A smarter kind of insurance
The past year has shown what experienced investors already know: even strong programs change over time. Portugal’s recent citizenship reform and the delays during its administrative transition remind us that access to Europe evolves. These changes are not a reason to pull back; they encourage planning ahead.
Holding more than one residency has become the modern form of insurance. It protects mobility, preserves access, and gives families flexibility when procedures slow down or timelines stretch. It keeps control in the investor’s hands, not in the system’s.
Portugal: a reliable foundation, just slower than before
Portugal’s Golden Visa remains one of Europe’s most trusted residency options. A €500,000 investment in a CMVM-regulated fund still secures residence for the investor and their family, requiring only seven days in the first year and fourteen days every two years afterward. Those essentials have not changed.
Legislative updates under consideration would lengthen the citizenship timeline for most new applicants from five to ten years and start the count from the date the first residence card is issued. Parliament has approved the bill, but it has not been promulgated. In practical terms, the Golden Visa remains a reliable residency route, but citizenship planning should assume a longer horizon until the law is settled.
What has changed is the pace of administration. Since AIMA took over from SEF, processing has slowed. Residency cards can take a year or more to be issued, and citizenship applications may take much longer than expected. For many applicants, the path from residency to passport could take over a decade.
Yet the program’s benefits are still clear: European stability, Schengen mobility, family inclusion, and transparent rules. Portugal continues to provide long-term credibility. Its pace is deliberate, not uncertain. This careful approach is why many investors now seek a second residency.
Italy: the perfect counterbalance
Italy’s Investor Visa offers something Portugal does not, speed. Approvals often come within three months, with residence permits issued shortly after arrival. The qualifying investment starts at €250,000 in an innovative startup or €500,000 in an established Italian company, both under direct government oversight.
Through Ariete Capital, Portugal Panorama’s Italian partner based in Turin, investors can access Italy’s Innovative Startup route, an investment structure that meets the official criteria while supporting genuine Italian innovation and employment. Ariete Capital’s regulated platform allows investors to participate in real ventures while qualifying under the Investor Visa program, combining transparency with impact.
For those establishing tax residence, Italy’s flat-tax system caps foreign-sourced income at €200,000 per year, with an increase to €300,000 planned for newcomers starting in 2026, while existing participants are grandfathered in. It offers clarity and predictability within a major European economy.
While Portugal provides longevity and EU permanence, Italy adds efficiency and fiscal certainty. One is steady, while the other is swift. Together, they create balance.
Why two beat one
No investor puts all their holdings in a single market; the same logic applies to residency. Governments change laws, administrative backlogs vary, and policy priorities shift. Relying on one residency means accepting another party’s schedule.
Combining Portuguese and Italian residencies turns volatility into flexibility. If one system slows down, the other continues moving. If a tax policy changes, another option remains available. This is not about choosing countries; it’s about building resilience to keep your rights and opportunities without interruption.
Planning, not panic
The best approach is to maintain Portugal as the foundation and Italy as the complement. Keep both current, meet the presence requirements, and regularly review them as part of your overall wealth strategy.
Through Portugal Panorama, investors continue to access CMVM-regulated funds and maintain stable residency within the European Union. Through Ariete Capital, they can secure Italy’s rapid Investor Visa and benefit from the country’s innovation-driven tax and business framework. Together, these two pathways provide a structure that is both durable and dynamic.
Portugal continues to offer access and long-term value. Italy provides speed and financial clarity. Each counters the other’s weaknesses and strengthens its advantages. Together, they create a durable structure.
Closing thought
Residency today is not just an address; it is a framework for freedom. Portugal offers permanence. Italy provides agility. Combined, they give you control.
The most prepared families do not wait for stability, they create it.
