Golden Visa Italy: Residence Permit for Investors

Introduction

The Italian Golden Visa, officially known as the Investor Visa, is a program that allows non-EU citizens to obtain a residence permit in Italy through significant investment.

This scheme is part of the global model of Residency by Investment (RBI), widely adopted in Europe (Portugal, Spain, Greece) and worldwide. Italy 🇮🇹 introduced its Investor Visa in the 2017 Budget Law (Law 232/2016, art. 1, paragraphs 148–150) and later regulated it through the Ministry of Enterprises and Made in Italy (MIMIT).

📌 The goal is to attract foreign capital, support the national economy, and encourage the settlement of entrepreneurs, investors, and innovators.

Who can apply for the Golden Visa

The Investor Visa is available to non-EU citizens who intend to invest in Italy.
There are no nationality restrictions, but applicants must:

• have demonstrable and liquid wealth,
• have no serious criminal record,
• be able to make traceable bank transfers from their country of origin.

👉 The applicant may also include family members (spouse, minor children, dependent adult children).

Types of eligible investment

To qualify for the Italian Golden Visa, the applicant must choose one of the following options:

1. Italian Government Bonds
   • Minimum: €2,000,000
   • Must be held for at least 2 years.
2. Italian Companies
   • Minimum: €500,000
   • Investment in the share capital of limited companies (S.p.A. or S.r.l.) operating in Italy.
3. Innovative Startups
   • Minimum: €250,000 🚀
   • In companies registered as “startup innovative”.
4. Philanthropic Donation
   • Minimum: €1,000,000
   • To support projects of public interest in culture, education, immigration, or scientific research.

Benefits of the Golden Visa

Obtaining the Italian Golden Visa provides several advantages:

• A 2-year residence permit, renewable for 3 more years.
• Freedom of movement throughout the Schengen Area ✈️ (90 days every 6 months).
• Possibility to include family members 👨‍👩‍👧.
• Access to Italy’s special tax regime for new residents.
• After 5 years → eligibility for the permesso UE per soggiornanti di lungo periodo (EU long-term residence permit).
• After 10 years → eligibility to apply for Italian citizenship by residency.

Flat tax for new residents: 2024 update

One of the key incentives of the Golden Visa is the tax regime for new residents.

📌 Before 2024:

• Substitute tax on foreign income → €100,000 per year.
• For each additional family member → €25,000 per year.

📌 After Decree-Law 113/2024:

• The substitute tax was raised to €200,000 per year.
• For each additional family member → €50,000 per year.

👉 This means that Golden Visa holders who transfer their tax residence to Italy can still benefit from a predictable flat tax regime, but the cost is now double compared to the past. Italy remains attractive, but the change reduces its competitiveness compared to some other European RBI programs.

Step-by-step procedure

1. Online application

The applicant registers on the official platform of the Ministero delle Imprese e del Made in Italy (MIMIT – Ministry of Enterprises and Made in Italy) and uploads the required documentation (passport, proof of funds, chosen investment).

2. Nulla osta

If the application is approved, a nulla osta (authorization) is issued within 30 days.

3. Visa request

With the nulla osta, the applicant applies for the Investor Visa at the Italian consulate in their country.

4. Entry into Italy

With the visa, the applicant must enter Italy within 2 years of its issuance.

5. Transfer of funds

Within 3 months of entry, the investor must finalize the declared investment (purchase of bonds, company shares, or donation).

6. Residence permit

Upon presenting proof of the transfer, the Questura (Police Headquarters) issues the permesso di soggiorno per investitori (residence permit for investors) valid for 2 years.

Required documents

• Valid passport,
• Proof of financial means and wealth,
• Criminal record certificate from the country of residence,
• Nulla osta issued online,
• Documentation relating to the chosen investment,
• Health insurance for the initial period,
• Marca da bollo (€16 revenue stamp),
• Payment receipt for the electronic residence permit (~€100–130).

Costs and taxes

Beyond the required investment, the applicant must cover:

• consular fees for the visa,
• administrative and postal costs for the permit,
• potential fees for legal and tax consultants.

📌 For those transferring tax residence to Italy, the flat tax is now €200,000 per year (+ €50,000 for each additional family member).

Possible difficulties and refusals

• Incomplete documentation or missing certified translations.
• Funds not traceable or originating from high-risk jurisdictions.
• Failure to maintain the investment for at least 2 years.
• Inconsistency between declarations and proof of wealth.

❌ In these cases, the visa or residence permit may be denied or revoked.

Golden Visa Italy vs other countries

• Portugal: investment mainly in real estate or funds, very popular but currently under revision.
• Spain: minimum €500,000 in real estate.
• Greece: €250,000 in real estate.
• Italy: no mandatory real estate investment 🏠; focus on companies, startups, and government bonds.

Practical advice

💡 Prepare documentation well in advance.
💡 Consult with immigration lawyers and a fiscalista (tax advisor).
💡 Carefully select the investment option that best suits your profile.
💡 View the Golden Visa as a medium-to-long term project, not a quick shortcut.

Conclusion

The Italian Golden Visa remains one of the most prestigious and secure ways to obtain residency in Italy through investment.
While the required capital is significant, the program offers unique advantages: a country at the heart of Europe, high quality of life, the path to citizenship, and a competitive (though recently increased) tax regime for new residents.

📌 The golden rule: plan carefully, rely on professionals, and choose the most suitable investment strategy.