Italy issued 4 times more residence permits to investors in 2021
But there were only 40 residence permits, although 73% more than in 2020. In total, Italy received 64 applications during the four years of the investment program and earned about 18 million euros.
We tell you why the program is not as in demand as other similar European programs.
Author •Igor Buglo
Head of the Maltese office, MBA
Italy issued 4 times more residence permits to investors in 2021
The residence permit by investment program has been operating in Italy since 2018. To become a resident of the country, participants choose one of four investment options:
€250,000+ — investments in innovative start-ups;
€500,000 — investments in a local company;
€1,000,000+ — investments in socially significant projects;
€2,000,000+ — a purchase of government bonds.
The statistics of the program was published by the Ministry of Economic Development of Italy.
How many investors received a residence permit in Italy
Italy approved 50 investor applications out of 64 that were submitted during the residence permit program. Most often, participants chose the option with investments in Italian companies, in second and third places are the purchase of government bonds and investments in startups.
50 investors
Became Italian residents from 2018 to 2021
The number of submitted applications varies by year. Demand has skyrocketed in 2021. The reason is that Italy halved the minimum investment amount for two options in May 2020: these were investments in Italian startups and companies.
The Italian government has also abolished the mandatory residence requirement in the country. Until December 2020, investors had to live in Italy for at least 183 days a year in order to maintain the residence permit.
Most of the applications for a residence permit in Italy were submitted by Russians and Americans, in second place in terms of the number of participants is the United Kingdom, and in third is Canada.
Top 5 countries whose citizens participated in the Italian investment program
Investor’s citizenship
Number of program participants
1. Russia
14
1. USA
14
2. UK
7
3. Canada
5
4. Syria
4
5. China
3
5. Israel
3
When applying, investors also got divided on which region of Italy they wanted to settle. The most popular destinations are Milan, Rome, Florence, Sassari and Como.
Which EU countries issue residence permits by investment
Investors can obtain residence permits in Greece, Spain, Ireland, Latvia, Luxembourg, the Netherlands, Portugal, Malta and Cyprus.
The annual statistics were published by the migration services of Greece, Italy and Portugal. To draw objective conclusions about the demand for the program, you need to compare the results for the same period. Therefore, below we compare the statistics for the programs of Italy, Portugal and Greece for the period from 2018 to 2021.
Italy issued the least residence permit by investment: 50 applicants received a residence permit in the country.
Portugal granted resident permits to 4701 investors, 865 of them got the status in 2021.
Greece issued the most residence permit cards over the past four years: 7401 investors have become residents of the country. The figure is approximate, the statistics for 2021 may still change: the migration service will add to the reports investors who have already bought real estate, but did not have time to receive residence permit cards.
Why investors choose Greece and Portugal
An opportunity to buy property. Investors most often choose the option of buying real estate in order to obtain a residence permit in Greece or Portugal. For example, in 2021, 87% of investors bought Portuguese property to become residents of the country. Italy does not issue a residence permit by investment in real estate.
A residence permit in Portugal can be obtained for the purchase of real estate in one of two ways:
The purchase of one or more new residential or commercial real estate in the amount of €500,000.
The purchase of an object older than 30 years for restoration for €350,000.
If an investor wants to buy a property in a region with a low population density, the value of the property can be 20% less: €400,000 for new properties and €280,000 for historical properties.
Examples of properties in Portugal
Portugal, Cascais
€645,000 — €675,000
Apartments in a 5-star resort complex managed by Sheraton
80 m² — 103 m²
1 
1 
Portugal, Albufeira
€1,400,000 — €4,500,000
Apartments and villas in a luxury resort managed by Marriott International194 m² — 386 m²3 3 
Greece offers to obtain a residence permit by investments in real estate in the amount of €250,000. At the same time, it is allowed to buy the entire object, rent a hotel or apartment in a resort complex for 10 years, and also purchase a land plot for construction.
The cost of real estate for obtaining a residence permit by investment
€280,000+
€250,000+
A residence permit in Portugal
A residence permit in Greece
Investors own real estate for five years in order to maintain a residence permit in the European Union. After five years, the object is allowed to be sold and the money invested to be returned. If real estate prices in Portugal and Greece grow steadily during the ownership of the property, the investor will also earn on the difference in value.
Examples of properties in Greece
Greece, Athens
€376,000 — €447,000
Hotel apartments in the historical center of Athens47 m² — 97 m²1 1 
Greece, Athens
€715,000 — €1,324,000
Apartments in a closed residential complex near the sea, Alimos, Athens86 m² — 153 m²1—3 1—3 
Greece, Chania
€290,000 — €380,000
Apartments and villas in a quiet area by the sea in Crete64 m² — 112 m²2—3 2 A faster path to citizenship. An investor can apply for Portuguese citizenship if he has maintained the status of a residence permit for five years. To do this, the investor complies with the terms of the program and spends at least seven days a year in the country.
An investor can obtain Greek citizenship after seven years of permanent residence in the country. Five years after the residence permit, it is allowed to apply for permanent residence, after another two years — for citizenship.
Investors receive Italian citizenship by naturalization on a general basis. After five years of owning a residence permit card, an investor can become a permanent resident, and after another five years, they can apply for citizenship.
Terms of obtaining citizenship after a residence permit by investment
5 years
7 years
10 years
in Portugal
in Greece
in Italy
Immigrant Invest is a licensed agent for residence permit programs in Portugal and Greece. If you want to buy real estate and become a resident of one of the EU states, please contact investment program experts for advice.
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