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What’s the First Step to Getting Italy’s Golden Visa?

If you are considering Italy’s Investor Visa, the process begins with an important preliminary step: applying online for the Nulla Osta, the official certificate of no impediment issued through Italy’s Investor Visa process.

The Nulla Osta is the authorisation that allows the applicant to proceed to the visa application stage.

1. Start With the Online Investor Visa Application

The first formal step is to prepare and submit the online application for the Investor Visa through Italy’s official investor-visa platform.

The application identifies:

• The applicant and nationality;
• The proposed qualifying investment;
• The source and availability of funds;
• The relevant supporting documentation; and
• Other information required for the Investor Visa Committee's assessment.

The application should be complete and supported by appropriate documentation before submission.

2. The Investor Visa Committee Reviews the Application

The application is reviewed by Italy’s Investor Visa Committee.

The Committee assesses whether the applicant and proposed investment satisfy the applicable requirements.

If the requirements are met, the Committee issues the Nulla Osta.

This is an important milestone because it provides the authorisation needed to move to the consular visa stage.

3. Apply for the Visa at the Italian Consulate

Once the Nulla Osta has been issued, the applicant can proceed with the Investor Visa application through the relevant Italian embassy or consulate.

The applicant must still satisfy the applicable visa requirements and provide the requested documentation.

The Nulla Osta therefore does not mean that the visa is automatically issued; it is a required part of the overall process.

4. Do Not Transfer the Investment Too Early

A critical point for applicants is the timing of the investment.

The qualifying investment should not generally be transferred simply to start the application.

After the Investor Visa is issued and the applicant enters Italy, the qualifying investment must be completed within the timeframe established by the Investor Visa rules.

This sequence helps protect the applicant from committing substantial capital before receiving the relevant immigration authorisation.

5. What Should You Prepare Before Applying?

Before submitting the Nulla Osta application, applicants should have their documentation organised, particularly evidence relating to:

• Identity and nationality;
• Criminal-record requirements;
• Source and availability of funds;
• Proposed investment;
• Financial documentation; and
• Any additional documents required for the selected investment route.

For applicants with internationally held assets, preparing the source-of-funds documentation early can be particularly important.

6. The Basic Sequence

The process can be simplified into five stages:

1. Choose the qualifying investment route

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2. Prepare and submit the online Investor Visa application

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3. Obtain the Nulla Osta

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4. Apply for the Investor Visa at the Italian consulate

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5. Enter Italy and complete the qualifying investment within the required timeframe

This sequence is important because the Golden Visa is not simply a matter of making an investment and then applying for residence.

Key Takeaway

The practical first step is to prepare and submit the online Investor Visa application for the Nulla Osta.

The Nulla Osta is the government's preliminary authorisation that allows the applicant to proceed to the consular visa stage.

In practice: Before submitting the application, make sure the investment route, source of funds, financial documentation, and personal eligibility are properly prepared. And importantly, do not assume that the investment should be transferred before the Nulla Osta and visa stages are completed.

Italy vs. Portugal: Citizenship Timeline Comparison

Italy and Portugal have both undergone important changes to their citizenship rules, making it essential for investors and internationally mobile individuals to distinguish between residence permits, qualifying residence, and citizenship eligibility.

While Italy generally requires 10 years of legal residence for non-EU nationals, Portugal's 2026 nationality reforms introduced different residence periods depending on the applicant's nationality.

1. Italy: 10 Years of Legal Residence

For a non-EU foreign national, the ordinary Italian naturalisation route generally requires at least 10 years of legal residence in Italy.

The Italian Ministry of Foreign Affairs confirms the 10-year requirement for non-EU foreign nationals under Article 9 of Law No. 91/1992.

Citizenship also requires other conditions, including the applicable criminal-record and security requirements and Italian language proficiency of at least B1 under the CEFR, subject to specified exemptions.

2. Portugal: 7 or 10 Years Depending on Nationality

Portugal's nationality law changed on 19 May 2026 through Organic Law No. 1/2026.

Under the new rules, the ordinary naturalisation residence period is:

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

The applicant must also satisfy additional requirements concerning Portuguese language and culture, Portuguese history and symbols, fundamental rights and duties, democratic principles, criminal record, security, and ability to support themselves.

For many non-EU investors who are not nationals of a Portuguese-speaking country, the relevant baseline is therefore 10 years.

3. The Physical-Presence Comparison Needs Care

It is tempting to describe Portugal as requiring only approximately seven days per year, but this should not be presented as the current statutory citizenship rule.

Portugal's 2026 law focuses on legal residence and provides rules for counting periods of residence, including the possibility of adding periods that are continuous or interrupted within specified maximum intervals.

Therefore, an investor should not assume that spending seven days per year automatically satisfies the requirements for Portuguese citizenship.

The practical residence requirements should instead be analysed according to the applicant's specific residence permit, nationality, and the applicable nationality legislation.

4. Language Requirements

The language requirements are also different.

Italy:

Citizenship by residence generally requires demonstrated Italian language knowledge at B1 level, subject to statutory exemptions.

Portugal:

The 2026 nationality law requires sufficient knowledge of Portuguese language and culture, together with knowledge of Portuguese history and national symbols. The precise assessment and applicable certification requirements should be considered under the nationality regulations.

It is therefore safer to avoid reducing Portugal's current requirement to simply “A2” without specifying the applicable legal and certification framework.

5. Residence Permit vs. Citizenship

For Golden Visa investors, one of the most important distinctions is that holding an investment residence permit does not automatically mean that the same conditions apply to citizenship.

An investor may be able to maintain an investment residence status with relatively limited physical presence, while citizenship requires satisfaction of the separate nationality-law requirements.

This distinction applies when comparing both Italy and Portugal.

6. The Practical Comparison

For a typical non-EU investor:

Italy

• Generally 10 years of legal residence before ordinary naturalisation;
• B1 Italian language requirement, subject to exemptions;
• Qualifying residence and other statutory conditions must be satisfied.

Portugal

• 10 years for nationals of countries outside the EU and Portuguese-speaking countries;
• 7 years for EU and Portuguese-speaking nationals;
• Additional language, culture, history, civic, criminal-record and security requirements;
• The 2026 law does not establish a simple universal “7 days per year” citizenship rule.

Key Takeaway

The headline comparison is not simply “Italy and Portugal both require 10 years.”

For a typical non-EU, non-CPLP investor:

Italy: 10 years of legal residence + B1 Italian + other requirements.

Portugal: 10 years of legal residence + Portuguese language/culture and other statutory requirements.

The major difference is that Portugal's 2026 law creates a 7-year route for EU and Portuguese-speaking nationals, while other nationalities generally face the 10-year period.

In practice: Investors should separate the question of how much physical presence is required to maintain a Golden Visa from what is required to qualify for citizenship. Those are different legal questions, and relying on a fixed “days per year” rule can give a misleading picture of the current citizenship requirements.

Italy Golden Visa: The 8–10 Month Timeline

The Italian Investor Visa has a structured application process, but the real-world timeline can vary significantly depending on the applicant, the quality of the documentation, consular procedures, and the time required to complete the investment.

For planning purposes, applicants should distinguish between the time required to obtain the initial authorisation and the additional time needed to obtain the visa and subsequently complete the residence-permit process.

1. The Process Starts With the Investor Visa Application

The first stage is submitting the Investor Visa application through Italy’s official online platform.

The applicant provides information and documentation concerning:

• Identity and nationality;
• The proposed investment;
• Source and availability of funds;
• Criminal-record status; and
• Other information required by the Investor Visa Committee.

The application must demonstrate that the proposed investment meets the relevant statutory requirements.

2. The Nulla Osta Stage

The application is reviewed by the Investor Visa Committee.

If the requirements are satisfied, the Committee issues a Nulla Osta, which allows the applicant to proceed to the visa application stage through the competent Italian diplomatic or consular authority.

The official procedure is designed to provide a decision on the Nulla Osta within a defined period once the application is complete.

However, requests for additional information or documentation can affect the practical timeline.

3. Applying for the Visa

After receiving the Nulla Osta, the applicant applies for the Investor Visa at the relevant Italian consulate.

This stage can vary considerably depending on:

• The applicant's country of residence;
• Consular appointment availability;
• Document verification;
• Background checks; and
• Whether additional information is requested.

Consequently, the Committee's processing period should not be confused with the total time required to obtain the visa.

4. Entering Italy and Applying for the Residence Permit

After the visa is issued, the applicant travels to Italy and completes the next stage of the residence process.

The investor must then complete the applicable formalities for the Italian investor residence permit.

The qualifying investment must also be completed within the required period following entry into Italy.

5. Why Real-World Timing Varies

There is no single guaranteed timeline that applies to every applicant.

A straightforward application with complete documentation can move considerably faster than a case involving:

• Complex source-of-funds documentation;
• Multiple jurisdictions;
• Additional due-diligence checks;
• Consular delays;
• Requests for supplementary documents; or
• Difficulties completing the qualifying investment.

For this reason, a 3–6 month timeframe may be possible in a relatively straightforward case, but it should not be treated as a guaranteed processing period.

6. What About an 8–10 Month Timeline?

An 8–10 month planning window can be used as a conservative end-to-end estimate where additional time is allowed for the different stages of the process.

However, it would be misleading to describe 8–10 months as the mandatory or standard statutory processing period.

The better approach is to distinguish between:

Legal processing timelines: Defined periods applying to particular stages.

Practical processing timelines: Dependent on the applicant, documentation, consulate, and administrative circumstances.

7. Preparation Can Make a Difference

One of the most important factors an applicant can control is the quality of the application package.

Documents concerning the source and availability of funds, criminal records, investment plans, and personal circumstances should be prepared carefully and consistently.

Where international assets or income are involved, gathering the necessary documentation early can help reduce delays caused by incomplete submissions.

Key Takeaway

The Italian Investor Visa has a structured and relatively defined application process, but the total time from initial application to residence permit can vary.

A straightforward case may progress within several months, while a more conservative planning assumption can allow additional time for consular processing, documentation, investment completion, and residence-permit formalities.

In practice: Rather than relying on a fixed “8–10 month” promise, applicants should plan around the individual stages of the process and allow sufficient contingency for administrative and documentation delays.

Does Italy’s Golden Visa Require Physical Residency?

One of the notable features of Italy’s Investor Visa is the absence of a general minimum physical-presence requirement for maintaining the investor residence permit.

This can provide considerable flexibility for internationally mobile investors who want an Italian residence status without immediately relocating their entire life to Italy.

However, it is important to distinguish maintaining the Investor Visa from qualifying for long-term residence, citizenship, or Italian tax residence.

1. No Minimum Stay for the Investor Visa

The Italian Investor Visa does not generally require the investor to spend a specified minimum number of days in Italy each year simply to maintain the investor residence permit.

This can be particularly useful for individuals who:

• Operate businesses in several countries;
• Travel frequently for work;
• Maintain international investments;
• Have family commitments outside Italy; or
• Want European residence without immediately becoming fully resident in Italy.

The absence of a minimum-stay requirement is therefore an important feature of the program.

2. Residence and Citizenship Are Different

The absence of a minimum stay for the Investor Visa should not be interpreted as meaning that an investor can spend almost no time in Italy and automatically qualify for Italian citizenship.

Long-term residence and citizenship have separate legal requirements.

For ordinary Italian citizenship by residence, a non-EU national generally needs 10 years of legal residence in Italy, together with the other statutory requirements.

The calculation of qualifying residence is therefore much more important when citizenship becomes the objective.

3. Long-Term EU Residence Has Its Own Requirements

An investor who wants to progress from temporary residence to EU long-term residence must satisfy the requirements applicable to that status.

These requirements are separate from the conditions for maintaining the Investor Visa.

Consequently, an investor should decide early whether the objective is simply to maintain Italian residence and mobility or whether the ultimate goal is long-term residence in Italy.

4. Tax Residence Is a Separate Analysis

Physical presence also needs to be considered separately from immigration status.

Italian tax residence is not determined solely by whether someone spends 183 days in Italy.

Under the current rules, tax residence can depend on factors such as habitual residence, domicile, and physical presence, assessed under the applicable statutory definitions and circumstances.

Therefore, spending fewer than 183 days in Italy does not automatically guarantee that an individual is not an Italian tax resident.

This is particularly important for high-net-worth individuals because becoming Italian tax resident can potentially bring worldwide income and asset-related tax considerations into the analysis.

5. Visa Residence Does Not Automatically Mean Tax Residence

The distinction can be illustrated simply:

Investor Visa:

An immigration status that can generally be maintained without a prescribed minimum number of days in Italy.

Italian Tax Residence:

A separate determination based on the Italian tax-residence rules and the individual's circumstances.

Long-Term Residence:

A separate immigration status with its own requirements.

Citizenship:

A separate legal process requiring the applicable period of qualifying residence and other statutory conditions.

Holding one status therefore does not automatically establish the others.

6. Why the Flexibility Matters

For a globally mobile investor, the ability to maintain an Italian Investor Visa without relocating full-time can be commercially significant.

It can provide a residence pathway and Schengen mobility while allowing the individual to continue managing international business and investment activities.

However, if the individual's long-term objective is Italian citizenship or permanent residence, the strategy may need to evolve toward genuine and qualifying residence in Italy.

Key Takeaway

The Italian Investor Visa itself does not generally impose a minimum number of days that the investor must physically spend in Italy to maintain the permit.

But three separate questions must always be considered:

Can I maintain the Investor Visa without living in Italy full-time?

Generally, yes.

Can I become an Italian tax resident without spending 183 days in Italy?

Potentially, depending on the applicable tax-residence tests and circumstances.

Can I obtain long-term residence or citizenship without satisfying the relevant residence requirements?

No—the requirements for those statuses are separate.

In practice: The Investor Visa can provide significant mobility flexibility, but investors should not confuse immigration residence, tax residence, and qualifying residence for citizenship. A strategy that works for maintaining the visa may not necessarily work for achieving Italian citizenship or long-term residence.

How Long Does Italy’s Flat Tax Last?

Italy’s special flat-tax regime for qualifying new tax residents is designed as a long-term but time-limited tax regime.

For individuals who qualify, the regime can apply for a maximum of 15 tax years. Once the maximum period has been reached, the regime ends and cannot simply be renewed.

1. Maximum Duration: 15 Tax Years

The special regime can apply for up to 15 tax years, beginning with the tax year in which the individual becomes an Italian tax resident and makes the relevant election.

This provides a defined period during which qualifying foreign-source income can benefit from the substitute-tax regime.

The 15-year period is a maximum, rather than an entitlement that must be used in full.

2. The Regime Is Not Renewable

Once the maximum 15-tax-year period has expired, the individual cannot extend the same flat-tax election for another period.

The regime therefore needs to be viewed as a finite tax-residence strategy, rather than a permanent tax status.

After the regime ends, the individual's worldwide income will generally be subject to the ordinary Italian tax rules applicable at that time.

3. The Election Applies on an Annual Basis

Once an eligible individual makes the election, the substitute tax applies on a year-by-year basis, provided the individual continues to satisfy the relevant requirements and pays the tax due.

The regime is therefore not a single payment made at the beginning of the 15-year period.

The annual substitute tax must continue to be paid for each year in which the regime is used.

4. The Regime Can Be Revoked

An individual can choose to revoke the election before the 15-year maximum is reached.

This can be relevant if circumstances change and the ordinary Italian tax system becomes more favourable.

However, once the election has been revoked, the individual cannot subsequently restart the special regime for the remaining unused years.

This makes the decision to revoke an important one.

5. What Happens If Italian Tax Residence Ends?

The regime is linked to Italian tax residence.

If an individual ceases to be an Italian tax resident, the special regime will generally cease to apply because the fundamental eligibility condition is no longer satisfied.

This means that maintaining the regime requires continued compliance with the relevant Italian residence requirements.

6. Payment of the Annual Tax Is Essential

The individual must pay the applicable substitute tax for the relevant tax year.

Failure to satisfy the payment requirements can result in the loss of the regime and potentially create additional Italian tax consequences.

For high-net-worth individuals, the annual payment and filing obligations should therefore be monitored carefully throughout the period of the election.

7. The 15-Year Period Should Be Planned Carefully

Because the regime has a fixed maximum duration, investors should consider the timing of their move to Italy and the expected duration of their Italian tax residence.

For example, someone with substantial foreign-source investment income may want to model:

• The expected annual flat-tax liability;
• The amount and type of foreign income;
• The tax treatment in source countries;
• Italian-source income;
• Family circumstances;
• Inheritance and gift-tax considerations; and
• The tax position after the 15-year period expires.

Key Takeaway

Italy’s special flat-tax regime can apply for a maximum of 15 tax years.

Maximum duration: 15 tax years

Renewable: No

Annual payment: Yes

Revocable: Yes

Linked to Italian tax residence: Yes

In practice: The 15-year limit means the regime should be considered as part of a long-term tax-residence strategy. Before relocating, investors should model not only the potential tax savings during the flat-tax period, but also what happens when the 15 years end.

Which Investments Qualify for Italy’s Golden Visa?

Italy’s Investor Visa, commonly known as the Italian Golden Visa, offers non-EU nationals several qualifying investment routes.

The minimum qualifying investment starts at €250,000, but the amount and type of investment depend on the route selected.

1. €250,000 — Innovative Italian Start-Up

The lowest investment threshold is €250,000.

The applicant must invest in an innovative Italian start-up that meets the requirements of Italy’s official register of innovative start-ups.

The investment is generally made through an equity participation in the qualifying company.

This route can provide a lower entry threshold than the other investment options, although the investor is exposed to the commercial and investment risks associated with the underlying start-up.

2. €500,000 — Italian Company

A second option is an investment of at least €500,000 in an Italian company.

The investment is made through shares in an eligible company incorporated and operating in Italy.

Depending on the qualifying structure, the company can be listed or unlisted.

This route may therefore be relevant to investors who prefer exposure to an established Italian business rather than an innovative start-up.

3. €1,000,000 — Philanthropic Donation

Applicants can also qualify through a €1 million philanthropic donation.

The contribution must support an Italian public-interest project in an eligible area, such as:

• Culture;
• Education;
• Scientific research; or
• Cultural or landscape heritage.

Unlike an equity investment, this contribution is non-refundable.

The applicant therefore does not acquire an investment asset that can subsequently be sold to recover the €1 million.

4. €2,000,000 — Italian Government Bonds

The fourth route requires an investment of at least €2 million in Italian government bonds.

The qualifying bonds must be held in accordance with the requirements of the Investor Visa program, including the applicable minimum holding period.

This option may appeal to investors who prefer government securities rather than an equity investment in a private company.

5. Real Estate Is Not a Qualifying Investment

An important point for prospective applicants is that purchasing Italian real estate does not qualify for the Investor Visa.

Buying an apartment, villa, commercial property, or other Italian real estate cannot substitute for one of the four qualifying investment routes.

This is an important distinction from some other European residence-by-investment programs.

6. The Investment Must Be Genuine and Verifiable

Meeting the headline investment amount is only one part of the process.

Applicants must also demonstrate that the funds are lawfully sourced and available, and the selected investment must satisfy the specific requirements of the Investor Visa legislation.

The investment must subsequently be completed within the applicable timeframe after the visa is granted and maintained in accordance with the program rules.

Key Takeaway

Italy offers four principal Investor Visa routes:

€250,000 → Innovative Italian start-up

€500,000 → Italian company

€1,000,000 → Philanthropic donation

€2,000,000 → Italian government bonds

There is no qualifying real-estate investment option.

In practice: The lowest entry threshold does not necessarily mean the lowest overall risk. Applicants should consider not only the minimum capital requirement, but also the nature of the asset, liquidity, investment risk, holding requirements, and how the investment fits into their broader residence and tax strategy.

Italy’s Golden Visa vs. Flat Tax Regime

Italy offers two distinct tools that can be relevant to internationally mobile high-net-worth individuals: the Investor Visa, which is an immigration program, and the new-resident flat-tax regime, which is a tax regime.

Although the two can be used together, neither is automatically dependent on the other.

1. The Golden Visa Is an Immigration Route

Italy’s Investor Visa provides eligible non-EU nationals with a residence pathway based on a qualifying investment or philanthropic contribution.

The investor can qualify through options such as:

• €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.

The purpose of the Investor Visa is therefore primarily residence and immigration, rather than creating a special tax status.

2. The Flat Tax Is a Separate Tax Regime

Italy's special flat-tax regime is designed for individuals who become Italian tax residents and satisfy the statutory requirements.

Rather than applying Italy's ordinary tax rules to qualifying foreign-source income, an eligible individual can elect to pay a fixed annual substitute tax on that income.

The current annual amount for a new individual entrant is €200,000, subject to the conditions and rules of the regime.

This means that simply holding an Italian Investor Visa does not automatically make an individual eligible for the flat tax.

The person must separately establish the required Italian tax residence and meet the conditions of the tax regime.

3. You Can Have the Investor Visa Without Using the Flat Tax

An investor could obtain the Italian Investor Visa for residence and mobility purposes without electing into the special flat-tax regime.

This may make sense where the individual's foreign-source income is relatively limited, where ordinary Italian tax treatment is more favourable, or where other aspects of their personal tax position make the flat-tax regime unsuitable.

The two decisions should therefore be analysed separately.

4. You Can Potentially Access the Flat Tax Without the Investor Visa

The reverse is also important.

The flat-tax regime is not exclusively available to Golden Visa holders.

An individual who becomes an Italian tax resident through another lawful immigration route may potentially qualify for the regime, provided the statutory requirements are satisfied.

Therefore:

Golden Visa ≠ Flat Tax

and

Flat Tax ≠ Golden Visa

They are separate legal frameworks that can potentially be combined.

5. Why the Combination Can Be Attractive

For an eligible high-net-worth individual, combining the two can create a potentially useful structure:

Investor Visa → Italian residence pathway

Italian tax residence → potential access to the special flat-tax regime

The combination can provide immigration flexibility while potentially offering a predictable tax treatment for qualifying foreign-source income.

However, whether the flat tax actually produces a tax advantage depends on the individual's income profile, existing tax residence, source countries, treaty position, family circumstances, and other assets.

6. The Decision Should Be Based on the Numbers

The flat tax is not automatically advantageous simply because an individual has substantial foreign income.

For example, an individual with relatively modest foreign-source income may find the annual fixed charge disproportionate to the income involved.

By contrast, someone with substantial recurring foreign-source income may find the fixed-tax structure more relevant.

There can also be additional considerations involving Italian-source income, wealth taxes, inheritance and gift taxes, treaty provisions, and the taxation of assets in different jurisdictions.

Key Takeaway

Italy's Golden Visa and flat-tax regime should be viewed as two separate planning tools.

The Golden Visa: addresses immigration and residence.

The flat-tax regime: addresses the Italian taxation of qualifying foreign-source income for eligible new tax residents.

An individual can potentially use one without the other, or combine both where the relevant requirements are satisfied.

In practice: The right approach is to determine the immigration objective first, establish whether Italian tax residence is actually intended, and then model the individual's worldwide income and assets under both the ordinary Italian rules and the special flat-tax regime before making an election.

The Key Strengths of Italy’s Golden Visa

Italy’s Investor Visa combines several features that can be attractive to internationally mobile investors: multiple investment options, a structured application process, family inclusion, relatively flexible residence requirements, and access to Italy’s wider tax framework.

For high-net-worth individuals considering European residence, however, it is important to distinguish benefits that come directly from the Investor Visa from benefits that are available separately under Italian tax law.

1. A Structured and Accelerated Application Process

One of the notable features of Italy’s Investor Visa is its centralised application process.

The Investor Visa Committee reviews the applicant’s proposed investment or philanthropic contribution and can issue the necessary Nulla Osta before the applicant proceeds with the visa application through the relevant Italian consulate.

The official process is designed to provide an initial decision within a relatively short period once a complete application has been submitted.

Actual processing time can nevertheless vary depending on documentation, due diligence, consular procedures, and the applicant’s circumstances.

2. Flexible Investment Options

The program provides several qualifying routes, allowing investors to choose an investment that aligns with their objectives.

The principal options include:

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

This flexibility allows investors to consider different levels of capital commitment and different types of assets.

Italian real estate, however, is not a qualifying investment route for the Investor Visa.

3. No General Minimum Stay Requirement

The Italian Investor Visa does not impose the same type of mandatory minimum physical-presence requirement simply to maintain the investor residence permit.

This can be particularly relevant for internationally mobile investors who have businesses, investments, or family commitments in several countries.

However, there is an important distinction between maintaining the Investor Visa and qualifying for long-term residence or citizenship.

Extended periods outside Italy can become relevant when assessing eligibility for those later immigration statuses.

4. Italy’s Optional Flat-Tax Regime

One of the most significant tax considerations for wealthy individuals moving to Italy is the new-resident flat-tax regime.

This is separate from the Golden Visa itself.

Eligible individuals who transfer their tax residence to Italy and satisfy the statutory requirements may elect to pay a fixed annual substitute tax on qualifying foreign-source income instead of applying the ordinary Italian tax rates to that income.

The standard flat tax is currently €200,000 per year for individuals who transfer tax residence to Italy under the regime, with an additional amount applying for certain family members.

Because this is a tax-residence regime rather than an automatic Golden Visa benefit, an investor must separately establish Italian tax residence and satisfy the requirements of the special regime.

The interaction with foreign taxes, Italian-source income, treaties, inheritance tax, and wealth-related taxes also needs to be analysed separately.

5. Family Inclusion

The Investor Visa framework allows qualifying family members to obtain residence in connection with the investor, subject to the applicable requirements.

This can include:

• A spouse;
• Children meeting the relevant dependency requirements; and
• Dependent parents meeting the applicable conditions.

Family inclusion can therefore allow the investment-residence strategy to be considered at a family level rather than requiring completely separate investment applications.

6. Schengen Mobility

An Italian residence permit provides the holder with the ability to travel within the Schengen Area, subject to the applicable Schengen rules.

This can be particularly useful for investors who regularly travel across Europe for business or personal reasons.

It is important to distinguish this from a right to live and work freely in every EU country. An Italian residence permit does not automatically grant unrestricted residence or employment rights throughout the EU.

7. A Potential Long-Term Immigration Pathway

The Investor Visa can form part of a longer-term immigration strategy.

After maintaining the required period of legal residence and satisfying the applicable conditions, an investor may potentially progress toward EU long-term residence and, separately, Italian citizenship.

However, these are not automatic consequences of holding the Investor Visa.

Permanent or long-term residence involves its own statutory requirements, while ordinary naturalisation for non-EU nationals generally requires 10 years of legal residence, together with other requirements.

Citizenship should therefore be treated as a separate long-term objective rather than an automatic Golden Visa benefit.

Key Takeaway

Italy’s Investor Visa combines several potentially attractive features:

Multiple investment options

A structured application process

No general minimum-stay requirement for maintaining the investor permit

Family residence options

Schengen travel access

Potential access to Italy’s special tax regimes for qualifying new residents

A possible long-term route toward permanent residence and citizenship

The important distinction is that not every tax or immigration benefit comes directly from the Golden Visa.

The Investor Visa provides the residence framework. Italian tax-residence regimes, long-term residence rules, and citizenship laws operate separately and must each be assessed against the investor’s individual circumstances.

In practice: For a global investor, the real value of the Italian route lies in considering the immigration status, investment structure, tax residence, family position, and long-term objectives together rather than treating the Golden Visa as a standalone tax solution.

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 residence requirements.

For Italy, the ordinary citizenship route is based on legal residence in Italy, and applicants should not assume that holding an Investor Visa without actually establishing residence will automatically satisfy the naturalisation requirement.

Portugal's nationality rules similarly require the applicable period of legal residence, with the precise requirements depending on the applicant's circumstances.

Therefore, comparisons based solely on a specific number of “days per year” can be misleading unless the exact residence permit, nationality, and citizenship route are identified.

8. The Main Differences at a Glance

Italy

• Multiple qualifying investment routes;
• Centralised Investor Visa Committee;
• Accelerated and digitalised application process;
• No qualifying real-estate investment route;
• Ordinary citizenship route generally requires 10 years of legal residence for non-EU nationals.

Portugal

• Several qualifying investment routes, including regulated investment funds;
• Different residence and investment requirements from Italy;
• Citizenship rules changed in 2026;
• Ordinary naturalisation period is currently 7 or 10 years depending on nationality, subject to the other statutory requirements.

Spain

• Former Golden Visa investment provisions ceased to apply to new applications from 3 April 2025.

Key Takeaway

The comparison between European investment-residence programs should go beyond the headline investment amount.

The important questions are:

What investment qualifies?

How quickly and through what process is residence obtained?

How much physical residence is required to maintain the status?

What are the requirements for permanent residence or citizenship?

How do the rules apply to the applicant's specific nationality?

In practice: Italy can be attractive to applicants seeking a structured investment-residence route with several qualifying investment options, but its long-term citizenship pathway should be analysed separately from the Investor Visa itself. Portugal has also undergone significant rule changes, while Spain's former Golden Visa route is no longer available for new applications.

How to Qualify for Italy’s Golden Visa

Italy’s Investor Visa for Italy, commonly known as the Italian Golden Visa, offers non-EU investors a route to Italian residence through a qualifying investment or philanthropic contribution.

One of the program’s key features is that it does not impose a general minimum physical-residency requirement simply to maintain the investor visa, making it potentially attractive to internationally mobile individuals.

1. Who Can Apply?

The Investor Visa is designed for non-EU nationals who intend to make one of the qualifying investments in Italy.

Applicants must be at least 18 years old and must satisfy the relevant immigration, security, financial, and documentation requirements.

The investment must also come from lawful and demonstrable sources.

2. The Four Qualifying Investment Routes

There are four principal investment options.

€250,000 — Innovative Italian Start-Up

Invest at least €250,000 in an Italian innovative start-up that meets the program's requirements.

This is the lowest investment threshold available under the Investor Visa framework.

€500,000 — Italian Company

Invest at least €500,000 in an Italian company.

The investment must satisfy the applicable requirements concerning the qualifying Italian company and the nature of the investment.

€1 Million — Philanthropic Donation

Make a philanthropic donation of at least €1 million to support a public-interest initiative in Italy.

Eligible areas can include:

• Culture;
• Education;
• Scientific research; and
• Cultural or landscape heritage.

Unlike an investment in a company, this contribution is a non-refundable philanthropic donation.

€2 Million — Italian Government Bonds

Invest at least €2 million in Italian government bonds.

The investment must be maintained in accordance with the program's requirements, including the applicable minimum holding period.

3. Buying Italian Property Does Not Qualify

One important point for prospective applicants is that purchasing real estate in Italy is not one of the qualifying investment routes for the Investor Visa.

Buying a house, apartment, or other Italian property therefore does not by itself provide eligibility for the Golden Visa.

This distinguishes Italy's program from certain residency-by-investment programs where real estate acquisition has historically been a qualifying route.

4. You Must Prove the Source of Funds

The investment amount alone is not enough.

Applicants must demonstrate that the funds being invested are lawfully acquired and available.

This can involve providing financial and banking documentation showing the origin of the funds and the applicant's ability to complete the proposed investment.

For high-value international applicants, maintaining a clear documentary trail is therefore an important part of the application process.

5. Criminal and Security Requirements

Applicants must satisfy Italy's applicable security and immigration requirements.

This includes having no relevant criminal record and not being subject to restrictions that would prevent entry or residence in Italy or the Schengen Area.

Applicants should also be aware that EU sanctions and nationality-related restrictions can change over time, so the position for particular nationalities should be verified when the application is submitted.

6. Health Insurance

Applicants must also meet the applicable health-insurance requirements.

Appropriate health coverage valid in Italy is required as part of the residence process, subject to the rules applicable to the particular permit and stage of the application.

7. The Investment Must Be Maintained

The Golden Visa is not simply a one-time payment followed by automatic permanent residence.

The qualifying investment or contribution must be completed and maintained according to the program's requirements.

Failure to maintain the qualifying investment can have consequences for the residence permit.

Key Takeaway

Italy's Investor Visa provides four principal qualifying routes:

€250,000 — Innovative Italian start-up

€500,000 — Italian company

€1,000,000 — Philanthropic donation

€2,000,000 — Italian government bonds

Real estate purchases do not qualify.

Applicants must also satisfy the personal and immigration requirements, demonstrate the lawful source and availability of funds, and comply with the ongoing conditions attached to the investment.

In practice: The most important first step is to identify which investment route fits the applicant's objectives, then verify the investment, financial, security, insurance, and immigration requirements before committing funds.