As of December 2017, foreign nationals from non-EU countries can apply for a special type of visa with a two-year duration, renewable for an additional three years
It is first necessary to obtain a clearance issued by the Investor Visa for Italy committee. The application can be made, free of charge, entirely online
Rome has attracted tens of thousands of super-rich over the years, captured by the charms of the so-called Eternal City. According to the latest edition of the World’s wealthiest cities report 2023 by Henley & Partners, as of the end of 2022, it was home to 56,600 individuals with assets over $1 million, 95 millionaires ($100 million and above), and 11 billionaires. An overall figure down -7 percent since 2012, but one that earned it the 22nd position in the ranking of the “richest” cities of high net worth individuals in the World. Also ranking among the Italians is Milan in 59th position with 12,600 HNWI and Florence in 68th position with 7,500 HNWI. For those who wish to move to the Belpaese and invest in strategic assets for the development and competitiveness of Sistema Italia, the 2017 Budget Law introduced a special visa in the Consolidated Immigration Act. This is the Investor Visa for Italy, dedicated to foreign citizens from non-EU or Schengen area countries willing to commit from 250 thousand euros to 2 million euros.
Investor Visa for Italy: how (and how much) to invest
The residence permit, with a two-year duration and renewable for an additional three years, can be issued in exchange for the following:
- An investment in an innovative startup of at least 250,000 euros;
- An investment in an Italian corporation for at least 500 thousand euros;
- a philanthropic donation of at least 1 million euros in the areas of culture, education, immigration management, scientific research, or the preservation of cultural and landscape heritage;
- an investment in government bonds of at least 2 million euros.
The investment or donation declared at the time of application must be made within three months from the date of entry into Italy and maintained throughout the permit’s validity.
How to send the application (and the necessary documents)
To obtain the special investor visa, it is first necessary to obtain a clearance issued by the Investor Visa for Italy committee. The application can be submitted online (free of charge) through the investorvisa.mise.gov.it portal by attaching the relevant documents. In addition to contact details, one must provide a copy of a passport, a brief curriculum vitae, and documentation with which to prove the ownership of the amounts to be allocated to the investment or donation in addition to the transferability and lawful origin of these resources; finally, one must select the preferred type of investment and describe its characteristics accompanied by a statement of consent from the recipients.
Arrival in Italy: who to contact for the residence permit
Once a visa is obtained, the investor has two years to travel to Italy and apply for a residence permit at the nearest Questura within eight working days from entry into the country. Also, from the communicated date of entry, as anticipated, they must make the investment or donation indicated at the time of application within three months, failing which the entire procedure is forfeited. The permit, in turn, is valid for two years and can be renewed for an additional three years following the issuance of an additional clearance by the Investor Visa for Italy committee, which will verify that the investment or donation has been maintained for the entire period of validity of the permit. The permit renewal application must be submitted at least 60 days before expiration at the relevant Questura.
According to the latest data released by the then Ministry of Economic Development (now the Ministry of Enterprise and Made in Italy), as of December 31, 2021, 64 applications had been submitted by citizens from 20 different countries, with an approval rate of 78.1 percent. Looking at the countries of origin of applicants, in the first place were the United States and Russia, with 14 applications submitted respectively, accounting for 21.9 percent of the total, followed by the United Kingdom with seven applicants (10.9 percent). In 43 cases, investment transactions in Italian corporations were mentioned, but there was also no shortage of transactions in government bonds (10), innovative startups (9), and philanthropic donations (2).
