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Verdict
Yes — you can hold Italy and Portugal citizenship simultaneously.
Italy
Dual citizenship policy
Permitted — Italy allows dual citizenship (Law 91/1992).
Portugal
Dual citizenship policy
Permitted — Portugal allows dual citizenship.
Both Italy and Portugal permit dual citizenship. You can acquire, hold, and use both passports simultaneously without legal restrictions.
This assessment is based on each country's current nationality law. Dual citizenship rules can change — always verify with the relevant consulate or an immigration attorney before making decisions about renunciation or acquisition.