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

Portugal and Italy offer two of the most attractive Golden Visa programs. Both allow non-European Union nationals to gain residency through investment, providing a pathway to visa-free travel within the Schengen Zone, potential permanent European residency, and even citizenship in the long run.

While both investment programs share similarities, they differ in investment requirements, tax benefits, residency obligations, and citizenship timelines.

Portugal’s Golden Visa program is particularly popular as it has flexible stay requirements and the option to apply for citizenship after just five years. On the other hand, Italy’s Investor Visa or the Italy Golden Visa program offers a straightforward investment process with options such as government bonds, business funding, and philanthropic donations. However, it requires a longer residency period before naturalization.

This Portugal vs. Italy Golden Visa Article Will Cover:

• Main differences between the Italy’s and Portugal’s Golden Visa Programs
• Minimum investment requirements and financial incentives
• Investment Costs
• Residency and Citizenship Pathway

Portugal vs. Italy Golden Visa: Main Differences Between the Programs

Both Portugal and Italy offer residency-by-investment programs for non-EU nationals, granting European residency in exchange for an eligible investment. While Portugal’s Golden Visa is widely recognized, Italy’s Investor Visa serves a similar purpose but with different conditions and benefits.

Residency vs. Citizenship pathway

• Portugal’s Golden Visa allows investors and their families to obtain permanent residency after five years and apply for citizenship without requiring full-time residence.
• Italy’s Investor Visa grants a two-year residence permit, renewable for three more years, but requires ten years of continuous residency before eligibility for Italian citizenship.

Flexibility in stay requirements

• The minimum stay required to receive a Portugal Golden Visa is seven days during the first year and fourteen days during the next two years.
• Italy’s Investor Visa does not have a strict minimum stay requirement, but maintaining the investment is essential for renewal.

Tax benefits and financial incentives

• 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.

Application process

Portugal

• Investment Selection & Documentation – Choose an eligible investment (Investment funds, cultural and artistic donation, business creation), gather required documents.
• Application Submission – Submit the online application to AIMA, with an initial review taking about 16-18 months.
• Biometric Appointment – Attend an in-person appointment in Portugal for fingerprinting and document verification.
• Application Processing – Approval times vary (2-4 months) based on application volume and policy changes.
• Residency Card Issuance – Receive the residency card, granting rights to live, work, and study in Portugal.

Italy

• Obtain Nulla Osta – Choose the investment option, then apply online for a certificate of no impediment (Nulla Osta) from the Italian Investor Visa Committee. Approval is required before proceeding.
• Visa Application – Submit the investor visa application at an Italian consulate in your country of residence. Processing times vary.
• Entry & Residence Permit – After entering Italy with the visa, apply for a residence permit (Permesso di Soggiorno) at the local immigration office within 8 business days since entry.
• Investment Completion – execute the investment.
• Renewal & Path to Permanent Residency – The investor visa is valid for 2 years, renewable for another 3 years. After 5 years, applicants can apply for permanent residency, and after 10 years, for Italian citizenship.

Family Reunification for Portugal and Italy Golden Visa Holders

• Portugal Golden Visa: Includes family members at no additional investment cost, provided they meet dependency criteria.
• Italy Investor Visa: Family members can apply for residence permits.

How Long Must Golden Visa Holders Keep Their Investment?

• Portugal Golden Visa: Investors must maintain their investment for at least 5 years before applying for permanent residency or citizenship.
• Italy Investor Visa: Investment must be kept for a minimum of 5 years before being a permanent resident.

When Must Investments Be Completed for Residency Eligibility?

• Portugal Golden Visa: Investment must be completed before submitting the application.
• Italy Investor Visa: Applicants can submit an application before transferring funds, but investments must be executed within 3 months of entering Italy.

Residence Permit Duration in Portugal and Italy

Key factors

• Portugal offers a faster citizenship pathway (5 years vs. 10 years in Italy). · Italy’s program has no physical stay requirements, but Portugal requires only minimal time in the country.
• Both investment programs offer tax incentives.
• Italy’s application process is faster, while Portugal’s requires more steps but offers more investment options.

Investment Requirements for the Portugal vs. Italy Golden Visa

Portugal Golden Visa minimum investment options

• Investment Funds – Investors can commit €500,000 to venture capital funds, offering higher returns and a diversified portfolio.
• Business and Job Creation – A €500,000 investment intended to incorporate a Portuguese company or to increase the share capital of an existing Portuguese company, combined with creating permanent jobs.
• Cultural and Research Contributions – Requires a €250,000 donation to research or cultural projects benefiting national heritage without requiring capital management. If the project is located in a low-density area, the total investment is €200,000.

Italy Golden Visa minimum investment options

• Government Bonds – Requires an investment of €2 million in Italian government bonds, a low-risk option backed by the state.
• Business and Startup Investments – Investors can place €500,000 in an Italian limited company or €250,000 in an innovative Italian startup, contributing to economic growth with potential high returns.
• Philanthropic Donations – A €1 million donation to a public interest project, allowing investors to contribute to cultural and social initiatives without managing an active investment.

Comparing Investment Costs – Which Golden Visa Is More Affordable?

Residency and Citizenship Pathway: Portugal vs. Italy

How Can Global Citizen Solutions Help You?

Global Citizen Solutions is a boutique investment migration consultancy firm focused on finding the right residency or citizenship by investment program for individuals wishing to secure their future and become global citizens. With offices in Portugal, the United Kingdom, Hong Kong, and Brazil, our multilingual team guides individuals and families from start to finish, providing expert advice considering freedom, mobility, taxation, and security.

• We have helped hundreds of clients from 35+ countries in all the top residency by investment and citizenship by investment programs. With an in-depth and comprehensive understanding of the area, we provide our clients with solid guidance. 
• Our team has never had a case rejected. Our 100 percent approval rate sets us apart from our competitors and guarantees that you can expect a successful application.
• Our transparent pricing covers all the processes from opening your bank account, document certification, and legal due diligence to investment and submission. As there is one fee for the entire process, you can be confident that you will not face any hidden costs later.
• All data is stored within a GDPR-compliant database on a secure SSL-encrypted server. You can be safe knowing that your personal data is treated with the utmost security.
• Global Citizen Solutions provides an all-encompassing solution. Our support can continue even after you receive your passport. We offer additional services such as company incorporation, Trusts, and Foundations formation.
• The BeGlobal Onboarding System® allows you to access the status of your application every step of the way, something that sets us apart from our competitors.

Frequently Asked Questions about Portugal vs. Italy Golden Visa Programs

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.