Europe’s golden visa landscape has shifted dramatically in recent years. Spain closed its program in 2025, Portugal eliminated real estate investments in 2023, and Greece raised minimums in popular areas. Amid this changing landscape, Italy’s Golden Visa quietly positions itself as the smartest choice for high-net-worth individuals. To understand why, it helps to examine investment flexibility, tax benefits, lifestyle advantages, and long-term value across Europe’s remaining programs.

Pros and Cons of the Italian Golden Visa

Italy’s Golden Visa isn’t just a residency program; it’s a quantifiable financial and lifestyle strategy. Investors can leverage €100,000 flat tax on worldwide income for 15 years, potentially saving €700,000 per year on a €2 million foreign income. Equity investments in startups or companies start at just €250,000, while government bonds of €2 million offer capital security with interest returns. Families are fully included, with no additional investment for spouses, children, or dependent parents.

However, it’s not without trade-offs. Full citizenship requires 10 years of actual residency and Italian language integration. Startups carry a measured risk of capital loss, while government bond yields average 2–3% annually. Administrative processing, though faster than in Portugal or Greece, still requires careful documentation across multiple ministries.

Investment Options in Italy

Golden visa programs let non-EU citizens obtain residence permits by making qualifying investments. Many countries still tie residency to property purchases, but Italy has taken a different approach, deliberately excluding real estate to focus on investments that actively contribute to the economy.

With Italy’s Golden Visa, applicants can choose from four strategic paths. You can invest €250,000 in an innovative Italian startup, €500,000 in a limited company, €2 million in Italian government bonds, or donate €1 million to public interest projects in culture, education, or research. The government bond option is particularly attractive for those seeking safety: your capital remains fully protected while earning interest, turning your investment into a strategic, low-risk financial placement rather than a one-way expenditure. Equity investments in companies or startups also offer potential dividends and capital gains in sectors where Italy competes on a global scale, such as fashion, technology, and manufacturing.

By contrast, Portugal now requires investments in venture funds, businesses that create jobs, or cultural and research donations. While the minimum €250,000 threshold matches Italy’s startup option, Portugal’s donations are non-recoverable, whereas Italy’s equity investments can produce returns. Greece remains largely real estate-focused, and its bond or deposit options are rarely chosen. Spain closed its program entirely in April 2025, citing housing affordability concerns.

Tax Advantages

For high-net-worth investors, tax treatment is often as important as the residency itself. Italy offers a €100,000 flat tax on worldwide income for 15 years, with an additional €25,000 flat rate for each family member. This program covers foreign pensions, investments, and business income, while also exempting foreign assets from wealth, inheritance, and gift taxes.

Consider someone earning €2 million annually from overseas sources. Under Italy’s normal progressive tax system, they would pay around €800,000. With the flat tax, their liability drops to €100,000, saving €700,000 each year, or over €10 million across 15 years. Portugal’s Non-Habitual Resident program, once a similar opportunity, was eliminated in 2024. Greece offers a comparable €100,000 flat tax, but requires higher minimum investments. Spain does not provide any equivalent investor-friendly tax treatment.

Flexibility with Italian Golden Visa

Italy also excels in lifestyle flexibility. Unlike many countries, the Italian Golden Visa does not require any minimum physical presence to maintain your residency. You only need to enter Italy initially to activate your permit and keep your investment active. This allows globally mobile investors to maintain homes and business operations elsewhere while enjoying Italian residency.

Other countries vary. Portugal requires at least seven days per year, Greece imposes no stay requirement, and Spain previously had none before its program closed. For citizenship, Italy requires ten years of actual residency with integration requirements, Portugal offers citizenship after five years with minimal visits, and Greece after seven years with language and culture exams.

Who the Italian Golden Visa Is For

Italy’s Golden Visa is not just a residency permit; it’s a strategic tool for individuals and families looking to combine investment, tax optimization, and lifestyle benefits. It appeals to a variety of profiles:

Family Coverage

The Italian program covers your spouse or partner, minor children under 18, adult dependent children with disabilities, and dependent parents, usually over 65. No additional investment is required per family member. While Portugal and Greece offer broader family coverage, Italy balances inclusivity with a streamlined, manageable process.

Application Speed and Efficiency

Italy’s process is surprisingly fast. Applicants submit a Nulla Osta, a certificate of no impediment, through the official portal. A multi-ministry committee reviews applications with a 30-day target. After approval, you apply for a two-year visa at an Italian consulate, enter Italy, and complete your investment within three months. In total, the process typically takes 3-4 months, compared to 8-12 months in Portugal or 3-6 months in Greece.

Lifestyle and Practical Benefits

Italy’s appeal extends far beyond investments and tax savings. The country consistently ranks among the world’s top for quality of life. Healthcare is second only to a handful of nations globally. International schools are available in Rome, Milan, and Florence, while cultural richness, from museums and opera to culinary traditions, remains unmatched. Geographic variety ensures something for everyone, from bustling Milan and historic Rome to Tuscany’s rolling hills and Italy’s extensive coastline. For frequent travelers, Italian residency allows visa-free access to all 27 Schengen countries, with permanent EU residence after five years and citizenship after ten.

Risks and Considerations

No program is without considerations. Startup and company investments carry business risks, and bond yields are modest, though capital-secure. While residency is flexible, citizenship requires ten years of presence and integration. Applicants must also carefully prepare documentation, as Italy maintains rigorous application standards.

Why Italy Stands Out

Italy avoids the housing market controversies that closed Spain’s program and restricted Portugal’s. Investments directly benefit the Italian economy through startups, companies, or public projects, rather than speculative real estate. Combined with the flat tax regime, investors can preserve and grow wealth while enjoying world-class lifestyle benefits. Strategic equity investments can yield dividends, government bonds offer secure interest, and Italy’s global cultural and geographic offerings make it a country where you genuinely want to spend time.

For high-net-worth individuals focused on long-term planning, Italy’s Golden Visa delivers unmatched value: flexible residency, substantial tax savings, productive investment options, family coverage, Schengen access, and a lifestyle that blends culture, cuisine, and convenience. With Spain closed and Portugal restricted, Italy increasingly stands out as Europe’s premier residency-by-investment program.

Would you like to read more about similar subjects? Take a look at our related articles here: Bring Pets to Italy, Benefits of Small Municipalities in Italy and Italian Citizenship Through Your Child.