We have written previously on subjects regarding visas for long-term stay in Italy, including the popular student visa, and the newly introduced digital nomad visa. Another appealing option for high-net-worth individuals is the investor visa, also known as a “golden visa.” Italy is far from the only country to offer this, meaning there are numerous other places with similar qualifications for those looking to relocate abroad. In this article, we provide some general information on what the requirements are for Italy’s “golden visa,” and how the application process works.
What are the benefits of Italy’s “Golden Visa”?
The primary benefit of the investor visa is the opportunity to remain in Italy long-term, past the usual 90-day (within a 180-day period) limit allowed for non-EU citizens. The visa is also valid for two years, which is longer than many other visas allow for (usually one year). So long as the applicant continues to meet requirements, this can be renewed for an additional three years. After this period you can then apply for permanent residency. With a visa, you can also freely travel around the Schengen Area without restriction. You can also have access to Italy’s affordable, high-quality healthcare system.
Investment options
There are three different pathways to invest in the Italian economy in order to qualify for the Golden Visa. They are as follows:
- At least €2,000,000 in government bonds
- At least €500,000 invested in a current Italian company, or €250,000 in an Italian start-up
- At least €1,000,000 in a philanthropic donation (e.g. culture, education, research, arts, etc.)
The investment does not need to be made in advance, but needs to be done within three months of moving to Italy. The investment must also fall exclusively into one of the above categories; they cannot be combined. Finally, the applicant will also need to provide an anti-money laundering statement to confirm the validity of the funds.
It might also be a good idea to transfer the funds to an Italian bank for ease. Doing so can also help prove the legitimacy of the investment.
Requirements
Unlike other visas for work-related purposes, Italy’s Golden Visa is not subject to quotas or other limitations on the number of yearly applicants, meaning you can apply at any time. Along with the financial requirements outlined above, there are others to meet as well. They include:
- A nulla osta (an official Italian document demonstrating “no impediment”)
- A copy of your passport
- Passport photo not older than 6 months
- A resume
- Background checks
- Documentation related to the investment
Please also note that further checks may be done on the background of the applicant and the investment. The investment must also be kept for the duration of the visa and in order to renew it beyond the initial two-year period.
Processing time
The nulla osta alone requires a 30-day wait to be processed by the Committee Secretariat. After this, further documentation might be required. Once this is approved, you will have 6 months to officially apply for the Investor Visa with the documentation listed above at your local Italian consulate.
Following approval of the visa, you are free to enter Italy and stay for the duration of the visa. It is important to note that within eight days of arrival, you will need to apply for a permesso di soggiorno (permit of stay) at your local Questura. The residence permit will be tied to the validity of the visa, two years, but as mentioned earlier, this can be renewed for an additional three years after the visa expires, so long as the investment remains valid and other requirements continue to be met. Within three months of arrival in Italy, you will also need to demonstrate proof of your investment.
Permanent residency and Italian citizenship
After five years of legal residency in Italy, you can also apply for permanent residency, or the carta di soggiorno. Then, after ten years of residency, you might be eligible to apply for citizenship by naturalization. The number of years required for the latter depend on various circumstances, though. For instance, the recent changes to citizenship law as outlined in the Tajani Decree permits those with Italian parents or grandparents who might not otherwise qualify for citizenship by descent, to apply for citizenship by residency after only two years in Italy. For EU citizens, the time of residency is four years.
Conclusion
If you are interested in applying for Italy’s Golden Visa, or have other questions about visa or citizenship applications and how you might qualify, our team of experts at Italian Citizenship Assistance is ready to assist. Reach out to us at [email protected], and check out our podcast on YouTube for more information on citizenship and immigration laws in Italy.
