“It’s Basically No Risk”: So Why Isn’t Italy’s Dolce Visa More Popular?

Moustafa Daly
Cairo

---

Krista Victorio examines Italy’s Dolce Visa, full of promise, but in need of lessons from Portugal and Greece to reach its full potential.

European programs have had an eventful couple of years. Portugal underwent a makeover, Greece changed regulations, and Spain’s golden visa program recently shut its doors, hence, demand for alternatives is rising.

At IMI Connect Athens, Krista Victorio, Managing Partner at Orience, shared her take on where the EU golden visa market is heading,and why US investors are poised to continue dominating demand, even post-Trump.

Americans driving demand

Victorio said that since Trump took office, Americans have been leading the charge for EU golden visas, adding that 25% of recent applicants to Italy’s Investor Visa (Dolce Visa) program are US citizens, and that 50% of her firm’s clients are American.

She explained that the COVID-19 pandemic was a wake-up call for many Americans, and their realization that they can’t just pack up and move to Europe anytime “has not gone away.”

She said the 2024 US elections only added to the uncertainty, revealing that even wealthy Trump supporters are looking for backup plans, and that  “they’re worried about what might happen when [the administration] changes.”.

She explained that, at its core, US demand is about diversification, and it is “about having options.” She said more Americans are embracing the idea that the world doesn’t revolve around the United States, representing a narrative shift from earlier generations.

Spain’s golden visa closure opens a gap

Spain closed its golden visa program earlier this year. Victorio said this decision has left a noticeable gap in the market, explaining that Spain stood out because of its straightforward real estate investment route, which consistently attracted a steady stream of clients.

Now that the popular program is gone, she expects demand to shift to other programs, but whether Italy, Greece, or Portugal will benefit most remains to be seen.

“Italy has always been in the game, but Spain overshadowed it,” she explained, adding that Italy now has a good opportunity to grab some of that market share.

Italy’s Dolce Visa needs a “killer app”

Italy’s Dolce Visa did not start out strong, but reforms in 2020 made the program more financially competitive. These changes halved the minimum investment thresholds and scrapped Italian language requirements.

Victorio said a popular feature is Italy’s unique “visa first, invest after” model, which allows applicants to secure pre-approval before committing any capital. “It’s basically no risk.”.

She believes the biggest drawback for Italy’s Dolce Visa is the lack of a direct real estate option. Instead, the Dolce Visa offers hybrid investment models mixing startups with real estate elements, but she says it’s yet to hit the sweet spot.

“The program is still waiting for a killer app,” she said, implying Italy’s need to offer a standout product that could make it a serious competitor to Greece or Portugal.

Lessons Italy can learn

While Italy tries to find its footing, Greece and Portugal have had successful runs. Greece continues to produce strong numbers. In 2024, it received 9,289 applications and had a 50,000 application backlog, which the government is cutting down by decentralizing processing.

Portugal, on the other hand, has managed to stay competitive even after removing its real estate route. Victorio highlights alternative investment options at attractive price points, such as investment in urban regeneration and cultural projects that start at €200,000, which have broadened its appeal. Cultural investments under the golden visa grew 165% in 2024.

She added that Italy could learn from Portugal’s approach in marketing non-traditional investment options, noting that Portugal has “paved the way for creative, real estate-adjacent products, and I think that bodes well for Italy.”

Shorter route to Italian citizenship: A tough sell

Italy is also preparing for a key vote. In February, Italy’s Constitutional Court approved a referendum to reduce the naturalization timeline for foreigners from ten to five years.

But Victorio doesn’t see it going through. She notes that early polling “shows it’s unlikely to pass,” pointing to opposition from conservative political groups.

Even if it does pass, La Dolce Visa will still require applicants to reside as tax residents (six months per year) in Italy to qualify for citizenship. Victorio revealed that many investors find this strict residency requirement “difficult” compared to other EU programs, where you can just invest and eventually qualify [without having to reside there].”

What investors want

She says that across all programs, investors’ priorities remain the same: Simplicity, security, and tangible returns.

She noted that motivations vary depending on the applicant’s origin. For Americans, it’s often about “lifestyle and political diversification.” For others, access to healthcare, education, or tax benefits takes precedence.

“The wheel is always turning,” she said. “As much as some people want to move somewhere, there are always others looking to leave.”