How Italy’s Golden Visa Compares to Other EU Programs

Italy’s Investor Visa is one of the EU’s remaining investment-based residence programs, but its features are quite different from those of other European residency routes.

The most important differences concern investment flexibility, processing structure, physical-residence requirements, and the long-term path to citizenship.

1. Italy’s Investor Visa Has a Centralised Process

Italy’s Investor Visa procedure is centralised, digitalised, and designed as an accelerated process.

Applications are reviewed by the Investor Visa Committee, which assesses whether the investment or philanthropic contribution meets the program requirements. After the Committee issues its clearance, the relevant Italian consular authorities complete the remaining visa requirements.

This centralised structure can provide a relatively defined application pathway, although actual processing times can vary depending on the case and required checks.

2. Italy Offers Several Investment Options

Italy provides several qualifying investment routes, including:

• €250,000 in an innovative Italian start-up;
• €500,000 in an Italian company;
• €1 million philanthropic donation; or
• €2 million in Italian government bonds.

This gives applicants different ways to structure their investment depending on their objectives and risk profile.

Importantly, Italian real estate is not a qualifying investment route under the Investor Visa program.

3. Portugal Has a Different Investment Model

Portugal's current Golden Visa framework is based on qualifying investments such as regulated investment funds and other permitted routes rather than direct real-estate acquisition.

This can make the investment structure quite different from Italy's program.

For an investor comparing the two, the relevant question is not simply the minimum investment amount, but also what asset the applicant is required to hold and how actively that investment needs to be managed.

4. Spain’s Golden Visa Has Ended

Spain's investor-visa provisions were removed with effect from 3 April 2025. The relevant provisions of Spain's immigration legislation are now marked as having no content from that date.

This is an important distinction when comparing the current European market: Spain should no longer be treated as an available new Golden Visa option under the former investment-residence framework.

5. Citizenship Is a Separate Question

Obtaining an investment residence permit does not automatically create a citizenship entitlement.

Italy's ordinary naturalisation route generally requires at least 10 years of legal residence for non-EU nationals, together with other requirements.

The key point is that maintaining an Italian Investor Visa and accumulating the residence required for naturalisation are two different concepts.

6. Portugal’s Citizenship Rules Have Changed

Portugal should also be treated carefully when discussing citizenship timelines.

Under Portugal's nationality reforms that entered into force on 19 May 2026, the ordinary minimum period for naturalisation is now:

• 7 years for nationals of Portuguese-speaking countries and EU Member States; and
• 10 years for nationals of other countries.

The new rules also introduced additional naturalisation requirements.

Therefore, a simple statement that “Portugal requires 10 years” is not universally correct. The applicant's nationality matters.

7. Physical Presence Is Also Important

Residence permits and citizenship have separate r