Italy or Portugal: Investor Visa or Golden Visa through Funds in 2026

Briefly: verdict and who gets what?

If a low entry threshold, no mandatory residence and tax regime for large capital are important to you, choose Italian investor visa. If you need maximum freedom of movement around the world, a clear passive fund and the reputation of the most massive EU program - look at Portugal golden visa.

• Minimum budget and taxes - Italy: entry from 250,000 euros and flat tax for new residents.
• Freedom and passivity - Portugal: fund from 500,000 euros, you can live in any EU country and hardly ever appear.
• Speed ​​of obtaining status - Italy: first residence permit in 3-4 months versus a year or more in Portugal.
• Path to passport - in 2026, both countries keep the bar at 10 years, so on this point they are equal.

Next is a detailed comparison for each parameter, so that the decision is based on numbers, and not on beautiful promises.

Comparison summary table

Side by side, according to the parameters that really influence the choice in 2026. Figures correct at time of publication; Before submitting, we double-check them against official sources.

Italian investor visa: essence and options

The Italian program is officially called Investor Visa for Italy and has been operating since 2017. Its key feature is that you invest money not before, but after the application is approved. First, the IV4I committee at the Ministry of Enterprise issues a permit (nulla osta), and only then do you transfer the funds. This removes the investor's main fear: you are not risking capital before the government has said yes.

Four investment options for 2026:

• 250,000 euros - to an innovative Italian startup from the official register. The lowest threshold in this pair and one of the lowest in the EU.
• 500,000 euros - into the capital of an existing Italian company (stocks, shares).
• 2,000,000 euros - Italian government bonds with a holding period of at least two years.
• 1,000,000 euros - a non-refundable donation to a project of public importance (culture, education, science, migration).

What the status gives: residence permit for two years with the right to extend for three, freedom of movement within Schengen, the right to live and work in Italy, access to Italian medicine and education. The investment must be maintained for the entire period of validity of the permit - if you withdraw the capital earlier, the residence permit will be cancelled. Official portal of the program - investorvisa.mise.gov.it.

Portugal Golden Visa: essence and options

The Portuguese Autorizacao de Residencia para Atividade de Investimento (ARI) is the most famous EU program since 2012. For many years its heart was real estate, but in October 2023 this route was completely closed. Since then, the main path has been investment funds.

Main options for 2026:

• 500,000 euros - subscription to shares of a qualified venture or private equity fund. A minimum of 60% of the fund's capital must be in Portuguese companies, with a retention period of at least five years.
• Investment in scientific and research projects, support for the arts and cultural heritage, and job creation are less popular routes with higher thresholds or organizational burden.

Unlike Italy, money is put into the fund before the application is submitted - the investment precedes approval. But the status gives almost maximum freedom: you can live anywhere in the world, appearing in Portugal only a few days a year. We have collected a detailed analysis of the route in the material about Portugal golden visa, and how the program looks compared to other EU countries - in the review European golden visas 2026.

Total cost: deposit plus all fees

The stated threshold is not the total amount. The real burden comes from fees, legal support, inspections and family expenses. We think .

Italy

• Investment: from 250,000 euros (startup) to 2 million (bonds) - repayable, except for donations.
• Government fees for visas and residence permits are moderate, ranging from several thousand euros.
• The family is included without an additional contribution - only fees for permits are paid.
• Legal support and dossier preparation is a separate article.

Portugal

• Investment: 500,000 euros in the fund - returnable after exit in five years.
• State fees for applying, issuing and renewing a residence permit are about 17,600 euros per applicant, and this is paid for each family member separately.
• The annual fund management fee is usually 1-2% of the invested amount.
• Legal and accompanying costs are on top.

Conclusion on the money: with a budget of up to half a million, Italy wins already at the entrance. For a family, the gap grows: Portuguese state taxes are assessed on everyone, while in Italy the contribution is not duplicated. But the Portuguese fund is a purely passive investment, without the need to understand startups or bonds.

It is also worth keeping in mind the nature of the investment. An Italian startup for 250,000 euros is formally cheaper, but this is an investment in a young company with a real risk of not returning the money in full - it is chosen by those who are ready for venture logic. Government bonds worth 2 million, on the contrary, are as conservative as possible, but the threshold for them is the highest in the pair. The Portuguese fund falls somewhere in between: professional management, diversification across multiple companies and a five-year holding period, but returns and risk depend on the specific fund's strategy. Therefore, comparing a budget without assessing the risk and liquidity of an investment gives a misleading picture.

Time frame and process step by step

Speed ​​is one of the most underrated parameters. Here Italy is noticeably ahead.

Italy, step by step:

• 1. Submitting an application for nulla osta through the IV4I committee portal.
• 2. Committee decision - usually 25-35 days.
• 3. Obtaining an investor visa at the consulate and entering Italy.
• 4. Transfer of investment and registration of residence permit for 2 years.

The full cycle from application to residence permit card takes on average 3-4 months.

Portugal, step by step:

• 1. Obtaining a NIF tax number and opening an account.
• 2. Subscription to fund shares (investment is made in advance).
• 3. Submission of biometrics and documents to the migration service.
• 4. Waiting for a decision and issuance of a residence permit card.

Due to the loading of the Portuguese system, the actual terms stretch to 12-18 months or longer. If status is needed quickly, this is a serious argument in favor of Italy.

The difference in speed also makes practical financial sense. In Italy, you transfer capital only after approval, that is, the money works for you until the last moment, and does not lie frozen awaiting a decision. In Portugal, half a million euros go into the fund before submission and remain tied for the entire period of consideration. For an investor who considers the time value of money, this is not a trifle, but a noticeable loss of profit for a year and a half of waiting.

Taxes: Italian flat tax against the Portuguese regime

Here the difference is fundamental and often decisive for large capital.

Italy - flat tax for new residents. By transferring your tax residence to Italy, you can benefit from a flat tax regime on all foreign income. From 2026, the budget law has raised the ante: new entrants pay 300,000 euros per year (previously 200,000) regardless of global income. For each family member joining the regime, the surcharge increased to 50,000 euros per year. The regime is valid for up to 15 years. For a person with large foreign income - dividends, interest, income from business abroad - this can be many times more profitable than the usual progressive scale.

Portugal - winding down benefits. The famous NHR regime, which attracted foreigners with low rates, is effectively closed to new applicants, and the narrow regime that replaced it applies mainly to qualified specialists, and not to the investor’s passive capital. So Portugal does not have a tax trump card at the level of the Italian flat tax in 2026.

An important caveat: the tax regime is activated only when there is a real transfer of residence. If you receive a residence permit, but continue to live and pay taxes in another country, the flat tax will not apply to you. Therefore, the tax benefit must be considered together with the physical presence plan.

What the status gives: residence and freedom of movement

Both statuses open up Schengen for visa-free travel and the right to live in the country that issued the residence permit. But their philosophy is different.

• Italy does not require you to live in the country. Extension of a residence permit does not depend on the number of days - it is enough to save the investment. This is convenient for those who want EU status but are not ready to move. Minus: without real residence, the countdown to citizenship does not begin and flat tax is not included.
• Portugal requires a minimum presence. Seven days in the first year and 14 days for each subsequent two-year period. It's almost nothing - you can live anywhere in the world and visit Lisbon on vacation. In this case, days in Portugal are counted towards citizenship.

The paradox is that the Italian freedom from residence is convenient for life, but does not bring you closer to a passport, and the Portuguese minimum days, on the contrary, formally work for naturalization. The choice depends on whether you ultimately need an EU passport or a long enough residency.

There is also a general bonus that is forgotten: both statuses mean residence in the Schengen area, which means freedom to travel throughout the EU without visas for short-term visits. But the right to live and work without restrictions applies only to the country that issued the residence permit. This means that Italian status does not automatically give you the right to move to Spain or Germany, and Portuguese status does not give you the automatic right to move to Italy. Complete freedom to choose a place of residence within the EU is already opened by citizenship, which in both cases is ten years away.

Family Inclusion

Both programs allow you to take your loved ones with you, but the conditions differ in details that affect the budget.

Italy: The application includes a spouse or partner, minor and dependent adult children, as well as dependent parents. There is no additional investment required for relatives - only fees for their permits are paid. Family members receive a residence permit for the same period as the main applicant.

Portugal: The family composition is similar - spouse, children, dependent parents of both spouses. But Portuguese government fees (about 17,600 euros in full cycle) are assessed separately for each person. For a family of four, this turns into a significant addition to the budget.

Practical conclusion: for a large family, Italy is more economical in terms of total fees, especially if you choose the start-up option for 250,000 euros. Portugal is more attractive when the applicant is alone or the family is small, and the priority is passive investment.

Due diligence: what BRIDGES checks for both programs

Both Italy and Portugal take the origin of capital and the applicant's reputation seriously. Refusal is most often associated not with a lack of money, but with gaps in documents. Before submitting, we check using both programs:

• Legality of the source of funds - chain from income to account, tax history, supporting documents. The most common stumbling block.
• Purity of legal profile - certificates of good conduct, verification against sanctions and international lists.
• Compliance with the selected option - for Italy this is accreditation of a startup in the registry or the correct investment structure; for Portugal - that the fund is truly qualified and complies with the rule of 60% of capital in Portuguese companies.
• Completeness of the family file - confirmation of relationship and dependence, legalization and translation of documents.

The quality of a fund in Portugal is a separate area of ​​risk: not every fund is equally reliable and not everyone formally qualifies for a golden visa. We help you weed out unsuitable options before the money is gone.

Common mistakes when choosing

• Compare entry thresholds only. Italy's 250,000 euros and Portugal's 500,000 euros are not the whole picture. You need to calculate the full cost including family fees and fund commissions.
• Confuse residence permit with citizenship. Both programs provide residency, but a passport requires ten years and the fulfillment of residency, language and integration conditions.
• Receive tax benefits without moving. Italian flat tax only works with real tax residence, and not with a residence permit card.
• Ignore the retention period. Withdrawal of an investment ahead of time will cancel your status in both countries.
• Take the first fund you come across in Portugal. Not every fund is qualified for the golden visa and not every fund is reliable.
• Underestimate Portugal's timing. A year and a half of waiting can derail the plans of those who need status quickly.

Which program is suitable for whom?

Let's boil it all down into practical scenarios.

• Minimum budget - Italy, startup option for 250,000 euros.
• Large global income and tax optimization - Italy, flat tax on foreign income.
• Large family - Italy: the contribution is not duplicated, the additional payment is only for duties.
• Speed - Italy: status for 3-4 months versus a year or more.
• Maximum passive investment - Portugal: fund without the need to manage an asset.
• Freedom to live anywhere - Portugal: a few days a year are enough, and the days count towards your passport.
• Intention to actually live in the country - depends on the language and lifestyle; both are working, but Italy is in no hurry to move, while Portugal is gently stimulating its presence.

Final verdict

In 2026, the choice between Italy and Portugal is no longer a choice between an expensive program and a cheap one - it has become a choice of style. Italy is money after approval, low entry, speed and serious tax leverage for wealthy people, but without mandatory residency the path to a passport is effectively stagnant. Portugal is a passive fund, almost complete freedom of movement and a reputation as the EU's flagship, but a higher threshold, slower process and an extended path to citizenship of up to ten years after the May 2026 reform.

There is no universally best program - there is one that more accurately fits your life, tax situation and planning horizon. To avoid guessing blindly, discuss your case with our lawyers at free consultation - we will select a route to suit your budget, family composition and purpose.