Comparing Portugal vs Italy Golden Visas: Structure, Costs, and Benefits

Portugal and Italy offer Golden Visa programmes that grant residency by investment. Both allow holders to live, work, and study in the issuing country, travel visa-free within the Schengen Area, and later apply for permanent residency and citizenship by naturalisation. The main differences lie in the administrative model, investment routes, family inclusion rules, and application process.

The Italy Golden Visa programme is officially known as the Visto per Investitori, the Investor Visa[1]. It was launched in 2017 to attract foreign capital. Administration is divided between:

• Ministero delle Imprese e del Made in Italy, MIMIT, which manages the Nulla Osta stage through a dedicated Committee Secretariat;
• and the Italian Ministry of Foreign Affairs, MAECI, which handles consular visa issuance.

The Portugal Golden Visa programme is formally named the Autorização de Residência para Investimento, ARI[2]. It was launched in October 2012 as a post-financial-crisis foreign direct investment measure. The programme is administered by Agência para a Integração, Migrações e Asilo, AIMA.

Portugal and Italy Golden Visas offer a range of advantages, combining EU residency with mobility, lifestyle, and business opportunities for investors and their families.

1. Plan B in the EU

A Golden Visa in both Portugal or Italy gives the investor and their family a secure alternative place to live in the EU. It can become especially valuable if the home country faces political instability, currency restrictions, tax pressure, safety concerns, or limits on international mobility.

2. Visa-free travel across the Schengen Area

With the Portugal and Italy Golden Visas, investors gain visa-free travel across the Schengen Area, allowing stays of up to 90 days within any 180-day period.

Beyond the legal benefit, geography plays an important role in how convenient this access is. Portugal is well connected by air: major destinations such as Paris, Madrid, and Amsterdam are 2 to 3 hours away, while Central European cities like Frankfurt or Zurich are around 3 hours. Travel by car is more limited, but Spain is easily accessible, making it convenient for regional mobility across the Iberian Peninsula.

Italy, by contrast, offers a more central position in Europe. From cities like Milan or Rome, most major Schengen destinations — including Paris, Munich, Vienna, and Barcelona — are within 1.5 to 2 hours by plane. Italy is also better suited for overland travel: neighbouring countries such as France, Switzerland, Austria, and Slovenia can be reached comfortably by car, often within a few hours.

3. Low stay requirement

In Portugal, the investor needs to spend only 7 days per year in the country, while in Italy there is no minimum stay requirement to maintain the residence permit. This makes both options convenient for entrepreneurs managing businesses in several jurisdictions and for families who want to keep their main home elsewhere while preserving EU residency.

4. Healthcare access

Both Italy and Portugal Golden Visas provide access to public healthcare systems. At the same time, private health insurance is mandatory under the Golden Visa route, so many families rely on it for faster appointments and use public healthcare as a safety net.

Healthcare outcomes are strong in both countries. Preventable mortality stands at 117 per 100,000 in Portugal and 93 in Italy, both below the OECD average of 145, which points to solid primary and preventive care[3]. Paediatric and maternity services are well developed, although waiting times for specialists and elective treatment can still be moderate to long.

5. Education opportunities

Education is also accessible through both programmes. Public schools are free, but teaching is in the country’s official language. Private schools usually cost from around €8,000 per year in Portugal and €13,000 per year in Italy, with fees in both countries reaching €20,000 or more depending on the school.

Public universities are not free for residents, but tuition is relatively moderate. In Italy, fees are income-based and often range between €900 and 4,000 per year, while in Portugal, students with residence permits may qualify for domestic tuition rates starting from around €700 per year.

6. Work rights and business opportunities

Both programmes allow investors and their family members to work and run a business in the country. These rights apply regardless of the investment route, so even if the investment is made through funds or donations, there are no limits on employment or starting a company.

Italy stands out for the scale of its economy. As the 3rd-largest economy in the EU and 8th globally, it offers access to a large domestic market, strong industrial base, and established sectors[4]. Portugal, in turn, offers greater flexibility in taxation and structuring: corporate and VAT regimes can vary by region, and the country provides several incentives for international businesses.

7. Life in a mild climate by the sea

Both Portugal and Italy offer a lifestyle shaped by the sea, varied landscapes, and year-round outdoor living. Coastal access is easy in both countries, with opportunities for walking, cycling, sailing, and outdoor dining throughout the year. Portugal also stands out as one of Europe’s top surfing destinations, with world-class Atlantic waves.

There is, however, a slight difference in climate. Portugal has a milder, more ocean-influenced climate with cooler summers and higher humidity, especially along the coast. Italy, particularly in the central and southern regions, offers a more classic Mediterranean climate with hotter summers and drier conditions.

Portugal and Italy offer several comparable investment routes, with some options closely aligned and others unique to each programme. They differ in structure, minimum thresholds, and capital deployment. The chosen route directly affects investment control, liquidity, and compliance requirements.

Common routes: business and support for culture and research

Business investment. Both Portugal and Italy offer a business route requiring at least €500,000. However, the options differ in structure:

1. Portugal requires a capital injection or share capital increase, along with the mandatory creation of at least 5 jobs within the company. Besides, if the investor establishes or expands a business in Portugal and creates at least 10 jobs, no minimum investment threshold applies.
2. Italy’s business route means purchasing shares or equity in an Italian limited liability company. The business must already be active and have at least one financial statement available at the time of the visa application.

Italy also stands out for its innovative startup option, which has become the most popular route under the programme. It requires the purchase of shares or equity in a government-approved innovative Italian startup worth at least €250,000.

Cultural and scientific contribution. Both programmes also include options linked to culture and research.

In Italy, this route takes the form of a philanthropic donation of at least €1 million. The contribution must support a project of public interest in the fields of culture, education, immigration management, scientific research, or the preservation of cultural and natural heritage.

In Portugal, two options follow a similar idea:

1. Contribution of at least €250,000 to support arts, culture, or the restoration of national heritage sites.
2. Investment of at least €500,000 in research activities carried out by accredited Portuguese entities, such as universities, R&D centres, and other recognised institutions.

Other investment options for each programme

Portugal: purchasing units of investment funds worth €500,000+. This is the most popular route among investors in Portugal. Such funds usually allocate capital to commercial property, Portuguese companies, industrial projects, or European stocks. The minimum holding period is 5 years, while investors typically exit after 6 to 10 years and receive profits net of fees.

Italy: acquiring government bonds worth €2,000,000+. This option is more conservative in nature, as it is tied to sovereign debt rather than private-market assets. It may appeal to investors who prioritise capital preservation and a clearer investment structure over higher return potential.

Both Italy and Portugal Golden Visa programmes share core eligibility criteria but differ on family reunification rules.

Eligibility criteria for investor

Both the Portugal and Italy Golden Visa programmes require applicants to meet the following criteria:

• be a non-EU, non-EEA, and non-Swiss national;
• be at least 18 years old;
• have a clean criminal record, confirmed by a certificate issued by the country of residence or citizenship;
• hold valid health insurance with coverage in the country of investment;
• provide clear proof of the source of funds and source of wealth, including documents linking the assets to lawful activities;
• prove that the investment funds originate outside the destination country;
• not be subject to an active travel ban or EU sanctions.

Family inclusion

Family reunification differs meaningfully between the two programmes. Both allow the inclusion of a spouse, children, and parents, but the eligibility rules vary.

Spouse. In Italy, the spouse must be legally married to the main applicant. In Portugal, marriage is not mandatory: a partner may qualify if the couple has been in a relationship for at least 2 years, even if it is not officially registered.

Children. Both countries allow the inclusion of children under 18. Beyond that, Portugal is more flexible. Children up to 26 may also qualify if they are financially dependent on the investor, live with them or study at university, and are unmarried.

In Italy, children over 18 may be included only if they are financially dependent on the investor because of a health condition causing total disability.

Parents. In both countries, parents must be financially dependent on the investor. In Italy, however, additional conditions apply: they must have no other children in their country of origin or provenance. If they are over 65, they qualify if their other children are unable to support them for documented and serious health reasons.

Beyond the investment itself, both Italy and Portugal Golden Visa programmes involve a range of mandatory fees and ancillary expenses. The total cost depends on the chosen route, the number of family members included, and the administrative steps required during the application process.

Investment-related costs

In both programmes, a subscription or entry fee may apply, depending on the chosen investment route.

1. In Portugal, when purchasing fund units, fees may reach up to 7.5%.
2. In Italy, when investing in an innovative startup, additional costs start from €12,200.

Application and residence permit fees

In Italy, the residence permit fee amounts to:

• €3,406 for the main applicant;
• €567 for each dependant aged 18 or over;
• €313 for each dependant under 18.

In Portugal, the cost is split into two parts and applies equally to each applicant: an application fee of €632.10 and a residence card issuance fee of €6,314.20.

Additional expenses

Both programmes also require health insurance covering the full period of the requested residence. In practice, the cost usually starts at around €400 per applicant per year, depending on age, provider, and level of coverage.

In Italy, investors also face additional administrative costs. These usually include a power of attorney fee starting at €605, as well as €781 or more for obtaining an Italian tax identification number and a digital signature. The digital signature is an electronic tool used to sign official documents remotely and complete parts of the application process online.

The route to permanent residency and citizenship is one of the most important points when comparing the Portugal and Italy Golden Visa programmes. In both cases, investors can eventually secure long-term status in the country and later apply for citizenship. 

The key difference lies in physical presence requirements. While maintaining the residence permit is relatively flexible — just 7 days per year in Portugal and no minimum stay in Italy — the requirements for permanent residency and citizenship are significantly stricter, particularly in Italy.

Permanent residency eligibility

Both Portugal and Italy Golden Visas lead to permanent residence after 5 years. In Portugal, permanent residency can be obtained without any major increase in stay requirements. As long as the investor has maintained the Golden Visa under the low-presence rules, they may move forward to permanent residence.

In Italy, the threshold is much higher: the investor may apply for an EU long-term residence permit, but only if they have genuinely lived in Italy. This means they must not have been absent for more than 6 consecutive months or 10 months in total during the 5-year period. In practice, this usually means maintaining a primary residence in Italy for most of the year.

Citizenship eligibility

The path to citizenship is where the contrast becomes even clearer. In Portugal, citizenship may become available after 5 years of legal residence following the grant of temporary residence. The applicant must meet the residence requirement, maintain the qualifying status, and show sufficient knowledge of Portuguese language[6].

In Italy, applicants first become eligible for permanent residence after 5 years. During this period, absences must not exceed 6 consecutive months or 10 months in total over the 5 years.

Italian citizenship may then become available after a total of 10 years of legal residence. Italian law does not set a strict numerical limit on absences at this stage, but it does require legal and continuous residence, meaning the applicant must show genuine and uninterrupted ties to the country. Applicants must also pass a B1 Italian language test[7].

Both Portugal and Italy are EU member states, so citizenship of either country gives the right to live and work across the EU, vote in EU elections, and receive consular protection abroad where one’s home country has no representation. Both passports also offer broad visa-free or visa-on-arrival access worldwide, including access to the US, the UK, Canada, Japan, and Singapore.

Holding a residence permit in Portugal or Italy does not automatically make the holder a tax resident. In both countries, tax residency is generally triggered by spending more than 183 days a year in the country or by having a habitual abode there with the intention of using it as a principal residence.

For investors who do become tax residents, it is important to consider both the applicable tax rates and special tax regimes available to new residents.

Personal taxation

Both Portugal and Italy apply progressive personal income tax rates, with the burden increasing as income rises. 

In Portugal, the rates are as follows:

• up to €8,059 → 12.5%;
• €8,059—12,160 → 15.7%;
• €12,160—17,233 → 21.2%;
• €17,233—22,306 → 24.1%;
• €22,306—28,400 → 31.1%;
• €28,400—41,629 → 34.9%;
• €41,629—44,987 → 43.1%;
• €44,987—83,696 → 44.6%;
• €83,696+ → 48%[8].

Italy’s system is simpler, with fewer brackets:

• €0—28,000 → 23%;
• €28,001—50,000 → 33%;
• €50,000+ → 43%.

However, additional regional and municipal surcharges increase the effective rate:

• regional tax → 1.23 to 3.33%;
• municipal tax → 0 to 0.9%[9].

Special tax regimes for new residents

Both Portugal and Italy offer ways to reduce the overall tax burden for new residents. However, the Italian regime is generally more flexible and suits a broader range of investor profiles.

Portugal’s IFICI regime is designed for highly qualified professionals working in innovation-related fields. To qualify, the applicant must carry out a high-skilled activity for an eligible entity and meet specific education or experience requirements, typically at least EQF or ISCED level 5. 

Under the regime, eligible income from employment or professional activity in Portugal is taxed at a flat rate of 20%. Most foreign-source income is exempt, while pension income remains subject to progressive tax rates. The regime is available for up to 10 years[10].

Italy offers a lump-sum tax regime aimed at high-net-worth individuals. Instead of paying tax on worldwide income, eligible applicants pay a fixed annual tax of €300,000, regardless of income level. The regime can be applied for up to 15 years and may also be extended to family members for an additional €50,000 per person per year[11].

Tax considerations for US citizens

For US citizens, holding a residence permit in Portugal or Italy does not by itself trigger additional US reporting obligations. However, existing US reporting rules still apply.

FBAR must be filed electronically on FinCEN Form 114 if the aggregate value of foreign financial accounts exceeds $10,000 at any point during the calendar year. It is due on April 15th of the following year, with an automatic extension to October 15th[12].

FATCA reporting is separate. If the value of specified foreign financial assets exceeds the applicable threshold, Form 8938 must be attached to the US federal income tax return. The thresholds range from $50,000 for single taxpayers in the US to $600,000 for married couples living abroad. Form 8938 is filed together with the annual return, which is generally due on April 15th for calendar-year taxpayers[13].

Certain US tax reliefs may reduce the overall tax burden. Under the Foreign Earned Income Exclusion, eligible individuals can exclude up to $132,900 of foreign employment income for the 2026 tax year, provided they meet the physical presence or bona fide residence test[14].

The right choice depends on the investor’s main objective. Neither programme is stronger in every respect, so the decision should be based on which features matter most.

1. Processing speed → Italy is the faster option, with a timeline starting from 4 months.

2. Wider family inclusion → Portugal allows to include spouse or partner, children up to 26, and parents of any age, making this Golden Visa programme one of the best for families.

3. No stay requirement at all → Italy is the better fit for investors who do not plan to pursue permanent residency or citizenship and want to keep residence obligations to a minimum.

4. Low stay requirement with a citizenship path → Portugal is more suitable for investors seeking a path to citizenship while maintaining only 7 days of stay per year.

5. Tax optimisation → Italy is more attractive for investors who genuinely relocate and want to use the flat-tax regime, paying €300,000 per year on all foreign-source income for up to 15 years.

6. Startup focus → Italy stands out for investors seeking exposure to innovation, as its €250,000 startup route is the only option in either programme tied directly to an EU startup ecosystem.

7. Fund route with returns → Portugal is the stronger choice for investors looking for a more passive route that combines relatively low involvement with return potential.

8. Business investment → both programmes. Portugal is better for investors who want to launch or expand a business and build local operations around job creation. Italy is more suitable for those who prefer to invest in an existing active company with a clearer corporate track record.

Both programmes involve legal, operational, and investment risks that should be assessed before capital is committed or the application process begins.

Future policy changes

Portugal has already removed real estate as an eligible route in 2023, showing that investment options can be reshaped under political pressure. This highlights a broader risk in investment migration: a route available today may be restricted or closed in the future.

Document expiry

Police clearance certificates and similar documents often remain valid for only about 3 months. In slower processes, especially in Portugal, applicants may need to obtain, legalise, and translate the same documents more than once before reaching the biometrics stage.

Physical presence and tax exposure

Although both programmes require little physical presence at the residence stage, repeated trips can gradually push an investor closer to tax residency. This risk is often underestimated, especially when family visits, business travel, or property-related stays begin to add up.

Investment risk and limited liquidity

Portugal’s fund route involves genuine market risk, a typical 6-year lock-in, and no state guarantee of returns. In Italy, startup and private company routes also carry real investment risk, including business failure, illiquidity, and ongoing legal or governance costs.

Strict timing windows in Italy

Italy’s process includes several time-sensitive steps. After the Nulla Osta is issued, the investor has up to 6 months to apply for the visa. After entering Italy, there are further deadlines for registration and for completing the investment within 3 months. Missing any of these deadlines may lead to delays, additional costs, or the need to restart part of the process.

Legislative uncertainty in Portugal

Recent legislative changes in Portugal have made the citizenship route less predictable. In April 2026, Parliament approved a new nationality law that extends the general residence requirement for citizenship from 5 to 10 years and counts that period from the moment the residence permit is granted, rather than from the application date[15]. However, these changes are not yet in force. Italy is more stable in this respect, but its citizenship path is already longer and requires substantial physical presence.

Immigrant Invest is a consulting company with over 20 years of experience in investment migration and more than 10,000 clients assisted worldwide. We help investors choose and obtain residence and citizenship solutions in the EU and beyond.

Immigrant Invest supports investors throughout both the Portugal and Italy Golden Visa process, providing the following services:

• individual strategy planning based on the investor’s goals, family composition, and preferred route;
• preliminary Due Diligence before signing a contract to identify potential risks in advance;
• preparation of the full document pack, including translations, notarisation, apostille, and legalisation where required;
• guidance through the Nulla Osta application in Italy;
• assistance with obtaining a Portuguese tax number and opening a bank account in Portugal;
• support with the investment stage, including fund subscription, business investment, or other qualifying routes;
• submission of the application and follow-up with the competent authorities;
• post-approval support, including residence permit renewal, family inclusion, and further planning towards permanent residency or citizenship.

Our structured approach helps reduce the most common risks in both programmes, including incomplete documentation, missed deadlines, and procedural errors, while giving investors continuity throughout the entire process.

1. Portugal and Italy grant Golden Visa investors residence permits valid for 2 years, with renewal options and a future path to permanent residence and citizenship.
2. The minimum investment in both countries starts at €250,000. In Portugal, this amount applies to a cultural donation; in Italy — to an innovative startup, which is the most popular option there.
3. In Portugal, the most common route is the purchase of investment fund units worth at least €500,000.
4. Both countries allow the inclusion of a spouse and parents, but Portugal accepts children up to 26, while Italy sets the limit at 18, except in cases of disability.
5. The stay requirement also creates a clear distinction: Portugal requires 7 days per year, while Italy does not impose a minimum stay for residence. For citizenship, Portugal keeps the same low threshold, while Italy requires continuous residence and genuine ties to the country.
6. For processing speed, Italy is faster, with timelines of around 4 months compared to about 12 months in Portugal.
7. Both programmes provide visa-free travel across the Schengen Area, as well as the right to live, work, run a business, and access healthcare and primary education within the country.