Portugal Golden Visa vs Italy Residency Program: Which is Better for Investors?
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Compare Portugal’s Golden Visa and Italy’s Residency by Investment programs — investment thresholds, timelines, taxation, and citizenship. Learn which is best for global investors.
Intro
Europe offers several residency-by-investment pathways — but few are as compelling as Portugal’s Golden Visa and Italy’s Residency Program.
Both attract investors with lifestyle benefits, EU mobility, and potential citizenship — yet they differ significantly in structure, tax benefits, and flexibility.
In this side-by-side comparison, Golden Visa Funds Portugal (GVFP) breaks down each program’s investment routes, stay requirements, and citizenship paths, helping you choose the right option for your long-term goals.
Visit our Portugal Golden Visa Complete Guide for in-depth details and the latest updates on fund-based investment options.
Feature | Portugal Golden Visa | Italy Residency by Investment Program |
|---|---|---|
Status (2025) | Active (fund route dominant) | Active |
Minimum Investment | €500,000 in a regulated investment fund | €250,000 (start-up) or €500,000 (company investment) |
Stay Requirement | 7 days in 1st year; 14 days every 2 years | At least 183 days/year (to maintain tax residency) |
Citizenship Timeline | 5 years (proposal for 10 years not yet law) | 10 years (including continuous residency) |
Tax Benefits | Non-Habitual Resident (NHR) regime; low-stay flexibility | “Res Non-Dom” regime (flat €200,000 annual tax for foreign income) |
Main Investor Profile | Passive investor seeking flexibility & EU access | Active entrepreneur or HNWI relocating their tax residency |
Real Estate Route | Closed for GV (fund route only) but a property purchase is possible | Not part of official program, but a property purchase is possible |
Exit Options | Flexible via fund redemption (e.g., Oxy, Optimize) | Linked to business continuity or investment maintenance |
Portugal’s Golden Visa remains one of Europe’s most flexible residency-by-investment programs.
Following the 2023 amendments, fund investments have become the dominant route - replacing real estate - and offering investors:
Eligibility with €500,000 minimum investment in a CMVM-regulated fund
Minimal physical presence requirements (7 days first year, 14 every two years)
Pathway to citizenship after 5 years
Access to Schengen travel, EU healthcare, and Portugal’s NHR tax benefits
For investors wanting to keep their lifestyle flexible while gaining EU access, Portugal remains the go-to option.
Italy’s program — introduced in 2017 — aims to attract entrepreneurs and high-net-worth individuals.
It provides residency in exchange for qualifying investments, typically:
€250,000 in an innovative start-up
€500,000 in an Italian company
€1 million donation to a public project or €2 million in government bonds
While the investment thresholds are similar to Portugal’s, the residency requirement is much stricter — Italy requires at least 183 days of physical stay per year.
However, Italy’s “Res Non-Dom” tax regime offers a compelling advantage for HNWIs relocating their global tax base: a flat €100,000 annual tax on foreign-sourced income for up to 15 years.
This makes Italy particularly attractive for investors seeking full relocation, rather than minimal-stay residency.
Category | Portugal Golden Visa | Italy Residency Program |
|---|---|---|
Residency Flexibility | Minimal stay (7 days/year avg) | Must live in Italy half the year |
Tax Regime | Non-Habitual Resident (NHR): 0–10% on foreign income | Res Non-Dom: €200k flat annual tax on foreign income |
Path to Citizenship | 5 years (pending potential 10-year law) | 10 years continuous residency |
Investment Type | Regulated funds (e.g., Oxy, Optimize) | Business/start-up/government bonds |
Return Potential | Market-based (fund ROI 4–8% typical) | Depends on company/start-up performance |
Ease of Exit | High (liquid open-ended fund options) | Medium (must maintain investment) |
Lifestyle Fit | Ideal for part-time EU residents | Ideal for full relocation & tax residency |
Choose Portugal if you want:
✅ Minimal residency obligations
✅ A clear 5-year path to citizenship
✅ Access to CMVM-regulated funds (e.g., Oxy & Optimize)
✅ Strong track record of investor protection and flexibility
Choose Italy if you want:
✅ To relocate your global tax residency
✅ A fixed annual tax regime on foreign income
✅ Long-term presence in Italy for business or family
✅ Broader lifestyle integration (property, education, healthcare)
At GVFP, we see Portugal’s Golden Visa as the most versatile EU investment residency option - especially for global investors who value freedom, liquidity, and simplicity.
The shift toward regulated funds has made the program more transparent and professional, while maintaining access to EU citizenship within a 5-year horizon.
If you want to diversify your capital, gain residency, and keep your options open, Portugal’s fund route continues to offer the best balance of security, return, and freedom.
Explore Golden Visa Fund Options: Explore Funds Page
Learn more about Open-Ended Funds like Oxy & Optimize: What Are Open-Ended Funds?
Compare Portugal vs Spain, Malta & Greece: Residency & Citizenship Comparison
Q1: Which program offers faster citizenship — Portugal or Italy?
A: Portugal. Citizenship eligibility after 5 years, while Italy requires 10 years of continuous residency.
Q2: Can I get Italy residency without living there full-time?
A: No. Italy requires you to reside at least 183 days per year to maintain residency.
Q3: Are fund investments accepted in Italy like in Portugal?
A: Not currently. Italy’s program focuses on direct investments in companies, start-ups, or government bonds.
Q4: Which country offers better tax advantages for non-residents?
A: Portugal’s NHR regime allows 0–10% rates for 10 years with minimal stay. Italy’s flat tax is beneficial only if you relocate your global tax base.
Q5: How can GVFP help me decide?
A: GVFP evaluates each investor’s residency goals, tax position, and liquidity needs, recommending regulated Portuguese funds that align with your strategy.
Choosing between Portugal and Italy depends on your lifestyle, tax goals, and residency flexibility.
If you prefer a hands-off, investment-driven path to EU citizenship, Portugal’s Golden Visa fund route remains the most efficient option available.
👉 Contact GVFP today to:
Get a personalized shortlist of CMVM-regulated funds
Compare open-ended and closed-ended fund options
Tariq El-Asad
Founder at goldenvisafundsportugal.com
Tariq El-Asad has worked with the Golden Visa program since 2014 and launched GoldennVisaFundsPortugal.com in 2021.
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