Both routes give residence in a European Union country through investment, but they differ in qualifying amounts, the years before citizenship and how the application runs. Here is a neutral comparison.
Information, not advice. Figures are indicative and current as of June 2026. Always confirm the present rules with the official program authority and a licensed professional before you act.
Portugal's Golden Visa, administered by the Agency for Integration, Migration and Asylum, is a residency by investment route. The real estate option was removed in 2023, and qualifying routes now include a subscription to a regulated investment fund from EUR 500,000, along with options such as scientific research, cultural support, job creation and capital transfer. The fund must be constituted under Portuguese law, hold a maturity of at least five years and avoid real estate exposure.
Italy's Investor Visa, run by the Investor Visa for Italy Committee at the Ministry of Enterprises and Made in Italy, offers a choice of qualifying amounts. The official routes are EUR 250,000 in an Italian innovative startup, EUR 500,000 in an Italian limited company, a donation of EUR 1,000,000 to a project of public interest, or EUR 2,000,000 in Italian government bonds. Real estate does not qualify.
For Portugal the main cost is the qualifying investment itself, such as the fund subscription from EUR 500,000, which is held rather than spent, plus government and processing charges and any professional fees. For Italy the main cost is the chosen qualifying investment from EUR 250,000 to EUR 2,000,000, with the donation route the only option that is not recoverable, plus consular and residence permit charges. Both routes carry separate professional fees. Confirm every current figure with the official authority.
Portugal's processing has faced reported backlogs under the current authority, so confirm the current waiting times before you plan around them. Italy's committee aims to assess the certificate of no impediment, the Nulla Osta, within thirty days, after which you apply for the entry visa at a consulate and convert it to a residence permit in Italy. Published targets are not guarantees, so confirm current timing.
Both Portugal and Italy are European Union member states, and both passports offer strong global access and full European Union rights once citizenship is granted. The main difference is the residence period before you may apply to naturalise. Portugal has allowed an application after five years of lawful residence, while Italy generally requires ten years, each subject to language and other conditions. Confirm the current naturalisation rules with the relevant authority.
Portugal may suit someone who wants the shorter published path toward possible citizenship, very low physical presence and a fund based investment. Italy may suit someone who wants flexible investment sizes, including a lower startup option, and is comfortable with a longer residence period before citizenship. Match the route to your goals, then confirm the rules with the official authority and a licensed professional.
| Item | Portugal Golden Visa | Italy Investor Visa |
|---|---|---|
| Status for new applicants | Open | Open |
| Headline qualifying route | Investment fund from EUR 500,000 | Investment from EUR 250,000 to EUR 2,000,000 by route |
| Real estate eligible | No, removed in 2023 | No |
| Minimum stay | Low, confirm the current rule | Confirm the current rule with the authority |
| Path to citizenship | Apply after five years of lawful residence, subject to conditions | Apply after ten years of lawful residence, subject to conditions |
| Official authority | AIMA | Investor Visa for Italy Committee |
Figures are indicative and current as of June 2026. AIMA (Portugal) and the Investor Visa for Italy Committee, Ministry of Enterprises and Made in Italy publishes the binding detail. Verify before you act.
Portugal has allowed a naturalisation application after five years of lawful residence, while Italy generally requires ten, each with language and other conditions. Confirm the current rules with the authority.
No. Portugal removed its real estate option in 2023, and the Italy Investor Visa does not accept real estate as a qualifying investment.
Investment routes are held rather than spent and can be recovered later, subject to the fund or company terms. A donation, such as Italy's public interest route, is not recoverable.
Information, not advice. Figures are indicative and current as of June 2026. Always confirm the present rules with the official program authority and a licensed professional before you act.
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