Visa for investors in Italy
A new immigration category was established in Italy in the 2017 budget legislation which allows for visas and residence permits (for up to 2 years) to be granted to investors.
This new law is aimed at non-EU nationals who intend to make a substantial long-term investment in Italy or make a philanthropic financial donation to benefit culture and research in this country.
The Italian Ministry for Economic Development published a report in December 2017 showing statistics relating to the number of applications made. The statistics also highlighted which countries these were mainly from, the number granted, the average age (36,8 years) and qualifications of the applicant (click link below):
An Investor visa can only be issued for a single investment, which falls into one of the following categories:
1) Government bonds issued by the Italian Republic (minimum 2,000,000 Euro)
2) Companies incorporated and operating in Italy (minimum 1,000,000 Euro)
3) Innovative startups (minimum 500,000 Euro)
4) Philanthropic donation (minimum 1,000,000 Euro)
The applicant must prove ownership of the financial resources allocated to the relevant investment or donation. Evidence of financial ownership is demonstrated by submitting bank account statements, which must prove that funds have been in the account for at least 30 days before the application was submitted.
If the funds are kept in the form of financial instruments including, but not limited to, shares in joint-stock companies, investments in Government bonds or pension funds documentation listing and describing the financial instruments held or acquired by the applicant in the three months prior to the application date must be produced.
In addition to providing documentation evidencing their investment, the applicant will be required to provide evidence that they have secured accommodation in Italy, evidence of their income from the previous financial year which exceeds the minimum threshold required by law and that they can afford healthcare expenses, which equate to 8,500 Euro.
As of 30th April 2019, the Italian Government has issued The “Growth” Act, which is a 10 year tax reduction scheme for non-EU investors who are ready to move to Italy to invest and work.
Applications for a “Nulla Osta al visto investitore” are made online via the wesbite: investorvisa.mise.gov.it. The application is then considered by members of the Investor visa for Italy Committee, which includes the Ministry of the Interior and the Italian Guardia di Finanza.
A decision should be made within 30 days and the visa collected from the consular authorities in the country where the application is made. Then on entry to Italy the applicant needs to apply for the permesso di soggiorno within 8 days. Within 3 months the investor needs to submit documents confirming the investment made (failure to comply can mean the visa is revoked). The 2 year period can be extended for a further 3 years, and is extendable to family members.
