At a glance
- Portugal’s Golden Visa approved 4,987 applications in 2024, a program record, with cumulative inflows exceeding €7.3 billion since launch.
- Portugal’s Constitutional Court struck down a proposed 5-to-10-year citizenship extension in December 2025 — the five-year path remains in force, though a new April 2026 amendment is pending Presidential signature.
- Italy’s Investor Visa saw applications surge 63% year-over-year in 2025. The flat tax for new residents tripled to €300,000 per year from January 2026.
- Spain abolished its golden visa in early 2025. Malta’s citizenship-by-investment program was struck down by the CJEU in April 2025. Greece raised thresholds to €400,000–€800,000.
- The EU Anti-Money Laundering Authority (AMLA) became operational in July 2025, adding a new layer of indirect oversight to investment migration programs across the bloc.
European investment migration is recalibrating. Despite regulatory headwinds, program closures in some countries, and tightening due diligence requirements, the Portugal Golden Visa reasserted leadership in 2024 while the Italy Investor Visa emerged as the fastest-growing program in the bloc. For investors comparing options in 2026, understanding how legal shifts, processing reforms, and tax changes affect eligibility and timelines is now critical.
Table of contents
- Portugal Golden Visa in 2026: record approvals, available routes, and investment thresholds
- Citizenship reform: the December 2025 ruling and the April 2026 amendment
- Italy Investor Visa in 2026: thresholds, processing, and the flat tax change
- Portugal vs Italy: a side-by-side comparison for 2026
- The wider EU landscape: Spain, Greece, Malta, Hungary, and AMLA
- Tax regimes compared: Portugal’s IFICI vs Italy’s flat tax
- What this means for investors considering Armenia
- Frequently asked questions
Portugal Golden Visa in 2026: record approvals, available routes, and investment thresholds
Portugal’s 2024 performance confirmed the program’s resilience. Authorities approved 4,987 Golden Visa applications — comprising 2,081 investor permits and 2,909 family permits — a record year that marked a 72% increase over 2023. Cumulative foreign investment through the program has reached approximately €7.3 billion since its inception.
Since 2023, Portugal has closed the real estate and capital transfer routes. The investment pathways currently available are:
- Investment funds: minimum €500,000 in qualifying Portuguese funds
- Research contribution: minimum €500,000 to approved research activities
- Cultural/artistic production: minimum €250,000
- Business + job creation: minimum €500,000 investment plus creation of at least five jobs
- Job creation: creation of at least 10 permanent jobs
Processing times remain lengthy at 12 to 24 months, with biometric appointments taking 3 to 9 months and residence cards issued 1 to 4 months after that. Physical presence requirements are minimal — roughly 7 days per year — making this one of the most flexible residency-by-investment programs in Europe.
The Portuguese government confirmed in mid-2025 that it has no plans to end the program.
Citizenship reform: the December 2025 ruling and the April 2026 amendment
The citizenship timeline has been the most watched issue in the Portugal Golden Visa program. In October 2025, Parliament passed an amendment extending the residency requirement for citizenship from 5 years to 10 years for investors. On December 15, 2025, Portugal’s Constitutional Court struck down key provisions of that amendment, preserving the existing five-year path to citizenship.
However, the story is not over. On April 1, 2026, Parliament passed another amendment that would push the citizenship requirement to 10 years for non-CPLP and non-EU nationals, with added civic knowledge tests. This measure is currently pending Presidential signature. If signed into law, it would fundamentally change the program’s value proposition relative to competitors like Italy.
For investors, the practical implication is uncertainty. The five-year path remains legally in force today, but anyone entering the program now should plan for the possibility that the rules may change during their residency period. Language requirements for citizenship are currently at the A2 level in Portuguese.
Italy Investor Visa in 2026: thresholds, processing, and the flat tax change
Italy’s Investor Visa (Visto per Investitori) has become the fastest-rising program in European investment migration. Through December 2025, 209 total applications were submitted, with a 63% year-over-year surge in 2025 — a significant acceleration from a historically low base.
The program offers four investment routes with unchanged thresholds:
- Government bonds: €2,000,000
- Corporate equity: €500,000
- Startup/venture capital: €250,000
- Philanthropic donation: €1,000,000
Processing is one of Italy’s strongest selling points. The digital Nulla Osta (clearance certificate) is issued within 30 days, and the total timeline from application to visa approval runs 3 to 4 months for clean files — significantly faster than Portugal.
The visa grants an initial 2-year residence permit, renewable for 3 years. Permanent residency is available after 5 years, and citizenship after 10 years with a B1 Italian language requirement.
The most significant change for 2026 is the flat tax for new residents. Originally set at €100,000 per year when introduced in 2017, it was raised to €200,000 in August 2024, and then again to €300,000 per year from January 2026, with an additional €50,000 per dependent family member. Existing electors are grandfathered at their original rate. This tripling over two years makes the tax benefit less accessible for mid-tier investors, though it remains attractive for ultra-high-net-worth individuals.
Note: Russian and Belarusian nationals are currently suspended from the program per a March 2024 directive from Italy’s Ministry of Foreign Affairs.
Portugal vs Italy: a side-by-side comparison for 2026
For investors deciding between the two programs, the differences come down to entry cost, processing speed, citizenship timeline, and tax treatment.
| Factor | Portugal Golden Visa | Italy Investor Visa |
|---|---|---|
| Lowest entry investment | €250,000 (cultural) | €250,000 (startup) |
| Most popular route | Investment funds (€500,000) | Corporate equity (€500,000) |
| Processing time | 12–24 months | 3–4 months |
| Physical presence | ~7 days per year | No formal minimum for permit renewal |
| Permanent residency | 5 years | 5 years |
| Citizenship | 5 years (A2 Portuguese) — pending amendment may change to 10 | 10 years (B1 Italian) |
| Tax regime | IFICI (NHR 2.0): 20% flat on qualifying income | Flat tax: €300,000/year on worldwide foreign income |
| Family inclusion | Spouse, children, dependent parents | Spouse, children (+€50,000 flat tax each) |
| Schengen access | Yes — full Schengen travel rights | Yes — full Schengen travel rights |
| 2024 demand signal | 4,987 approvals (record year) | 63% YoY application surge in 2025 |
Why investors choose Portugal: faster citizenship (currently 5 years), minimal physical presence, established fund-based investment ecosystem, and the strongest track record in European investment migration.
Why investors choose Italy: lower entry point for startups (€250,000), dramatically faster processing (3–4 months vs 12–24), tax certainty for ultra-high-net-worth individuals via the flat tax, and the appeal of investing directly into Italian companies.
The wider EU landscape: Spain, Greece, Malta, Hungary, and AMLA
The competitive landscape for European golden visas has shifted significantly since 2024. Several programs have closed or been restructured, redirecting investor demand toward the remaining options.
Spain abolished its golden visa through Organic Law 1/2025. The final filing deadline was April 3, 2025, with transitional protections for existing holders. Spain’s exit removes one of the most popular real estate-based pathways in Europe and is widely cited as a factor driving increased interest in both Portugal and Italy.
Greece raised its golden visa thresholds in April 2024. High-demand areas such as Athens, Thessaloniki, Santorini, and Mykonos now require investments of €400,000 to €800,000, depending on the specific municipality. Lower-demand regions retain a €250,000 threshold.
Malta’s citizenship-by-investment program suffered a major blow in April 2025 when the Court of Justice of the European Union ruled the scheme incompatible with EU citizenship principles. This effectively ends the pure citizenship-by-investment model in the EU.
Hungary launched a new golden-visa-type program offering 10-year residence permits from €250,000 in investment funds or €500,000 in property, though the real estate route was subsequently revoked.
At the EU level, the Anti-Money Laundering Authority (AMLA) became operational on July 1, 2025, under Regulation 2024/1620. While AMLA does not directly regulate golden visa programs, it provides indirect oversight through the broader AML/CFT framework. The European Parliament’s 2022 call for a ban on golden passports and EU-level rules on golden visas has not resulted in binding legislation, but regulatory pressure continues to shape how programs are administered and how due diligence is conducted.
Tax regimes compared: Portugal’s IFICI vs Italy’s flat tax
Tax treatment is often the deciding factor for high-net-worth investors choosing between programs.
Portugal’s IFICI regime (the successor to the Non-Habitual Resident, or NHR, program) offers a 20% flat tax rate on qualifying professional income for eligible new residents. Its applicability to pure investment income remains uncertain, and investors should seek specific tax advice before relying on IFICI as part of their planning.
Italy’s flat tax regime applies to all worldwide foreign-source income for qualifying new tax residents. The annual rate is now €300,000 (up from €100,000 when introduced in 2017), with an additional €50,000 per dependent family member. The regime runs for 15 years. While the recent increases reduce its appeal for mid-tier investors, it provides certainty and simplicity for ultra-high-net-worth individuals with complex global income.
What this means for investors considering Armenia
As European golden visa programs become more expensive and more regulated, some investors are looking at alternatives outside the EU. Armenia’s residence-by-investment program offers a different value proposition — a straightforward path to residency with a growing economy, competitive tax rates, and none of the regulatory uncertainty currently affecting EU programs.
For investors who need EU access, Portugal and Italy remain the leading options. For those whose primary goals are residency, tax optimization, and business opportunities rather than EU citizenship specifically, Armenia deserves consideration as part of a diversified residency strategy. Our firm can advise on both European and Armenian pathways.
