What is the Italy Golden Visa?
The Italy Golden Visa, formally known as the Investor Visa for Italy, allows qualifying non-EU nationals to obtain residence in Italy through an approved investment or charitable contribution.
Rather than granting citizenship in exchange for an investment, the programme provides a route to Italian residence through investment. Successful applicants first receive an investor visa and, after entering Italy and completing the required formalities, can obtain an investor residence permit.
Successful applicants receive an initial two-year residence permit, which can be renewed for three-year periods as long as the qualifying investment is maintained. After five years of qualifying residence in Italy, applicants may become eligible for permanent residence, while Italian citizenship may be available after 10 years, subject to meeting the applicable requirements, including B1-level Italian.
The terms "Italy Golden Visa" and "Italy citizenship by investment" are sometimes used interchangeably online. Legally, however, they describe two very different concepts. Italy has an investor residence programme, but it does not have a programme through which an applicant can acquire Italian citizenship simply by making a qualifying investment.
The programme offers several investment options, including Italian government bonds, Italian companies, innovative startups and qualifying charitable donations, with a different minimum investment amount applying to each route.
Another important feature of the programme is that applicants do not need to make the investment before applying. Instead, they first obtain preliminary approval and complete the qualifying investment after entering Italy. This means the required capital does not need to be invested before the application has been approved.
Once the residence permit has been granted, the qualifying investment must be maintained for as long as the applicant wishes to maintain their residency under the programme. Applicants should therefore be aware of and understand both the initial investment amount and the requirements for keeping that investment in place.
The most suitable qualifying investment will therefore depend on the applicant’s individual circumstances, including their objectives, liquidity needs and longer-term plans in Italy.
What are the Italy Golden Visa investment routes and amounts?
There are four investment routes under the Investor Visa for Italy:
- Italian government bonds €2 million
- Italian limited company €500,000
- Italian innovative startup €250,000
- Philanthropic donation €1 million
Italian government bonds
An applicant may qualify by investing at least €2 million in Italian government bonds.
While this route requires the highest minimum investment, the funds are invested in Italian government bonds rather than the equity of a private company or startup. The route does not require the applicant to take an ownership interest in, or select, an individual business. Another advantage is that investments may be split across more than one type of bond.
The investment must meet the programme requirements and remain in place for as long as the applicant wishes to maintain their investor residence permit.
Investment in an Italian limited company
The second route requires an investment of at least €500,000 in an Italian limited company operating in Italy, whether listed or unlisted.
This option may suit applicants who prefer to invest in an established Italian business rather than government securities. However, applicants should carefully consider the potential implications of a future sale, company restructuring or a reduction in the value of the investment, as changes affecting the qualifying investment may also affect their ability to maintain their investor residence permit.
Investment in an innovative startup
The lowest financial threshold is an investment of at least €250,000 in an Italian innovative startup. Applicants can verify whether a company is registered as an innovative startup through the official Italian Business Register portal at startup.registroimprese.it/isin/home.
The lower investment threshold may make this route attractive, but the amount required is only one consideration. Applicants should also take into account the level of risk associated with the investment itself.
Startups can fail, be acquired, restructure or cease trading, any of which could affect the qualifying investment. Applicants should therefore understand how these changes could affect their ability to maintain their residence permit before choosing this route.
Philanthropic donation
The fourth route requires a €1 million philanthropic donation in support of a project of public interest in sectors such as culture, education, immigration management, scientific research, or the recovery of cultural assets and landscapes.
Unlike the other qualifying routes, the €1 million is a philanthropic donation rather than an investment that remains in the applicant’s portfolio. Once the donation has been completed, the applicant no long holds the donated funds and no additional investment is required. At renewal, a declaration from the recipient entity confirming that the donation has not been revoked, will be required.
Whichever route is selected, the investment should not be viewed simply as an entry price for Italian residence. Applicants should consider the legal obligation to maintain the qualifying investment, the liquidity of the underlying asset and what would happen to their residence position if circumstances change.
What happens if the Italy Golden Visa investment loses value or fails?
The investment requirements continue after the investor residence permit has been granted. The qualifying investment must remain compliant for as long as the applicant wishes to maintain their residence under the programme.
This is particularly important for applicants considering the €250,000 innovative startup route. While the lower investment threshold may be attractive, startups carry a very different risk profile from assets such as Italian government bonds.
What does maintaining the investment mean?
Maintaining the investment essentially means continuing to hold the qualifying investment on which the residence permit was based. A change in its market value is not necessarily the same as selling, withdrawing or transferring the investment, or otherwise bringing it to an end.
The effect on the residence permit will depend on what has actually happened to the investment, so applicants considering any changes should seek advice before proceeding.
What if an innovative startup fails?
Investing in a startup carries the risk that the business may fail. For an Investor Visa holder, this could have consequences beyond losing the money invested, as the investment also supports their residence under the programme. If the qualifying company fails or is wound up, the applicant may therefore need to consider how this affects their residence permit.
If the qualifying company fails, enters liquidation or is wound up, the investment on which the applicant’s residence permit was based may no longer satisfy the programme requirements. This could affect the applicant’s ability to maintain or renew their investor residence permit.
The beneficiary of the Italy Investor Visa must retain the original investment. Altering the destination of the investment is not permitted under any circumstances and will lead to the permit been revoked and not renewed. If the beneficiary intends to execute a new investment, it is necessary to submit a new application for an investor visa. Accordingly, applicants tend to favour investments in established companies over start-ups, even if it requires a higher capital mobilisation.
Can the investment be moved to another qualifying asset?
No. The investment approved under the Investor Visa is expected to remain in place for the duration of the investor residence permit. This means an applicant cannot simply sell the original investment and move the proceeds into another qualifying asset while relying on the same residence permit.
For example, an applicant who invested in an Italian company cannot assume that selling those shares and using the proceeds to purchase Italian government bonds will satisfy the programme requirements. The official guidance requires the original qualifying investment to be maintained and states that changing its destination can result in the residence permit being revoked or becoming ineligible for renewal.
Where an investor wishes to replace the original investment with a different qualifying investment or donation, a new Investor Visa application may be required. This makes it important to consider the longer-term suitability of the chosen investment before proceeding, particularly where the applicant may later want to exit a company or startup.
Applicants should therefore seek advice before selling, transferring or otherwise changing an investment connected to their residence permit. This is particularly important where the circumstances are outside the investor's control, such as a merger, acquisition, insolvency or winding up of the company in which they invested.
What happens at renewal?
The continued maintenance of the qualifying investment is arguably the most important condition for renewing the investor residence permit. Applicants must provide evidence that the original investment or donation has been maintained throughout the validity of the existing permit, which is reviewed by the IV4I Committee before it issues the Nulla Osta required for renewal.
If the qualifying investment is withdrawn or the funds are moved to a different investment, the residence permit may be revoked and cannot be renewed. The published guidance also states that an applicant who wishes to replace the original investment with a new qualifying investment or donation must submit a new Investor Visa application.
| Qualifying route | Evidence required for renewal |
|---|---|
| Italian government bonds | Bank documentation showing the securities held, including their type, issue date and maturity date, together with confirmation that the securities are deposited with a financial intermediary in Italy. |
| Italian company | For an unlisted company, confirmation from the company's legal representative that the investment has been maintained. For a listed company, evidence includes the shareholders' register and the investor's securities records. Additional evidence is required where the investment involved the purchase of shares. |
| Innovative startup | The same general requirements that apply to investments in Italian companies, including evidence that the qualifying investment continues to be maintained. |
| Philanthropic donation | A declaration from the recipient organisation confirming that the original donation has not been revoked. |
Does Italy offer citizenship by investment?
No. Italy does not have a citizenship by investment programme. The Italy Golden Visa is a residence-by-investment route, meaning that making a qualifying investment can lead to an Investor Visa and residence permit, but does not provide Italian citizenship in return for that investment.
In Italy, any future application for citizenship is separate from the Golden Visa programme and is considered under the country's ordinary naturalisation rules.
For non-EU nationals, Italian citizenship by naturalisation is generally available after 10 years of legal residence in Italy. Applicants must also satisfy the other requirements applicable at the time of application, including demonstrating Italian language ability at B1 level. Meeting the residence period does not result in citizenship automatically; it makes the individual eligible to apply.
For applicants who wish to apply for Italian citizenship, obtaining the Investor Visa is the starting point. Eligibility for naturalisation depends on meeting Italy’s separate residence and citizenship requirements, rather than simply holding the investment for 10 years.
Applicants should therefore consider how they intend to live in Italy after receiving their residence permit. The Golden Visa can provide a route towards permanent residence and, eventually, citizenship, but each stage has its own requirements that must be met.
What are the Italy Golden Visa requirements, and what evidence is needed?
Applicants must meet both the immigration requirements for the Investor Visa and the financial requirements for their chosen investment route. These requirements include:
- committing to one of the qualifying investment options;
- demonstrating that sufficient funds are available to complete the investment;
- providing evidence of the lawful source of those funds;
- meeting the applicable criminal-record requirements;
- providing the required health insurance and evidence of accommodation; and
- submitting the required declaration of commitment.
The applicant must identify their proposed investment route and provide evidence that they have sufficient funds to complete it. The application is then reviewed by the Investor Visa for Italy Committee, which must approve the proposed investment before the applicant can proceed with the visa application. The investment itself is made later, after the required approval has been obtained and the applicant has entered Italy.
The source of the investment funds is also examined as part of the application. It is not enough simply to show that the required amount is available. Applicants must provide documentation explaining where the funds came from and demonstrating that they were obtained lawfully.
What evidence of source of funds is required for the Italy Golden Visa?
Applicants must show not only that they have enough money to make the qualifying investment, but also where that money came from. A bank statement can confirm that the funds are available, but it may not be enough to establish their lawful origin.
The evidence required will depend on how the applicant acquired the funds. Employment income may be supported by salary and employment records, while business owners may need to document dividends, profits or proceeds from the sale of a business interest. Where funds come from the sale of property or another asset, the supporting documents should show the applicant's ownership, the sale and the subsequent receipt of the proceeds.
Inheritance and gifted funds require similar documentary proof. In these cases, the applicant may need to establish how the funds were transferred to them as well as provide evidence supporting their original source. More complex ownership arrangements, including companies, holding structures or trusts, can require additional documentation to trace the money through each stage before it reaches the applicant.
The aim is to provide a clear and consistent record of how the investment funds were acquired and transferred, rather than simply submitting a large collection of financial documents. This forms part of the programme's anti-money-laundering checks and can become a source of delay where documents are missing, transactions cannot be clearly explained or the information provided is inconsistent.
What is the Italy Golden Visa application process and timeline?
The Italy Golden Visa process can be divided into five main steps, beginning with approval of the proposed investment and ending with completion of the investment after the applicant arrives in Italy. Importantly, applicants do not make the qualifying investment before their application has been approved.
1. Prepare the Investor Visa application
The applicant first chooses one of the qualifying investment routes and prepares the personal and financial documents required for the application. This includes evidence that sufficient funds are available to complete the investment and documentation showing their lawful source.
Applicants with more complex sources of wealth, particularly those involving companies, trusts or several sources of income, may need additional time to prepare this evidence.
2. Obtain Nulla Osta approval
The next step is to apply for a Nulla Osta, which is the preliminary approval required before proceeding with the Investor Visa application.
The application is submitted through the Investor Visa for Italy online portal and reviewed by the Investor Visa for Italy Committee. The Committee assesses the applicant and proposed investment before deciding whether to issue the Nulla Osta.
3. Apply for the Investor Visa
Once the Nulla Osta has been issued, the applicant can apply for the Investor Visa through the Italian embassy or consulate responsible for their place of residence.
This is a separate stage from the investment approval and involves the immigration documents and checks required for the visa itself.
4. Enter Italy and obtain the residence permit
After the Investor Visa has been granted, the applicant can travel to Italy and begin the process of obtaining their investor residence permit.
There are specific formalities that must be completed after arrival, so applicants should be aware of the applicable deadlines before travelling.
5. Complete the qualifying investment
The qualifying investment is made after the applicant has entered Italy rather than before the Investor Visa is approved. The applicant must complete the investment within the period required by the programme and submit evidence confirming that the investment commitment has been fulfilled.
Failure to complete the investment within the required timeframe can affect the applicant's residence status.
How long does the Italy Golden Visa process take?
The Investor Visa for Italy Committee is required to decide on the Nulla Osta application within 30 days of submission. If additional documents or clarification are requested, the assessment is suspended while the applicant responds, which can extend the process.
Once the Nulla Osta has been issued, the applicant has six months to apply for the Investor Visa at the relevant Italian embassy or consulate. The time needed to complete this stage will depend partly on consular appointment availability and processing at the relevant diplomatic mission.
After the visa is granted and the applicant enters Italy, two further deadlines become important. The application for the investor residence permit must be made within eight days of arrival, while the full qualifying investment or donation must be completed within three months of entering Italy. Evidence that the investment was completed on time is then submitted through the Investor Visa for Italy portal for review by the Committee.
There is therefore no single processing time that applies to every Italy Golden Visa application. The Nulla Osta has a defined 30-day decision period, but the overall timeframe will also depend on how quickly the applicant can prepare the required evidence, obtain a consular appointment and complete the post-arrival formalities.
What causes an Italy Golden Visa refusal, and what is checked at renewal?
An Investor Visa application can be refused if the applicant or proposed investment does not meet the programme requirements. The Nulla Osta and consular visa are separate stages, and approval at one stage does not remove the need to satisfy the requirements at the next.
Why can a Nulla Osta application be refused?
The Investor Visa for Italy Committee reviews the proposed investment before deciding whether to issue the Nulla Osta. This includes checking that the investment falls within one of the qualifying categories, that the applicant has sufficient funds to complete it and that the documentation supporting the application meets the programme requirements.
Source of funds can be particularly important. Applicants must demonstrate that the money intended for the investment is available and comes from a lawful source. Missing documents, inconsistencies in the financial evidence or an inability to establish where the investment funds came from can therefore create problems during the assessment.
The investment itself has not normally been completed at this point. Applicants first obtain the Nulla Osta and Investor Visa, enter Italy and then have three months to complete the qualifying investment. A refusal during the preliminary approval process therefore does not ordinarily mean that the applicant has already committed the qualifying investment to Italy.
Can a refused application be appealed or submitted again?
The options available following a refusal will depend on the reason for the decision. If the issue relates to missing or insufficient documentation, it may be possible to address the problem by providing the required evidence. However, where the applicant or proposed investment does not meet the programme’s eligibility requirements, additional documentation alone will not be enough to address the reason for refusal.
What is checked when the investor residence permit is renewed?
The initial investor residence permit is valid for two years. It can then be renewed for further three-year periods, provided the applicant continues to meet the programme requirements.
The most important part of renewal is proving that the original qualifying investment or donation has been maintained throughout the validity of the permit. The applicant must submit evidence to the Investor Visa for Italy Committee, which reviews the documentation before issuing the Nulla Osta required for renewal.
The required evidence depends on the investment route used for the initial application. Government bond investors, for example, must demonstrate that the qualifying securities continue to be held, while company and startup investors must provide evidence that the original investment remains in place. For a philanthropic donation, the recipient organisation must confirm that the donation has not been revoked.
What happens after five years of residence in Italy?
After five years of continuous legal residence, an Investor Visa holder may become eligible for an EU long-term residence permit. This is different from renewing the investor residence permit for another three years.
The applicant must have been legally and continuously resident in Italy for the required period and meet the separate conditions for long-term resident status.
This includes demonstrating sufficient income and Italian language ability at A2 level, unless an exemption applies. The amount of time the applicant spends outside Italy can also affect their eligibility. As a general rule, absences of more than six consecutive months, or more than 10 months in total during the five-year period, can prevent the applicant from meeting the continuous residence requirement.
For Investor Visa holders, simply maintaining the investment for five years is not enough to qualify for long-term residence. Applicants must also meet Italy’s residence requirements, so spending extended periods outside the country could affect their eligibility.
Who can be included as a family member?
Eligible family members can join an Investor Visa holder in Italy under the country’s family reunification rules, without making a separate qualifying investment for each person. The Investor Visa programme follows the general rules under Article 29 of Italy’s Immigration Act when identifying which family members qualify.
Eligible family members can include a spouse or civil partner aged 18 or over, as well as unmarried children under 18. Minor children of the applicant’s spouse can also qualify, although the consent of the other parent may be required.
The requirements are stricter for adult children. An adult child does not qualify simply because they remain financially dependent on their parents. They must be dependent on the applicant and unable to meet their essential needs because of a health condition resulting in total disability.
Dependent parents may also qualify, but only in certain circumstances. A dependent parent will need to prove that they have no other children in their country of origin or previous residence. Where the parent is over 65, they may qualify if their other children are unable to support them because of serious and documented health reasons. Parents over 65 are also subject to specific health insurance requirements.
Depending on the circumstances, the main applicant may also need to demonstrate sufficient income and suitable accommodation in Italy. The accommodation must satisfy applicable health, safety and occupancy standards, while the minimum income requirement increases according to the number of family members joining the applicant.
How does Italy compare with Portugal and Greece?
| Category | Italy | Portugal | Greece | Hungary |
|---|---|---|---|---|
| Investment Costs |
|
|
|
No specific investment threshold specified |
| Validity | 2 year – renewable | 2 year – renewable | 5 year – renewable | 10 year – renewable for a further 10 years |
| Dependents |
|
|
|
|
| Typical processing time | 3 to 6 months | 12 to 24 months | 6 to 9 months | 4 to 6 months |
| Minimum stay requirements | None | 7 days in the first year after final approval; 14 days every subsequent two year period | None | None |
| Citizenship overview | 10 years of continuous residence, and subject to other conditions (such as language) |
|
7 years of legal residence, subject to actual residency, language, and cultural integration | 8 years of continuous residence after permanent residence (which itself requires at least another 3 years), and subject to other conditions (such as cultural test in Hungarian language) |
Italy and Hungary information: Validated by Laure Cochet
Portugal information: Sourced from Carla Chibeni
How can Harvey Law Group assist with an Italy Golden Visa application?
HLG can assist throughout the Italy Golden Visa process, from assessing eligibility and preparing the Investor Visa application to reviewing source-of-funds documentation and completing the required immigration formalities.
Where an applicant is considering different qualifying investments, HLG can also advise on the immigration implications of each option. This can be particularly important for investments in an Italian company or innovative startup, where a future sale, restructuring or failure of the business could affect the investment supporting the residence permit.
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