Italy gives permanent residency against investment, a Golden Visa “game”
The Italian investment scheme is different from citizenship through Portugal and Spain’s Golden Visa programs. The Investor Visa Program targets high-income individuals who can make a significant contribution to the Italian economy and society.
Italy has joined the ranks of countries that have activated investment citizenship programs, also known as Italy’s Golden Visa. Non-EU foreign nationals interested in immigration through investment in Italy will first obtain a permanent residence permit, which can later be converted into an Italian passport.
The investor visa for Italy is a two-year, renewable visa for foreign nationals who intend to make large investments in Italy.
Investment Options (Italy investor visa)
Following are different investment options for investor visa:
- Investment in government bonds
- Investment in an innovative start-up
- Invest in form of a donation
- Loan to an Italian limited company
Best Features of Italian investor visa
By obtaining an investment visa, you are eligible to live, travel, work, or study in 26 countries. If you obtain an Italian investment visa, you are free to travel to other Schengen countries without a visa for 90 days in a 180-day period. It is possible to obtain permanent residence in Italy but applicants are required to show an annual income. The applicant can make a large investment in the property.
Visa for foreign investors
The visa for foreign investors (Investor Visa for Italy) was introduced into Italy’s legal system with the 2017 Budget Law (ln 232/2016, art.1, paragraph 148), which has included in the Consolidated Law on immigration (Legislative Decree no. 286/1998) article 26-bis. The Relaunch decree has also recently intervened (DL 34/2020, converted, with amendments, by Law 77/2020), which, with art. 38, paragraph 10, has halved the minimum amounts of investments in instruments representing the capital of an Italian company that qualifies for the investor visa. In particular:
- for investments in instruments representing joint-stock companies operating in Italy and maintained for at least 2 years, the minimum investment threshold has risen from 1 million euro to 500,000 euro;
- for investments in innovative start-ups registered in the special section of the business register pursuant to art. 25, paragraph 8, of Legislative Decree no. 179/2012, the minimum investment threshold went from 500,000 to 250,000 euros.
Specifically, the investor visa allows the entry and stay in Italy of citizens of countries that are not members of the European Union or the Schengen area, outside the maximum quotas of foreigners to be admitted to the Italian territory (defined by the TU immigration), who undertake to carry out, alternatively:
- an investment of at least 2 million euros in government bonds: Treasury Credit Certificates (CCT / CCTeu), Zero Coupon Treasury Certificates (CTZ), Multi-year Treasury Bills (BTP), Multi-year Treasury Bills linked to inflation European Union and BTP Italia, with a residual maturity of no less than 2 years;
- an investment of at least 500,000 euros in instruments representing the capital of a company incorporated and operating in Italy maintained for at least 2 years or at least 250,000 euros if this company is an innovative start-up. A company is considered “operating” if it is in an active state and has already filed at least one balance sheet at the date of the visa clearance request. The recipient company of the investment can be both listed and unlisted;
- a philanthropic donation of at least 1 million euros to support a project of public interest, in the fields of culture, education, immigration management, scientific research, recovery of cultural and landscape assets.
If you maintain your original investment or donation for 5 years, you may request a long-term residence card.
Eligibility Criteria
- You have to send your investment to one of the institutions. In exceptional circumstances, such as donations for community projects or research involving more than one participant, donations may be accepted to more than one entity.
- If you want to obtain this visa you need to have a history of the neat character, your financial assets must be legally acquired, transferable, and in your own name.
The Italian investor visa is for non-EU citizens, the applicant can obtain this visa by investing in one of the following:
- A government bond issued by the Italian Republic
- A company is involved and operating in Italy
- A modern start or You are donations
- You can support the public interest in the areas of culture, education, immigration management, scientific research, cultural and natural heritage conservation
Your required investment amount for the visa is lowered by half as of 2018, going from €1 million to €500,000 to operate a company in Italy, and initial investment from €500,000 to €250,000
The application process for an investor visa for Italy
Applications for authorization to issue the investor visa must be sent online through the investorvisa.mise.gov.it portal.
The application process consists of two steps:
- PHASE 1: Getting your investor visa for Italy
- PHASE 2: Getting your investor residence permit
1- Getting your investor visa
In order to obtain your investor visa, you first need a Nulla Osta (certificate of no impediment) to be released through this portal by the Investor Visa for Italy Committee (IV4I). Afterward, you can go to the Italian representation in your country of residence to apply for a 2-year investor visa.
- Create your personal account on this portal.
- Fill in the forms (contact details, CV, selection of investment) and upload the required attachments (passport, proof of financial resources, criminal record, and other suitable documentation).
- Download the final declaration, validate it by electronic signature, and submit it.
The Committee Secretariat one of the following:
- If your application materials are complete and compliant and can be evaluated by the Committee.The request for supplementary information, to be sent within 30 days. In the meantime, the application is suspended.
- Reasoned rejection of your application by the Committee.
- The result of the Committee’s assessment will be issued within 30 days.
There are three possible scenarios:
- Approval of your application: a “Nulla Osta” will be released and made available for download on your personal page.
- Request for supplementary information:: the Committee may ask to provide further evidence and clarification. You will have 30 days to do so. In the meantime, the application is suspended.
- Reasoned rejection of your application by the Committee.
In case of a positive answer:
- You have 6 months to request an investor visa at the closest Italian representation abroad.
- You will need to provide the Nulla Osta jointly with all the documents submitted during the application phase, and some additional evidence.
- You can enter Italy within 2 years from the release of the visa.
Major requirements
To obtain an Italian investor visa you are required:
- The nature of the investment/donation and a description of your past experience as a donor or investor, maximum 1000 words
- Provide evidence of agreement from the recipient of the investment or donation.
- Declaration of Commitment to Use Electronically Signed Funds. You can download the announcement from the online platform. How much money should you agree to invest in it, and where do you want to settle in Italy
- A copy of your passport.
- A Curriculum Vitae (CV) describing your basic academic and professional experience.
Upon receipt of the Nulla Osta, an official letter from the bank / financial institution where your assets are located declares that they have properly examined you in accordance with international standards and the exact amount you have at the time of signing the letter. The examination is:
- That there are no criminal charges against you. Declaration issued by the relevant authorities in your country.
- You own the financial resources you will invest/donate to, such as Bank account statements, including your name and available funds. That your financial resources are licensed and transferable.
You will need to submit all the documents to the nearest Italian embassy or consulate and apply for an investor visa:
- Original hard copies of all the above-mentioned documents and copy of Nulla Osta
- Your passport (up to date)
- Your latest picture (passport size)
- Evidence of your intended residence place in Italy
- Your financial sustainability from previous work/business. You are able to bear all expenses, your income must meet the minimum threshold for exemption from health care expenses. It is round about €8500.
You have to submit a proven translation in case of filling documents other than Italian or English.
2- Getting your investor residence permit
Once you are in Italy with your entry visa, you have 8 days to apply for a 2-year permit of stay. You are required to make your investment or donation within three months from the date of your arrival in Italy in order to get the residence permit. You must apply to the local police station (Questura). Do not forget to bring your passport and your entry visa.
After doing so, log on to your personal page on the IV4I portal, and enter:
- the date of your arrival in Italy;
- the date of your application at the Questura;
- the location of the Questura you applied to
To prove that you made the investment or donation declared at the time of application:
- Upload your proof of investment on this portal (see policy guidance for details), and fill in the other information requested.
- Download the final declaration, validate it by electronic signature, and upload it to the system again.
The Committee will evaluate your proof of investment. There are three possible scenarios:
Approval: your residence permit will remain valid, if you have already received it, or will be issued soon if the process is still in progress.
Request for supplementary information: You will have additional 30 days to do so. However, you will have to demonstrate that the entirety of the investment has taken place within 3 months of your arrival.
Reasoned rejection: your residence permit will be revoked or not released.
Golden Visa facilitates the acquisition of housing, immigration, and citizenship through investment. An furthermore, if you have lived in Italy for at least ten years, you are ultimately eligible to apply for Italian citizenship.
Duration of Italy investor visa
Italy investor visa is valid for two years. In the meantime, you can use the visa to enter Italy and obtain a residence permit. A residence permit for an investor visa is also valid for 2 years starting from the date of entry. You can apply for a renewal for another three years by applying at least 60 days before it expires.
Renewal of the visa
You must apply for renewal at least 60 days in advance through the online investor visa portal. The “Investor Visa Committee” will review your application, and determine if you have maintained your investment/contribution. If you can prove that you have maintained your investment or contribution, you can renew your residence permit every three years. After five years of regular residence, you can apply for long-term EU residence. The application procedure in this case is as under:
- Upload a proof of maintenance of the investment or donation (see policy guidance for details).
- Download the final declaration, validate it by electronic signature, and upload it to the portal.
The Committee will evaluate the documentation. There are three possible scenarios:
Approval: a “Nulla Osta” will be released and made available for download on your personal page. For the request of integration, the Committee may ask you to provide further information. You will have 30 days to do so. In the meantime, the evaluation is suspended.
Reasoned rejection: you will not be able to apply for a renewal of your residence permit. If you wish, you are allowed to apply for a new investor visa.
Complete investment visa guidance can be read here (issued by the Italian ministry)