Italy vs Portugal Golden Visa: Which Residence-by-Investment Route Fits Your Profile in 2026?

Last reviewed: June 2026. Re-verify all thresholds and conditions with AIMA, MIMIT, or an authorised adviser before applying.

The Italy Investor Visa — formally the Visto per Investitori — is administered by the Ministry of Enterprises and Made in Italy (MIMIT) through a centralised online portal. As of June 2026, four routes qualify.

Innovative startup equity — from €250,000

The investor acquires equity in an innovative startup registered on Italy's official startup registry (startup.registroimprese.it). This is the programme's lowest capital floor. The risk profile is commensurate: qualifying startups are early-stage ventures with no guaranteed return and limited secondary-market liquidity. Capital recovery depends entirely on the company's performance.

Source: MIMIT Investor Visa for Italy portal (investorvisa.mise.gov.it)

Shares in an Italian limited company — from €500,000

The investor acquires shares or capital in a registered Italian limited company that is in active operation and has filed at least one balance sheet. This route targets established businesses rather than early-stage ventures.

Source: MIMIT Investor Visa for Italy portal

Italian government securities — from €2,000,000

The investor holds qualifying Italian government bonds (CCT/CCTeu, CTZ, BTP, BTP index-linked, or BTP Italia) with a minimum residual maturity of two years. This is the programme's highest outlay and most predictable exit path. The current threshold is €2,000,000. An older €1,000,000 figure circulates in some content; it is no longer correct.

Source: MIMIT Investor Visa for Italy portal

Philanthropic donation — from €1,000,000

The investor makes a donation to a qualifying Italian non-profit operating in culture, education, immigration management, scientific research, or national heritage preservation. Capital is not recoverable — this is a permanent transfer, not an investment.

Source: MIMIT Investor Visa for Italy portal

What Italy does not offer

Italy has no real-estate route and no qualifying investment-fund route for the Investor Visa, as of December 2025.

See also: Italy Golden Visa benefits and disadvantages · Italy residency investment options

The Italy Investor Visa does not impose a minimum physical-presence requirement to maintain the permit. Investors can reside outside Italy without surrendering their status, provided the qualifying investment remains in place.

Few comparable EU residency programmes match that — most require at least some minimum physical stay. Holding the Investor Visa also has no bearing on Italian tax residence, which is a separate matter triggered by 183 days of physical presence or civil-residence registration (Anagrafe).

Source: MIMIT Investor Visa for Italy portal (investorvisa.mise.gov.it)

Work and business activity

Investors who intend to work or operate a business in Italy alongside their investor permit should confirm the applicable work authorisations with an authorised Italian immigration adviser before applying. The Investor Visa's terms for employment and business activity vary by applicant circumstance.

Family inclusion

The Italy Investor Visa extends to:

• Spouse or civil partner
• Minor children under 18, including step-children and children born outside marriage, provided the other parent (if any) has given consent
• Adult dependent children who cannot provide for their essential living needs due to total disability (objective medical grounds required)
• Dependent parents who have no other children in their country of origin; or parents aged 65 or above whose other children are unable to support them due to documented serious health reasons

Adult children aged 18 or above in good health cannot be included as dependants. This is a frequently cited comparison point for families with children in education — Portugal ARI covers a wider age range.

Source: MIMIT Investor Visa for Italy portal

Path to Italian citizenship

Italian naturalisation requires ten years of continuous legal residence in Italy. Holding an investor permit without physically residing in Italy does not count toward the naturalisation clock — actual residence is required. Italian citizenship is not a feature of the investor visa programme itself.

See also: How to Get Italy Citizenship After Golden Visa

Source: Italian Nationality Law (L. 91/1992 as amended by D.L. 36/2025 / L. 74/2025)

Full processing — from Nulla Osta through the D-visa to the first residence permit — runs approximately 10–12 months for complete applications.

Source: MIMIT Investor Visa for Italy portal (investorvisa.mise.gov.it)

Italy's optional substitute-tax regime under Article 24-bis TUIR is a relevant suitability factor for investors evaluating Italian tax residence alongside the visa. It is not automatic; it requires a separate election.

Current rate (from 1 January 2026)

For investors who transfer tax residence to Italy on or after 1 January 2026:

• Annual substitute tax on all foreign-source income: €300,000
• Additional annual levy per qualifying family member who joins the election: €50,000
• Maximum duration: 15 tax periods

Italian-source income remains taxable at ordinary IRPEF rates regardless of the election. The flat tax covers foreign income only.

Eligibility

The election is available only to individuals who have not been Italian tax residents in at least nine of the ten years preceding the transfer of residence. Establishing Italian tax residence requires civil-residence registration (Anagrafe) or 183-day physical presence in Italy — it is not automatic on holding the Investor Visa.

Grandfathered rates

Investors who elected art. 24-bis before 1 January 2026 continue at their election-date rate:

• €100,000/year (+ €25,000 per family member) for elections before 11 August 2024
• €200,000/year (+ €25,000 per family member) for elections between August 2024 and December 2025

The new €300,000 rate does not apply retroactively.

Art. 24-bis is an election, not a tax guarantee. Italian-source income is always taxed at IRPEF rates. This regime is not a pathway to tax exemption. Individual outcomes depend on personal circumstances, income source, applicable treaties, and adviser assessment. Consult a qualified Italian tax adviser before making the election.

Sources: Legge 30 dicembre 2025, n. 199, art. 1 commi 25–26 (Gazzetta Ufficiale); Agenzia delle Entrate (agenziaentrate.gov.it)

The Portugal Golden Visa operates as the ARI (Autorização de Residência para Investimento) under Article 90-A of Portuguese immigration law (Law 23/2007 as amended by Law 56/2023), administered by AIMA (Agência para a Integração, Migrações e Asilo).

What changed in 2023

Under the Mais Habitação reform (Law 56/2023), Portugal removed all direct real-estate routes from the ARI, effective October 2023. Property purchases no longer qualify. Since 2024, the programme operates entirely on fund-based and qualifying non-property routes, and the CMVM-regulated fund market for ARI investors is well-established.

Eligible routes (June 2026)

Qualifying investment funds — from €500,000 (primary route)

Subscription to a non-real-estate investment fund or venture capital fund with its registered office in Portugal, regulated by CMVM, and investing at least 60% of its portfolio in Portugal-incorporated companies. This is the route most current ARI applicants use.

Source: AIMA ARI Art. 90-A

Support for artistic production or national cultural heritage — from €250,000

Financial contribution to cultural or artistic entities or national heritage preservation bodies under conditions defined by the competent Portuguese authority. This is the only ARI route below the €500,000 threshold.

Source: AIMA ARI Art. 90-A

Scientific research activities — from €500,000

Capital transfer to a qualified scientific research institution (public or private) in Portugal.

Source: AIMA ARI Art. 90-A

Company capital with job creation — from €500,000

Capital transfer to a Portuguese commercial company, with the creation of at least five permanent jobs over a three-year holding period.

Source: AIMA ARI Art. 90-A

Creation of employment — no capital minimum

Creation of at least ten new jobs in Portugal. This route has no minimum capital requirement; it is assessed on job-creation evidence.

Source: AIMA ARI Art. 90-A

See also: How to Get Portugal Golden Visa · Portugal Golden Visa investment funds

The ARI application is submitted to and processed by AIMA. The main planning variable here is queue length: AIMA has run considerably longer than MIMIT. Waits of 12 months or more from submission to ARI card issuance have been commonly reported, though processing speeds vary with caseload.

For investors who need to demonstrate European residency quickly, Italy's shorter Nulla Osta timeline (30 days for a complete file) is a relevant differentiator. Portugal's processing reality should be factored into planning timelines.

Minimum physical presence

Portugal ARI requires a low but non-zero minimum presence:

• 7 days during the first year of the permit
• 14 days during each subsequent two-year renewal period

This deliberately low threshold accommodates internationally mobile investors. It is a key advantage for those who want European residency without relocating. It is also the key distinction from Italy, which requires no minimum stay at all for permit maintenance.

Investors who include family members under the same ARI application should confirm with AIMA or an authorised adviser whether the minimum-stay obligation applies separately to each dependant or only to the principal applicant.

Source: AIMA ARI Art. 90-A (aima.gov.pt)

Family inclusion

Portugal ARI allows inclusion of:

• Spouse or civil partner
• Dependent children — Portugal's ARI extends family inclusion beyond the under-18 threshold that applies in Italy, covering financially dependent adult children including those in full-time education. Verify current AIMA conditions on the precise maximum age and dependency criteria with an authorised adviser before applying, as AIMA rules on this point are subject to change.
• Dependent parents of the investor and spouse

The broader dependent-child age eligibility is a frequently cited advantage for families comparing Portugal and Italy when adult children are approaching or past age 18.

Naturalisation: what changed in 2026

Lei Orgânica n.º 1/2026, published in Diário da República n.º 95/2026 and in force from 19 May 2026, materially changed Portugal's naturalisation requirements.

For nationality applications filed at IRN from 19 May 2026 onward:

• CPLP nationals (Angola, Brazil, Cape Verde, Equatorial Guinea, Guinea-Bissau, Mozambique, São Tomé and Príncipe, Timor-Leste) and EU/EEA nationals: 7 years of legal residence
• All other nationalities: 10 years of legal residence

Additional requirements under the new law: Portuguese language proficiency (A2 certificate minimum), knowledge of Portuguese culture and history, civic knowledge, a solemn declaration of adherence to democratic rule-of-law principles, and no disqualifying criminal record.

For applications already filed at IRN on or before 18 May 2026: the prior law applies — 5 years of legal residence for all nationalities (Art. 7.º, n.º 2 transitional rule).

What this means for new ARI entrants: Investors beginning the ARI process in 2026 should plan on a 10-year naturalisation track (or 7 years if they hold CPLP or EU/EEA nationality). The prior 5-year pathway is not available to those who had not filed a nationality application at IRN by 18 May 2026.

Sources: Lei Orgânica n.º 1/2026, Diário da República n.º 95/2026, Série I (diariodarepublica.pt/dr/detalhe/lei-organica/1-2026-1123539996)

See also: Portugal Golden Visa Renewal

NHR is closed to new applicants

Portugal's Non-Habitual Resident regime closed to new applicants in early 2025. It is not available to investors starting an ARI application now.

IFICI: the successor regime

The successor — IFICI (Incentivo Fiscal à Investigação Científica e Inovação) — is open to new tax residents from April 2025. It covers qualified professionals in scientific research, technology, innovation, and a defined list of high-value activities. Passive investors, retirees, and most investment-income recipients do not qualify for IFICI. The regime requires pre-approval from a competent authority before AT (Autoridade Tributária) registration.

Practical tax reality for most ARI investors

An ARI card does not automatically create Portuguese tax residence. Many ARI holders visit Portugal for the minimum required days — 7 to 14 per year — and remain tax resident elsewhere. Portuguese tax residence is triggered by spending more than 183 days in Portugal or maintaining a habitual home there on 31 December.

Investors who become Portuguese tax residents without qualifying for IFICI are subject to standard Portuguese rates on worldwide income. Obtain qualified Portuguese tax advice before triggering Portuguese tax residence.

Sources: EBF Art. 58-A IFICI (info.portaldasfinancas.gov.pt); Portaria n.º 352/2024 (diariodarepublica.pt/dr/detalhe/portaria/352-2024-901014291)

Italy: route-level risk and liquidity

The government-securities route offers the most predictable capital recovery but requires the highest outlay. Startup equity provides the lowest entry point but carries commensurate venture risk and minimal secondary-market liquidity.

Portugal: fund route considerations

Portugal ARI's fund route requires €500,000 in a CMVM-regulated fund. A few things to verify before committing:

• Funds must invest at least 60% of their portfolio in Portugal-incorporated companies.
• Holding periods, redemption windows, and liquidity terms vary by fund. Review the fund's prospectus and subscription documentation before committing.
• The investment must remain committed while the ARI is active; early redemption may affect permit status.
• CMVM regulation provides a standardised oversight framework, but regulation does not eliminate investment risk.

Additional costs (both programmes)

Beyond the qualifying investment, investors should budget for:

• Italy: consular visa fee (~€116/person); Nulla Osta legal and advisory fees; document translation and certification; residence permit fees; health insurance; and, if electing art. 24-bis, €300,000/year in substitute tax (plus €50,000/year per qualifying family member).
• Portugal: AIMA application and processing fees; legal and advisory fees for fund selection and ARI application; document preparation and translation; health insurance; and annual fund management fees (varies by fund — review the prospectus).

Neither total includes accommodation, schooling, or living expenses if the investor establishes active residence.

The adult-child eligibility difference is one of the most frequently raised comparison points in client consultations. Families with children approaching or past age 18 who are still in education should assess Portugal ARI's rules carefully before applying.

Do not rely on specific processing timelines for planning. Both programmes are subject to administrative caseload variation. Obtain current estimates from an authorised adviser at the time of application.

This is a general orientation based on programme characteristics, not a personal recommendation. Individual decisions require an adviser's assessment of family composition, nationality, capital structure, tax position, and current programme conditions.

Italy Investor Visa may suit investors who:

• Have €250,000–€500,000 for equity investment and are comfortable with direct-company risk
• Prefer investing directly in Italian companies over holding units in a pooled fund
• Do not intend to physically relocate but want European residency status — Italy's absence of a minimum-stay requirement accommodates this
• Are evaluating Italian tax residence and the art. 24-bis regime as part of a tax planning exercise (subject to separate tax adviser assessment and eligibility)
• Have dependent children under 18

Portugal ARI may suit investors who:

• Prefer a regulated, pooled fund structure at €500,000 within an established CMVM oversight framework
• Want European residency with minimal physical presence obligations (7–14 days per year)
• Hold CPLP or EU/EEA nationality and qualify for the 7-year naturalisation track
• Have financially dependent adult children in education
• Are comfortable with AIMA's longer processing timelines

Neither programme suits investors seeking:

• Residency approval as a pre-determined outcome — neither programme can guarantee a result; both carry out individual eligibility assessment and administrative processing
• A real-estate investment route — neither programme accepts direct property purchases
• Rapid citizenship — both require years of legal residence before naturalisation eligibility
• Short-term capital commitment — both require sustained investment across the permit period

Decision framework: five questions

The right choice between the Italy Investor Visa and Portugal ARI depends on capital level, family situation, nationality, intended use of residency, and long-term planning horizon — not a generic ranking of one programme over the other. My Golden Visa lawyers advise on both programmes: eligible routes, application preparation, family inclusion, and current processing conditions.

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This article is for informational purposes only and does not constitute legal, tax, or financial advice. Programme rules change without notice. Verify current requirements with a qualified adviser before making an investment or immigration decision.