Italy Golden Visa guide: how to get a residence permit by investment followed by citizenship

The meaning of the Italy Golden Visa program is to obtain a residence permit in the country. It is the fastest way for wealthy people to become legal residents of Italy. A residence permit comes with guaranteed legal rights, including the right to live, work, study, and receive medical care in the country.

The Italy Golden Visa is not the kind that is affixed to a passport. Investors receive it as a separate document: a residence card.

Another name for the Italy Golden Visa is Italy Investor Visa. The rules for obtaining an Italy visa for investors are set in the “Entry and Residence for Investors” article of the Consolidated Act on Immigration.

1. Visa-free travel to the EU and Schengen Area. Investors and their family members with residence permits in Italy may visit the Schengen countries without a visa and stay up to 90 days out of 180 days.

2. EU citizenship in 10 years. The Italy Investment Visa is the first step toward EU naturalisation since Italy is part of the area. Italian citizenship can be obtained after 10 years of permanently residing in the country. If investors do not wish to obtain citizenship, they do not have to live in Italy.

3. Comfortable place to live, work and raise children. The Italy Golden Visa entitles investors and their family members to reside in the country, get employment with no restrictions, enrol their children in kindergartens and schools, open bank accounts, and seek medical treatment.

Italy is one of the most desirable countries to move to thanks to the beautiful cityscapes, magnificent nature, and friendly people. The country is famous for its cultural heritage — the unique architecture, music, and art — and is a UNESCO World Heritage Sites leader. More than 50 million people visit Italy every year.

4. European tertiary education. Children of investors with Italian residence permits can more easily enrol in an Italian university. Tuition and associated costs will be lower than for other international students.

5. Special tax regime. A person who spends more than 183 days a year in Italy becomes a tax resident. The new tax residents can apply for a special tax regime. Investors may pay an annual fixed tax of €200,000 on profits outside Italy. Gift and inheritance taxes will only apply to Italian assets.

Preferential conditions will be available to those applicants who have not been tax residents of Italy for the previous 9 out of 10 years and have previously obtained permission from the local tax office Agenzia Delle Entrate. The period of validity of this exemption is 15 years.

6. Access to one of the world’s major markets. Italy is the third-largest economy in the Eurozone and the 8th largest globally, with a GDP of around $2 trillion. Its domestic market offers diversity for business, with a population of over 60 million and a GDP per capita of over $35,000.

7. Streamlined business opportunities. Investors get the advantage of streamlined processes for starting and operating a business within Italy. This includes easier access to business registration, potential incentives at the regional level, and connections to a vast network of local and international entrepreneurs.

Citizens of countries outside the EU and Schengen Area are allowed to apply for an Italy Investor Visa.

Requirements for the main applicant

• over 18;

• sufficient funds for the investment;

• proof of the legitimacy of the funds;

• written Declaration of Commitment that states the amount of money they are willing to invest, and where in Italy they plan to stay;

• proof of sufficient funds to reside in Italy;

• no criminal record;

• valid health insurance.

The investor can include their immediate family members in the Italy Investor Visa application.

Family members that qualify for Italy Golden Visa

• spouse over 18;

• unmarried children, including children of the spouse, unmarried and under 18;

• dependent children with a disability, over 18;

• dependent parents — of any age if they do not have any other children in their native country, or over 65 if the other children can not support them due to health issues.

Siblings and independent adult children can not be included in the Italy Investor Visa application.

Applicants can choose one of four options provided by the Italy residency by investment program. The minimum investment requirement will depend on the option.

Innovative startup or limited company investment options. The minimum threshold is €250,000 for a startup and €500,000 for equity financing to an Italian limited company.

These options require higher risks and extensive involvement but the least amount of investment. It is more suitable for those planning to move to Italy. Applicants must prepare a business plan and a cover letter confirming their financial resources.

Philanthropic donation option. Funds are used to support a project of public interest in the cultural, educational, immigration, scientific, and natural heritage sectors. The minimum threshold is €1,000,000 when supporting culture and social projects. While this investment cannot be returned, this option is the most popular among investors.

Government bond purchase option. The minimum threshold is €2,000,000.

This option comes with the least risks and involvement but is the most costly one. Investors can buy Italian government bonds with a remaining maturity of over two years, such as CCT/CCTeu, CTZ, BTP, Long-Term Treasury Bonds index-linked to Eurozone inflation, and BTP ITALIA. The annual yield for 5-year Italian government bonds is 2,3%.

To apply for an Italy Golden Visa, an investor will need to request a Nulla Osta or a certificate of no impediment:

• via the Italian Start-Up Committee portal if they chose the innovative start-up investment option;

• via the Investor Visa for Italy Committee portal if they chose other investment options.

List of documents for Nulla Osta

1. Contact information.

2. Passport copy.

3. CV copy.

4. Certificate of no criminal record or charges from every country of residence for the last 10 years.

5. Proof of funds required for the chosen investment option, as well as proof of their legality and transferability.

6. Description of the investment characteristics and proof of consent from the recipients.

7. Declaration of commitment to use the funds, and make the relevant investment within 3 months after entering Italy, with an electronic signature.

In 30 days, the Committee will issue a decision to approve or reject the Nulla Osta application. If the certificate is approved, the investor can apply for an Investor Visa via the Italian embassy in their home country.

An Italian residence permit by investment is valid for 2 years. The status can then be renewed for 3 years, provided that the minimum investment is kept. A new Nulla Osta is needed for the renewal. After the renewal, the investor can apply for permanent residency in Italy.

Living in Italy permanently is required only if the residence permit holder wants to get Italian citizenship in the future. Italian language proficiency test is required only if the holder plans to apply for permanent residence or citizenship.

The investor applies for an Italy Investor Visa at the Italian embassy or consulate in their country of residence.

The list of documents for an embassy application:

1. Valid passport.

2. Photo in a passport format.

3. Nulla Osta certificate and documents that were submitted to obtain it.

4. Confirmation of accommodation in Italy, such as a hotel booking.

5. Proof of at least €8,500 earned during the previous year in the country of residence.

6. Proof of residence in the relevant consular district.

The applicant can prove the existence and legitimacy of their income with bank statements for the last 3 months, as well as with income tax returns. Other options include presenting income from renting out a property, running a business, or shares.

All necessary documents must be translated into Italian or English, notarized, and apostilled. The applicant can apply for a visa in person or via a lawyer.

It is not possible to obtain Italian citizenship by direct investment. After participating in the Italy Golden Visa program, investors get permanent residence in Italy and then citizenship by naturalisation under general conditions.

To obtain Italian citizenship by naturalisation, Golden Visa investors must have lived in the country for at least 10 years: five years based on a residence permit and five years based on permanent residence. They also pass a language test and maintain a clean criminal record.

Conditions for getting a permanent residence status and subsequent citizenship in Italy:

• rent or own residential property in Italy;

• have a stable income and pay taxes in the country;

• know Italian at the B1 level;

• have no criminal record;

• have no tax or public levy debt.

Applicants for Italian citizenship by naturalisation can not leave the country for longer than 6 months in one year. They can not be absent for more than one year in the 5 years before the application. These rules exclude foreigners who leave the country for studies or medical treatment.

Italy allows dual citizenship. Italian citizens may hold more than one citizenship, as long as this does not contravene the laws of other states.

Is the Italy Golden Visa worth it? Watch the video and find out

To obtain Italian citizenship, an applicant must have lived in the country for ten years. This route is not for everyone.

Some European countries offer investors the opportunity to get a residence permit and permanent residence much faster. Investors can live, study and work in their chosen country, enjoying the right of visa-free entry to other countries.

The programs’ conditions are less strict than in Italy. In Portugal, for example, investors are granted citizenship after living in the country for five years.

Greece offers a residence permit by investment for 5 years, with a chance to apply for citizenship in 7 years. The minimum investment is €250,000. The obtainment period is 4+ months.

Portugal offers a residence permit by investment for 5 years, with a chance to apply for citizenship after that period. The minimum investment is €250,000. The obtainment period is 12+ months.

Cyprus offers permanent residence by investment. Investors can renew their status every 2 years, or apply for citizenship in 5 years. The minimum investment is €300,000.The obtainment period is 9+ months.

Andorra offers a residence permit by investment. The status can be renewed after 2 years for another 2 years, and then for 10 years. Citizenship can be obtained only after 20 years of living in Andorra.

The minimum investment is €600,000. The obtainment period is 2 months.

Spain offers a residence permit by investment. The status can be renewed after 2 years for another 5 citizenship. After this, investors can get permanent residence, and apply for Spain citizenship in another 5 years.

The minimum investment is €500,000. The obtainment period is 5+ months.

Which Golden Visa to choose depends on your goal, budget, and plans for obtaining citizenship in the future. Portugal, Greece, and Spain Golden Visas allow visa-free travel to Schengen Agreement countries for 90 days within any 180 days. Andorra residence permit allows visa-free entry to France and Spain.

Portugal and Cyprus Golden visas allow applying for citizenship after 5 years, provided that the residence permit or permanent residence is maintained and the necessary examinations are passed.