A Complete Guide to (Golden) Investor Visa for Italy

The Italian Golden visa scheme is different from those of Portugal or Spain’s Golden Visa programs. The Italian 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.  It is a 2-year visa for non-EU citizens who choose to invest in strategic assets for Italy’s economy and society.

Check the guidelines, and read more on how to apply:

The Italian investor visa allows non-EU citizens to obtain this visa by investing in one of the following options:

• € 2 million in Italian government bonds
• € 500,000 in an Italian limited company
• € 250,000 in an Italian innovative startup
• € 1 million in a philantropic initiative

Why an 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.

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.

Law no. 232 of 11 December 2016, known as the “2017 Budget Law”, introduced (art. 1, par. 148) a new reason for entry and long-term residence in Italy, by adding to the Consolidated Act on Immigration (“TUI”, leg. decree 286/1998) the Article 26-bis, named “Entry and residence for investors”.

The 2017 Budget Law remitted the specifics of the application procedure to an enacting decree. This decree was issued by the Minister of Economic Development, in coordination with the Minister of Foreign Affairs and International Cooperation and the Minister of the Interior, on 21 July 2017 (text, in Italian)1.

The inter-ministerial decree (Decreto Interministeriale – DI) refers for the operational aspects of the procedure to a specific “policy guidance” (“Manuale operativo”, art. 8, par. 1), i.e. the present document. The Policy guidance was approved during the first meeting of the Committee in charge, as envisaged by said DI, on 16 November 2017.

From then on, the programme was officially known as “Investor Visa for Italy” (investorvisa.mise.gov.it). The policy guidance was updated by the Committee on 19 July 2021.

The purpose of this policy guidance is twofold. On the one hand, it aims to provide transparency on the functioning of the procedure for obtaining a visa. On the other hand, it represents a comprehensive information resource and a step-by-step user guide for the visa application procedure.

By introducing a visa for individuals who intend to make significant investments in strategic areas for the Italian economy and society – in accordance with the international best practices in the field – the Italian Government reaffirms its commitment to making Italy increasingly attractive to international flows of human and financial capital. This objective has been pursued since 2014, with the introduction of the Italia Startup Visa (italiastartupvisa.mise.gov.it), aimed at facilitating the visa issue procedure for highly qualified non-EU entrepreneurs who intend to launch an innovative startup in Italy. It was confirmed by the introduction of the National Plan “Industria 4.0” (booklet) in 2016, which earmarked € 18 billion to encourage productive investments, particularly in research, development and innovation.

Investor Visa for Italy applies and improves all the innovations introduced by the now well-established startup visa (monitoring reports). Like the Italia Startup Visa programme, it is intended to significantly simplify the procedure to issue entry visas, by embracing three main distinctive principles:

• Centralisation: although the procedure involves a number of administrations, there is a single contact point between the applicant and the Italian State. A dedicated inter-institutional committee is in charge of the main coordination operations; its Secretariat, set up at the Ministry of Economic Development, has the task of managing all communications with visa applicants.
• Digitisation: the entire procedure is carried out on line, through a dedicated IT platform, used for all communications between the visa applicant and the administration. As a result, applicants can manage the entire procedure remotely and without the need for intermediaries until the issue of the visa, which takes place in person at the Embassy or Consulate responsible for the area of residence of the applicant.
• Speed: the applicant is notified of the outcome of his/her visa application within 30 days of sending the complete documentation. As a result, the time required for the entire migration process is significantly reduced.

The Italian Government has devised the Investor Visa for Italy as a form of both a reward and an incentive.

The visa is only issued in circumstances that can be defined, for various reasons, as of public interest. These may be a large investment in medium/long-term Government bonds, equity financing to an Italian limited company – with particular focus on new hightech enterprises (i.e. the innovative startups referred to in decree-law no. 179/2012) – or a philanthropic donation in key areas for the present and future of Italy: culture, research, protection of the environment, management of migratory flows.

Secondly, by significantly streamlining the entry visa procedure, the Investor Visa for Italy programme appears to be in line with recent body of legislation to strengthen the competitiveness and the attractiveness of the Italian productive fabric.

The 2017 Budget Law contains several other incentive measures, mainly of a fiscal nature, specifically designed for individuals who intend to transfer their residence to Italy.

For example, an investor visa holder can opt for the special tax regime for new residents. Pursuant to the new art. 24-bis of the Consolidated Act on Income Taxes (“TUIR”, Presidential Decree 917/1986), individuals who transfer their tax residence to Italy may opt to pay an annual substitute tax of € 100,000 on income produced abroad, provided that they have not been tax-resident in Italy for at least nine years over the previous ten. This option can be extended to family members, by paying a further annual substitute tax of € 25,000 per family member. The scheme has a maximum duration of 15 years. For further information, please see the dedicated page on the website of the Revenue Agency.

What is an “investor visa”?

It is a new type of entry visa for foreign citizens who intend to make an investment or donation as defined in art. 26-bis, par. 1 of Legislative Decree 286/1998 (TUI). Investor visas are issued independently of annual entry quotas provided for by art. 3, par. 4, TUI.

What is an “investor residence permit”?

It is the two-year residence permit, renewable for further three-year periods (leg. decree 286/1998, art. 26-bis, par. 5) that is issued to investor visa holders after they arrive in Italy.

The conditions for issue and maintenance of the permit are:

• the execution of the investment or donation declared in the visa application within three months of the date of entry into Italy;
• the maintenance of the original investment for the entire period of validity of the permit.

If one of these two conditions is not satisfied, the investor residence permit may be revoked, even before its expiry date, and renewal is not permitted.

Who can apply for an investor visa? 

Nationals coming from countries that are not member of the EU or within the Schengen area countries may apply for an investor visa.

The investor visa applicant must be:

• an individual (i.e. natural person) over eighteen years of age;
• a foreign legal entity, identified in its legal representative, i.e. the person who, on the basis of the deed of incorporation and the articles of association of the entity, is authorized to commit the will of the foreign legal entity2 and is over eighteen years old.

What is the “Investor Visa for Italy Committee”?

The Investor Visa for Italy Committee (the “Committee”) is the inter-institutional body responsible for ensuring that visa applications meet the requirements provided for by the law. It is composed of representatives of seven (or eight in certain cases) institutions with expertise in the migration, financial and business aspects of the investment and donation project. It is chaired by the Director General for Industrial Policy, Competitiveness and Small and Medium Enterprises of the Italian Ministry of Economic Development (MISE).

The composition of the Committee, its powers and decision-making procedures are defined in par. “Assessment of visa applications: the Committee” of this policy guidance.

What is the “Secretariat of the Committee”?

The Secretariat of the Investor Visa for Italy Committee (“Secretariat of the Committee”, “Secretariat”) is based at Division VI (“Policies for SMEs, the cooperative movement and innovative startups. Corporate social responsibility and international industrial cooperation”) of the General Directorate for Industrial Policy, Competitiveness and SMEs of the MISE.

The functions of the Secretariat are defined in par. “Compliance check on the documentation: the Secretariat of the Committee” of this policy guidance. A similar prescreening on the documentation is carried out in the residence permit maintenance and renewal phases. Moreover, the Secretariat is responsible for archiving all the documentation related to the programme, also to allow adequate monitoring and reporting activities.

For what type of investments may an investor visa be issued?

An investor visa can only be issued for a single investment, falling into only one of the types described below. It is therefore not possible to combine investments directed to different subjects, nor different types of investment that individually have a nominal amount below the minimum threshold provided for each of the abovementioned cases.

Investments executed, in whole or in part, before the visa application is submitted by the investor do not qualify for an investor visa.

1. Government Bonds issued by the Italian Republic Treasury Certificates (CCT/CCTeu), Zero-coupon Treasury Bonds (CTZ), Long-term Treasury Bonds (BTP), Long-Term Treasury Bonds index-linked to Eurozone inflation, and BTP ITALIA. For each typology, a minimum residual maturity of no less than two years is required.
2. Companies incorporated and operating in Italy – Stakes or shares of limited companies, incorporated and resident in Italy pursuant to article 73 of the TUIR (DPR 917/1986). A company is considered to be “operating” (as provided for by art. 26-bis, art. 1, lett. b, TUI) if it is in active state and has already filed at least one balance sheet at the date of the visa application. The recipient company may be either listed or unlisted. Its name and tax code are a substantial and mandatory piece of information and must be indicated at time of application.
3. Innovative startups – Stakes or shares in innovative startups, i.e. the companies referred to in art. 25, par. 2, of decree-law no. 179 of 18 October 2012, converted with amendments by law no. 221 of 17 December 2012 and subsequent amendments. The official list of innovative startups, which is updated every week and accessible free of charge, is available on the portal startup.registroimprese.it, administered by the Italian Chambers of Commerce system. The same indications as in the aforementioned “point b” apply to this type of investment.
4. Philanthropic donation – Donation supporting a project of public interest in the fields of culture, education, immigration management, scientific research, preservation of cultural and natural heritage.

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 platform is the communication channel between the candidate and, through its Secretariat, the Committee. Through the platform, the candidate can send the information and documentation required in all the three phases described in this Policy guidance, and the Committee and the Secretariat can request additional documentation and inform the candidate of the results of the assessments.

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)

Italian Citizenship Through Italy Golden Visa

An Italy investor visa isn’t a direct route to Italian citizenship. However, if you stay in Italy for 10 consecutive years, you can petition for naturalization to become an Italian citizen.

Does Italy Allow Dual Citizenship?

Yes, it does. This means that you don’t have to give up on your current citizenship if you acquire Italian citizenship. However, speaking to immigration experts and authorities in your home country will be helpful before you process your application.

Italy Tax Incentives for New Residents

Every tax resident in Italy is required to pay income tax on their worldwide earnings. While the tax percentage that applies to the value of foreign financial assets is 0.2 percent, this is 0.76 percent for the value of the foreign real estate. In order to attract high-net-worth individuals, Italy offers an alternative tax structure. This optional tax regime enables new residents to replace regular taxation on all of their income earned outside of Italian territory with a €100,000 lump sum payment once a year. You can apply for this tax regime if you’re ready to move your tax residence to Italy. The first condition is that you’ve not been resident in Italy for at least nine out of the last 10 years. The €100,000 substitutive tax is due in full by the following June 30th of each year. By paying an extra €25,000 for each dependent, you can also include your family members under the plan. Once granted, the regime is valid for 15 years and you can opt-out at any time. If the annual lump payment is not paid, in whole or in part, the status will immediately lapse.

Alternatives to Italy Golden Visa

An Italy investor visa is a good choice if you want to apply for European residency quickly. The program is fast and straightforward with different investment options. However, if your motivations include getting citizenship in an EU country in a shorter time and without any stay requirements, there are other options such as Portugal Golden Visa. It’s a scheme that offers various investment options, including real estate purchases, which Italy Golden Visa doesn’t. Also, Portugal Golden Visa can lead to citizenship if you stay in Portugal for seven days on average every year.

Another option is Greece Golden Visa. Although it also requires you to stay in Greece for a minimum of seven years to become eligible for citizenship, it offers a real estate acquisition route starting from €250,000.

And last but not least, we have the Spanish Golden Visa, which indeed requires you to stay in Spain for 10 years in order to be eligible for citizenship, except certain cases that are reduced to 2 years (all countries in Latin America, Andorra, Portugal, the Philippines, Equatorial Guinea and France), and, if marrying a Spaniard or to a child born in Spain, this time reduces to only 1 year to get the Spanish passport.

Should you need assistance with your Italian Investor Visa application, contact us, we will find the best lawyer to assist you.