Since 2017 Italy has introduced their first residency by investment program, competing with other Mediterranean nations including Spain and Portugal to provide such a possibility to non-EU citizens.
What kind of investment qualifies for the investor VISA?
The applicant needs to perform any of the following investment:
- € 2,000,000 in Italian government bonds;
- € 1,000,000 in any philanthropic initiative;
- € 500,000 as paid up capital of a local limited company;
- € 250,000 as paid up capital of a local innovative startup.
You don’t need to make the investment to apply, as you can commit to do so, and complete the investment once the VISA has been granted.
Unfortunately there is no option to obtain the Italian golden VISA through a real estate purchase, unless such purchase is dove via a local Italian company.
How is the process to obtain such a VISA?
Unlike other VISAs where the local immigration office is the key office to deliver the Nulla Osta, this VISA is processed by a centralized committee in Rome. The procedure to request the Nulla Osta is entirely online, where the applicant or his attorney can upload the relevant documents:
- Applicant’s passport;
- Applicant’s CV;
- Criminal record;
- Intended investment.
The committee has 30 days to accept or decline the application, as well as request further documents and/or clarification on the investment.
At the moment it is not possible to commit to invest in non incorporated companies.
What happens next?
Once you obtain the Nulla Osta from the Italian committee, you have 6 months to request the VISA at the foreign Italian consulate in the jurisdiction of residency.
When the Italian consulate issues the VISA, you have 2 years to enter Italy on such a VISA. When you actually enter the country, you must request your Residency Permit within 8 days from the first entrance and you need to complete the investment within 3 months from the entry to Italy.
After the two years expiration, you can renew the VISA for another 3 years leading then to the long term residency permit.
