The past year has reminded investors of something they already know. Even well-established residency pathways change with time. Portugal’s citizenship reform discussions and slower processing under AIMA show that access to Europe evolves. These developments are not a reason to step back. They are a reason to plan with a longer view.

Holding more than one residency has become a modern form of insurance. It protects mobility, keeps options open, and gives families flexibility when timelines stretch or administrative systems slow. It keeps control with the investor rather than the process.

Portugal remains a foundation for many families, even if the pace has changed

Portugal’s Golden Visa continues to be a popular residency pathway, especially for families who need a flexible European base. A €500,000 investment into a CMVM-regulated fund still provides residency for the investor and their family. The presence requirement remains light, with seven days in the first year and fourteen days every two years after that. These fundamentals have stayed steady.

The part that requires attention is the citizenship timeline. Proposed changes would extend eligibility from five to ten years for most new applicants, counted from the date the first residence card is issued. Parliament has approved this proposal, but it has not been promulgated. Until the law is final, the most responsible approach is to continue under the current rules while planning for a longer timeline.

Administrative pace has also slowed. Since AIMA replaced SEF, residency cards often take a year or more to be issued, and citizenship applications may take several years beyond the minimum requirements. For many households, the full path from residence to passport will extend beyond a decade.

Even with these challenges, many families still choose Portugal because it offers residency rights, Schengen mobility, family inclusion, and a lifestyle aligned with long-term planning. The program is slower, but it remains widely used.

Italy offers what Portugal cannot: speed

Italy’s Investor Visa provides a useful counterbalance. It is known for quick approvals, often within three months, with residence permits issued soon after arrival. The qualifying investment begins at €250,000 into an innovative startup or €500,000 into an established Italian company, both under direct government oversight.

Italy’s tax system offers clarity for those who take up tax residence. The flat tax on foreign-sourced income is currently €200,000 per year, with legislation indicating a rise to €300,000 for newcomers starting in 2026. Existing participants are expected to be grandfathered. This creates predictability within a major European economy.

Where Portugal provides a long-term base, Italy provides administrative speed. Together, they give families balance.

Why two residencies outperform one

Investors diversify across markets to reduce exposure. Residency planning follows the same logic. Policies shift, processing speeds change, and backlogs appear without warning. Relying on one residency means relying on one system’s timeline.

Holding both Portuguese and Italian residency turns those uncertainties into options. If one system slows down, the other continues. If a policy changes in one jurisdiction, the other remains unaffected. This is not about choosing between countries. It is about ensuring mobility and long-term rights stay intact.

Planning, not reaction

A strong approach is to treat Portugal as the anchor and Italy as the complement. Maintain both, meet presence requirements calmly, and review them alongside broader family planning.

Portugal offers a long-term base. Italy offers speed and administrative efficiency. Each one offsets the other’s limitations and reinforces its strengths. Together, they form a structure that is resilient across market cycles and policy changes.

Closing thought

Residency today is part of long-term planning. Portugal offers continuity. Italy offers pace. Combined, they preserve control at a time when systems can shift quickly. Families who prepare well do not wait for stability. They build it.

Final paragraph tying it back to Portugal Panorama

At Portugal Panorama, we support families who want clear, dependable structures rather than reactive decision-making. Many begin with Portugal as a long-term base and add a second residency to keep their plans steady when systems move slowly. Our role is to help families build a residency framework that holds up across policy shifts and administrative cycles. When planning rests on stable foundations, decisions become calmer and far easier to manage.

Contact Portugal Panorama to find out more.

Contact information:

Michael Maxwell - Founder

Portugal Panorama

michael@portugalpanorama.com

+351 965 592 312

www.portugalpanorama.com