Türkçe
The Italy Golden Visa, officially known as the Investor Visa for Italy, is an investor visa programme that allows non-EU nationals to obtain residence rights in Italy by making one of the qualifying investments prescribed under Italian law.
The programme enables investors to establish lawful residence in Italy and, where the relevant requirements are satisfied, allows eligible family members to benefit from the applicable family reunification provisions.
Ketenci & Ketenci provides legal advice and representation throughout the entire process, from assessing the applicant's eligibility and the legal suitability of the proposed investment to the Nulla Osta application, consular procedures and residence permit formalities.
What the Investor Visa Actually Grants
The Investor Visa for Italy is an investor visa programme introduced in 2017 for non-EU nationals. Under the programme, an applicant may obtain a residence permit in Italy by making one of the qualifying investments prescribed by law.
The initial residence permit is issued for 2 years. Provided that the investment or donation is maintained throughout this period and the other applicable requirements continue to be satisfied, the permit may be renewed for a further 3 years.
The Decree Behind the Investor Visa
The principal legal basis of the Investor Visa for Italy programme is Article 26-bis of Legislative Decree No. 286/1998 (Testo Unico sull'Immigrazione – TUI), Italy's principal immigration legislation. Article 26-bis was introduced by Law No. 232/2016, commonly referred to as the 2017 Budget Law.
The programme's implementation procedures are further governed by the relevant interministerial measures and the official guidance issued under the Investor Visa for Italy framework.
Official Investor Visa for Italy Portal
Current investment options, application stages, forms and procedural guidance are published on the official Investor Visa for Italy portal maintained by the Italian Ministry of Enterprises and Made in Italy:
Before submitting an application, applicants should verify the current investment thresholds, documentary requirements and applicable procedures through up-to-date official sources.
What the Investor Visa Actually Delivers
- Initial 2-year residence permit: The initial residence permit is granted for 2 years and may be renewed for a further 3 years, provided that the investment is maintained and the other applicable conditions continue to be satisfied.
- Travel within the Schengen Area: A valid Italian residence permit allows short-term travel to other Schengen countries in accordance with the applicable Schengen rules.
- Family reunification: Italy's family reunification provisions may apply to the applicant's spouse, children and other qualifying family members.
- Right to work: A residence permit issued under the Investor Visa framework entitles its holder to work in Italy in accordance with Italian immigration law.
- Path to long-term residence: Applicants who complete the required period of lawful residence and satisfy the other applicable conditions may become eligible to apply for an EU long-term residence permit.
- Path to citizenship: Individuals who complete the required period of lawful residence in Italy and satisfy the other naturalisation requirements may apply for Italian citizenship.
- Investment completed after approval: One of the programme's key features is that the investment does not have to be completed before the visa application. The investment or donation is made within the prescribed period following the applicant's entry into Italy.
- No language requirement for the initial application: There is no general Italian language requirement for an Investor Visa application. Separate language requirements may apply at the long-term residence or citizenship stage.
Who Can Apply, and What the Funds Must Show
The programme is available to non-EU nationals who satisfy the applicable investment and immigration requirements. In general, the applicant must:
- Be at least 18 years of age,
- Have sufficient financial resources to make one of the qualifying investments,
- Be able to demonstrate that the funds to be used for the investment derive from lawful sources,
- Provide the criminal record certificates and other eligibility documents required as part of the application,
- Satisfy the other requirements applicable to the visa and residence permit.
The eligibility of accompanying family members should be assessed separately in accordance with Italy's family reunification legislation and the applicant's individual circumstances.
Four Routes, From Startup Equity to Government Bonds
| Investment Type | Minimum Amount (€) | Description |
|---|---|---|
| Investment in an innovative Italian startup | 250,000 | Equity investment in a qualifying innovative Italian startup company |
| Investment in an Italian company or qualifying venture capital fund | 500,000 | Investment in equity instruments of a qualifying company incorporated and operating in Italy or in an Italian venture capital fund accepted under the applicable legislation |
| Philanthropic donation | 1,000,000 | Non-refundable donation to one of the public-interest areas recognised under the applicable legislation |
| Italian government bonds | 2,000,000 | Investment in qualifying Italian government bonds |
The qualifying investment routes under the Investor Visa for Italy programme include an investment in an innovative Italian startup, an investment in a qualifying Italian company or venture capital fund, a philanthropic donation, and an investment in Italian government bonds. The direct purchase of real estate is not an independent qualifying investment category under the Investor Visa programme.
Not Sure Which Investment Route Is Suitable for You?
Our legal team can assess your financial circumstances and objectives in light of the current Investor Visa investment categories.
Contact Us Call Us: +90 532 132 92 33The Two Document Stages: Nulla Osta and Consular Visa
A) Nulla Osta Preliminary Approval Application
The first stage of the Investor Visa process is obtaining the Nulla Osta from the Investor Visa for Italy Committee. This constitutes the preliminary clearance required before the applicant may proceed with the visa application.
The following documents and information are generally required:
- Valid passport
- Curriculum vitae and personal information concerning the applicant
- Criminal record certificate
- Documents evidencing the financial resources to be used for the investment
- Supporting documents demonstrating the lawful source of the funds
- Information concerning the selected investment or donation category
- Declaration of commitment to make the proposed investment
- Any other supporting documents required according to the nature of the selected investment
B) Consular Visa Application
Once the Nulla Osta has been issued, the applicant must apply for an investor visa within the prescribed period at the competent Italian diplomatic or consular mission in the country where the applicant legally resides.
The applicant may generally be required to provide:
- Valid passport
- National Type D visa application form
- Required photographs
- Nulla Osta certificate
- Evidence of accommodation and sufficient means of subsistence
- Required travel or health insurance
- Any other documents requested according to the applicant's individual circumstances
From Nulla Osta to Residence Card
Preliminary Assessment
The applicant's eligibility for the programme, the source of the funds to be used for the investment and the legal structure of the selected investment route are assessed.
Nulla Osta Application
The application is submitted electronically through the Investor Visa for Italy portal. Under the official procedure, the application is generally expected to be reviewed within 30 days.
Investor Visa Application
Once the Nulla Osta has been issued, the applicant must submit an investor visa application to the competent Italian diplomatic or consular mission before the Nulla Osta expires.
Entry into Italy and Residence Permit
After entering Italy on an investor visa, the applicant must apply to the competent Questura for a 2-year investor residence permit within 8 days of the date of entry.
Completion of the Investment
The investment or donation undertaken in the application must be fully completed within 3 months of the applicant's date of entry into Italy. Evidence confirming completion of the investment within this period must be submitted through the Investor Visa for Italy system.
Renewal of the Residence Permit
If the investment or donation is maintained throughout the initial 2-year residence period, the applicant may apply for a 3-year renewal. The renewal application must be submitted at least 60 days before the residence permit expires, and a new Nulla Osta must be obtained from the Investor Visa for Italy Committee.
Long-Term Residence
Once the required period of lawful residence and the other statutory conditions have been satisfied, the applicant may apply for an EU long-term residence permit.
Two Years, Then Three, Then Five
- Initial residence permit: 2 years
- Renewal: 3 years, provided that the investment or donation is maintained
- Renewal application timing: At least 60 days before the expiry of the current residence permit
- Long-term residence: An application may be made after completing the required 5 years of lawful residence and satisfying the other applicable conditions
- Citizenship: Non-EU nationals may generally apply after completing at least 10 years of lawful residence and satisfying the other applicable naturalisation requirements
Why Long-Term Residence Isn't Automatic at Five Years
Third-country nationals who have lawfully resided in Italy for at least 5 years may apply for an EU long-term residence permit, provided that they also satisfy the other applicable requirements.
This status is not acquired automatically merely by holding an Investor Visa for five years. The applicant must separately satisfy the requirements concerning valid residence status, income, the required level of Italian language proficiency and any other conditions applicable to long-term residence.
Ten Years to Naturalisation, Not a Guarantee
The Investor Visa for Italy does not directly grant Italian citizenship. It is primarily an immigration route that provides a basis for lawful residence in Italy.
For non-EU nationals, naturalisation generally requires at least 10 years of lawful residence in Italy.
Completing the ten-year residence period does not automatically confer a right to Italian citizenship. The applicant must also satisfy the other requirements prescribed under Italian citizenship law.
Citizenship applicants are generally required to demonstrate at least B1-level proficiency in Italian. Italian law provides certain exemptions from the language certification requirement for specific categories of applicants.
Accordingly, the route from an Investor Visa to Italian citizenship must be assessed separately in light of the applicant's history of lawful residence and the other applicable naturalisation requirements.
A Tax Regime the Visa Doesn't Automatically Unlock
Italy offers special tax regimes that may be available to individuals who become Italian tax residents. One such regime is the substitute tax regime administered by the Italian Revenue Agency in respect of certain foreign-source income.
For individuals who transfer their tax residence to Italy after 11 August 2024 and satisfy the applicable statutory requirements, an annual substitute tax of €200,000 may apply to certain foreign-source income. Where eligible family members are included in the regime, an additional substitute tax of €25,000 per eligible family member per year may apply.
This regime is separate from the Investor Visa programme. Accordingly, holding a Golden Visa or Investor Visa does not automatically entitle an applicant to benefit from this tax regime.
Eligibility for the regime must be assessed separately on the basis of the individual's previous tax residence, sources of income, family circumstances and other relevant financial factors. International tax planning should therefore be considered independently from the immigration application.
Life in Italy, Beyond the Investment
Italy is a well-established destination for international investors and their families, with a developed industrial base, major European commercial centres, internationally recognised universities, an extensive transport network and a diverse cultural environment.
Education
Alongside internationally recognised institutions such as the University of Bologna, Sapienza University of Rome and Politecnico di Milano, Italy offers a wide range of higher education programmes taught in English. International and bilingual private schools are also available in major cities.
Healthcare
Italy's national healthcare system, the Servizio Sanitario Nazionale (SSN), provides public healthcare services throughout the country. Access to the system for foreign nationals may vary depending on their residence status, registration status and the legislation applicable to their circumstances.
Transport
Major cities including Rome, Milan, Florence, Bologna and Turin are connected by an extensive rail and high-speed train network. Metro, tram and bus services are also widely available in larger cities.
Ready to Start Your Italy Golden Visa Application?
Our legal team can assist you throughout every stage of the process, from the Nulla Osta application to the issuance of your residence permit.
Speak to Our Legal Team +90 532 132 92 33Italy Against the Other EU Routes
The Italy Investor Visa differs from other European residence-by-investment programmes in terms of its qualifying investment routes, residence structure and long-term residence requirements. Depending on the applicant's objectives, other European programmes, including those available in Portugal and Greece, may also be considered on a comparative basis.
Questions We Actually Get About Italy
Would You Like More Information About the Italy Golden Visa Programme?
Contact our legal team for detailed information about the Italy Golden Visa programme and the application process.
Speak to Our Legal Team [email protected]
This page is provided for general informational purposes only and does not constitute legal, financial or investment advice. Investor Visa requirements, investment thresholds, residence and citizenship rules, and tax regulations may change over time. Before submitting an application or making an investment decision, the current legislation and the practice of the competent authorities should be independently verified. For legal advice tailored to your individual circumstances, please contact our legal team.