Investor visa for Italy

A new kind of visa for non-EU citizens who intend to invest in Italy has been introduced by article 26-bis of the Consolidated law on immigration (D.L. 19.05.2020 n. 34).

Through this new provision, the Italian government offers advantageous conditions for all wealthy non-EU citizens who want to relocate to Italy, offering first a permanent residence permit, which can later be converted into Italian passport.

The above provision is not the only one aimed at non-EU citizens but is the one that allows obtaining residence in the shortest time together with the flat-tax regime.

In fact, another way to obtain residency in Italy for wealthy non-EU citizens is the flat tax regime, which is among the most convenient in Europe from a fiscal point of view: it grants residence in Italy, allowing to pay a fixed yearly tax of Euro 100,000 on all income owned outside Italy. For more information on this regime, I refer to my previous article: Italy now attractive for wealthy foreigners.

There is a cheaper option for those who have the opportunity to immigrate to Italy based on the non-EU foreign workers and entrepreneurs visa residence permit. Also, for this new regime, I refer to my previous article: Italy attract foreign workers and entrepreneurs.

In this article, I am addressing non-EU citizens interested only in the Italian residency and citizenship by investments in Italy.

Non-EU citizens who wants obtain residency in Italy through investments, also in order to be free to travel to all other Schengen Zone countries without a visa, needs to comply with the following requirements:

• must be of legal age (18 years);
• must have clean criminal records;
• must proceed with one of the following investments:
• 250.000 euros [1] in innovative start-ups registered in the special section of the business register referred to in art. 25, paragraph 8, of the D.L. n. 179/2012 or
• 500.000 euros [2] in joint-stock companies operating in Italy, investment to be maintained for at least 2 years or
• 2 million euros in bonds of the Italian government or
• 1 million euros in a philanthropic donation, having a positive effect on the Italian economy

From now on, the visa for foreign investors can also be requested by the legal representatives of corporations.

This new provision has been introduced by Article 40-quater of the Simplification Decree (Legislative Decree no. 76/2020), in the version converted by Law n. 120/2020, effective from 15 September 2020.

The purpose of this new regulation is to increase the attractiveness of foreign investments in Italy.

Applications for authorization to issue the investor visa must be sent online through the web site: https://investorvisa.mise.gov.it/

As first step you need the nulla osta for which it is required to attach electronically the following documents:

• copy of your passport
• curriculum vitae stating your main academic and professional experience
• certificate of your financial resources that you will invest/donate;
• official letter by the bank where your assets are located, attesting that your resources are licit and transferable and the exact sum held by you;
• certificate issued by the relevant authorities in your country, attesting that you have no criminal charges;
• description of the nature of your investment/donation
• consent from the recipient of the investment or donation
• declaration stating the amount of money you are willing to invest, and where you intend to settle in Italy

Once you have received the Nulla Osta, you have to submit it with the following documents to the Italian Embassy or Consulate of your country in order to request the Investor Visa:

• copy of the Nulla Osta along with all the original hard copies of the documents listed above.
• your accommodation in Italy.
• proof of an income, acquired in the previous financial year in your country, of an amount higher than the minimum level provided for by the Italian law for the exemption from participation in health expenditure (approximately 8.500 euros).
• passport-size picture of yourself
• valid passport
• residence certificate of your country

The documents must be in Italian or English or translated with certification

The investor residence permit is issued with a two-year validity starting from the date of entry into Italy and, if the investment is maintained, it is renewable for further periods of 3 years.

The visa is, on the other hand, refused or revoked if, within 3 months from the date of entry into Italy, the recipient fails to prove that the investment or donation has been made for the entire amount envisaged.

Furthermore, the visa may be revoked at any time if, in the light of the findings made by the Secretariat of the Committee, the investment is discontinued or if the holder of the residence permit is unavailable at the declared address.

For more information or individual advice please contact: italianlaw@fld-law.com

[1] The initial investment amounts in Italian companies have recently been halved by art. 38, paragraph 10 of the relaunch decree (D.L. 34/2020, converted, with amendments, by Law no. 77/2020).

[2] see note nr. 1