Eligible after 5 years, with renewals every 10 years | Eligible after 5 years, with card renewals every 10 years |
Naturalization Process | Requires A2-level Portuguese proficiency | Requires 10 years of residency, B1-level Italian proficiency, proof of integration |
Dual Citizenship | Allowed—investors can retain their original nationality | Allowed—investors can hold multiple nationalities |
EU Passport Benefits | Full EU citizenship after 5 years, allowing visa-free travel & work across the EU | Full EU citizenship after 10 years, granting Schengen & EU benefits |
Best for Investors Who Want... | Fast-track EU citizenship, minimal residency requirements, strong tax benefits | Long-term residency in Italy, diverse business investment options, no minimum stay requirement |
Why choose Global Citizen Solutions for your Immigration Visa?
GLOBAL APPROACH BY LOCAL EXPERTS
- GCS has offices located across Portugal.
- Members of the US-Portugal and UK-Portugal Chambers of Commerce in Portugal, and the Investment Migration Council (IMC).
- Our expert team can help you throughout your journey to secure your Visa.
100% APPROVAL RATE
- Our successful track record in applications provides reassurance to applicants.
- We have helped clients from more than 35 countries secure residency in Portugal.
ALL-ENCOMPASSING SOLUTION
- With a single channel of communication, our approach ensures that you have complete clarity on your application.
- Our BeGlobal® Onboarding System allows for a total flow of information.
TRANSPARENCY AND PRIVACY
- Our pricing is clear and detailed, you will not face any hidden costs.
- All data is stored within a GDPR-compliant database on a secure SSL-encrypted server.
Frequently Asked Questions about Italy vs. Portugal Golden Visa
Which investment program has a simpler application process?
Italy’s Investor Visa has a faster approval process, typically 30 to 90 days, while Portugal’s Golden Visa can take several months to over a year due to higher demand and administrative backlog.
What are the key requirements for each Golden Visa?
Portugal Golden Visa: This visa requires a qualifying investment, proof of a clean criminal record, and a Portuguese bank account.
Italy Investor Visa: Before applying, you must make choose an investment option, prove you have sufficient funds, obtain a certificate of no impediment (Nulla Osta), then execute the investment.
Which Golden Visa has stricter residency requirements?
Portugal: Requires seven days per year of physical stay.
Italy: No strict minimum stay, but applicants must maintain their investment.
Which Golden Visa offers a faster route to EU citizenship?
Portugal: Citizenship eligibility after five years.
Italy: Citizenship eligibility after ten years.
Can I bring my family with me under both programs?
Yes. Both Portugal and Italy allow dependent family members, including spouses, dependent children, and, in some cases, dependent parents, to be included in the application. Italy allows for adult child dependents with health disabilities.
Can I work in Portugal or Italy with a Golden Visa?
Yes. Both visas grant the right to live, work, and study in their respective countries.
Which program allows visa-free travel within the EU countries?
Both Portugal’s and Italy’s residency permits allow you to enjoy visa-free travel across Schengen countries. However, only Portuguese or Italian citizenship grants full EU mobility rights.
