The investor visa allows entry and residence in Italy for periods longer than 3 months and outside the annual quotas.
Boschetti Law Firm can assist foreigners who intend to make an investment or donation in Italy, from examining the requirements to applying for an entry visa and subsequent application for an investor residence permit.
What are the requirements to obtain the investor visa?
To apply for the investor visa, the foreign individual must demonstrate their intention to make:
– An investment of at least €2,000,000 in securities issued by the Italian government, to be held for at least two years.
– An investment of at least €500,000 in instruments representing the capital of a company established and operating in Italy, to be held for at least two years, or at least €250,000 in the case of an innovative startup registered in the special section of the business register.
– A philanthropic donation of at least €1,000,000 to support a project of public interest in the fields of culture, education, immigration management, scientific research, or preservation of cultural and landscape heritage.
Applicants must demonstrate that they are the actual owners and beneficiaries of an amount equal to or greater than €2,000,000 (for point 1) or €1,000,000 (for points 2 and 3), which must be available and transferable to Italy. They must also provide a written declaration committing to using the funds for investment or philanthropic donation within three months of entering Italy. Additionally, applicants must show sufficient resources, in addition to the investment funds, to support themselves during their stay in Italy, exceeding the minimum level required by law for exemption from healthcare expenses.
The term “instruments representing the capital” refers only to those that grant the status of shareholder from the first investment, such as ordinary shares, preference shares, savings shares, and quotas of non-stock companies.
It should be clarified that the provision does not limit the investment to stocks, so it can be assumed that acquiring the status of shareholder can also apply to companies whose capital is not composed of shares, such as partnerships and limited liability companies.
It is unclear whether partnerships are included among the eligible types of companies. According to the best interpretation of the law, the company can be either newly established or already in existence.
By ministerial decree dated July 21, 2017, the necessary documents for applying for the investor visa were identified:
- a) A copy of a valid travel document with an expiration date at least three months beyond the requested visa date.
- b) Documentation proving the applicant’s ownership and actual beneficiaries of the amounts to be invested, demonstrating that these amounts are available and transferable to Italy.
- c) Certification attesting to the lawful origin of the funds, consisting of:
1) A declaration by the applicant indicating the source of the funds.
2) Certification of the absence of final criminal convictions and pending charges issued by the competent authorities of countries other than Italy where the applicant has resided for a period exceeding twelve consecutive months during the ten years prior to the submission of the application and after reaching the age of eighteen.
- d) A declaration in which the applicant commits to using the funds within three months of entering Italy for the investment or donation specified and to maintaining the investment for at least two years. The declaration must be accompanied by a description of the characteristics and recipients of the investment or donation.
How to apply for the investor visa
The ministerial decree of 2017 also established the required procedure for submitting an application for the investor visa.
Specifically, the foreigner who intends to obtain the issuance of the investor visa must submit the necessary documentation through a dedicated web platform for the program.
The Secretariat of the established Committee performs a formal check on the completeness of the documentation.
The process must be completed within 30 days from the receipt of the application.
Once the clearance has been issued, the applicant submits the visa application to the competent consular office for the territory.
As usual, within eight days of entering Italy, the recipient of the investor visa requests the issuance of a two-year residence permit for investors from the competent local police headquarters (Questura).
It is important to note that within three months from the date of entry into Italy, the recipient of the investor visa is required to submit to the Secretariat of the Committee the documentation proving the implementation of the investment or donation, for the entire specified amount.
If the communication mentioned in the first period is not made or is not supported by appropriate documentary evidence, the Secretariat informs the competent local police headquarters, which rejects the application for a residence permit or revokes the permit already issued.
Furthermore, as specified in the above-mentioned Decree of July 21, 2017, “The revocation of the residence permit can occur at any time if, based on the findings made by the Committee Secretariat, the investment has been disposed of or if the holder of the residence permit cannot be located at the declared address.
The holder of an expiring residence permit for investors may request its renewal for an additional period of three years, provided there is approval from the Committee, attesting to the maintenance of the investment.”[/icon_box]