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The Italy Golden Visa, also known as the Italy Investor Visa, offers a unique opportunity for investors from outside the EU to start a new life in Italy. This residency-by-investment program provides successful investors with a five-year temporary residency permit, with the chance to apply for permanent residency after five years. Moreover, it serves as a pathway to EU citizenship, which can be obtained after a total of 10 years of residency in Italy.
Italy, with its world-famous cuisine, exceptional climate, and rich history, is one of the most visited destinations in the European Union. The prospect of living in this beautiful corner of Europe is appealing to many individuals. The Italy Golden Visa allows investors to not only experience the beauty of Italy but also enjoy the benefits of living, working, studying, doing business, and retiring anywhere in Europe.
Overview of the Italy Golden Visa Program
The Italy Golden Visa program offers a range of benefits to investors who invest a minimum of €250,000 in Italy. This investment threshold is significantly lower compared to other European residency by investment options. Once granted, the five-year temporary residency permit allows investors and their families to reside in Italy without the need to relocate permanently.
One of the major advantages of the Italy Golden Visa is the freedom to travel within the Schengen zone without additional visas or permits. This means that investors can explore and enjoy the beauty of Europe without any restrictions. Additionally, the Italy Golden Visa program recognizes dual citizenship, allowing investors to keep their original passport alongside their new Italian one.
Pros and Cons of the Italy Golden Visa
Before deciding to pursue the Italy Golden Visa, it is essential to consider the pros and cons associated with the program. Here are some key advantages and disadvantages:
Pros
- Low Minimum Investment Threshold: The minimum investment required to obtain the Italy Golden Visa is €250,000, making it one of the most affordable options among European residency by investment programs.
- Maximum Flexibility: Investors are not required to relocate to Italy permanently to maintain their residency rights. This provides flexibility in terms of where investors choose to live.
- Travel Europe Freely: With the Italy Golden Visa, investors can travel throughout the Schengen zone without the need for additional visas or permits.
- Dual Citizenship: Italy recognizes dual citizenship, allowing investors to retain their original passport alongside the new Italian one.
- Access to Education and Healthcare: Investors and their families have access to education and healthcare services in Italy with the same rights as Italian citizens.
- Inclusion of Family Members: The Italy Golden Visa extends its benefits to the investor’s spouse or long-term partner, children under 21, as well as parents and parents-in-law.
- No Application Fees: Unlike many other European Golden Visa programs, the Italy Golden Visa does not charge substantial application fees.
Cons
- No Real Estate Route: Unlike some other Golden Visa programs, such as those in Spain, Greece, or Portugal, the Italy Golden Visa does not offer a real estate investment option. This may be a disadvantage for investors looking for both residency and a place to live or rent out.
- Long Timeline to Citizenship: The Italy Golden Visa is not a fast track to EU citizenship. It requires a minimum of 10 years of residency in Italy before becoming eligible to apply for Italian citizenship.
- Living in Italy for Citizenship: While investors can maintain their residency rights in Italy without living there, those aspiring for citizenship must reside in Italy for at least 183 days per year.
- Tax Obligations: Investors must pay taxes in Italy every year, along with meeting other requirements, to be eligible for citizenship.
- Language and Citizenship Tests: Investors must pass a B1 level Italian language test for both permanent residency and citizenship. Additionally, they will be tested on their knowledge of Italian history, society, and culture for citizenship.
Investment Routes for the Italy Golden Visa
The Italy Golden Visa program offers several investment routes for investors to choose from. While there is no real estate route available at present, here are the investment options:
- Invest in an Innovative Italian Startup: The minimum investment threshold for this route is €250,000. Investors can purchase shares in eligible Italian startups listed by the Italian Chamber of Commerce.
- Invest in Shares in an Italian Limited Company: Investors can choose to invest a minimum of €500,000 in shares of an active, incorporated, and Italy-based limited company. The company can be publicly traded or privately held.
- Donation to an Italian Charity or NGO: Investors can obtain the Italy Golden Visa by making a donation of at least €1 million to a public interest initiative in the areas of culture, education, immigration control, scientific studies, or cultural and natural heritage protection.
- Investment in Italian Government Bonds: The highest investment threshold is €2 million, which can be made by investing in various Italian government bonds, including Treasury Certificates (CCT/CCTeu), Zero-coupon Treasury Bonds (CTZ), and Long-Term Treasury Bonds (BTP).
Application Process and Required Documents
To apply for the Italy Golden Visa, investors must meet certain basic requirements and submit specific documents at various stages of the application process. Here is an overview of the required documents:
Stage 1: Documents to Apply for Nulla Osta
- Passport copy
- CV of the main applicant
- Statement of investment choice and origin of funds
- Criminal record certificate showing a clean criminal record
- Description of the investment or donation, along with proof of consent from recipients
- Declaration of commitment to use the funds, validated with an electronic signature.
Stage 2: Documents to Apply for Investor Visa (Golden Visa)
- Copy of the Nulla Osta (certificate of no impediment)
- Passport photo
- Passport copy
- Proof of being a resident in the area covered by the Italian embassy where the application is filed
- Proof of accommodation in Italy
- Proof of sufficient income from the previous financial year
- Proof of medical insurance valid in Italy
Stage 3: Documents to Apply for Residence Permit
- Passport copy (all pages)
- Two passport photos
- Proof of payment for printing the electronic document
- Proof of payment for issuing the residence permit
- Revenue stamp to support evidence of accommodation status in Italy
Nulla Osta: The First Step Towards the Italy Golden Visa
Obtaining a Nulla Osta, also known as a ‘certificate of no impediment,’ is an essential initial step when applying for the Italy Golden Visa. The Investor Visa for Italy Committee (IV41) handles this process, and applicants can apply through their online portal. Once the Nulla Osta is obtained, investors can then proceed to apply for the Investor Visa at the Italian embassy in their country of citizenship or permanent residency.
Renewing Your Italy Golden Visa
The initial Italy Golden Visa is valid for two years. Investors can request an extension of three years if they maintain their investment or donation at the minimum threshold throughout the initial two-year period. Renewal applications must be submitted at least 60 days before the residency permit expires. Along with the application form for renewal, investors need to provide certified passport copies, proof of current Italian residence card, and proof of valid medical insurance in Italy.
The Italy Golden Visa After Brexit
Following Brexit, many British citizens are seeking ways to regain their EU rights. The Italy Golden Visa is one option for them, although it is worth noting that Italy has a long 10-year timeline for citizenship eligibility. However, Italy recognizes dual citizenship, providing an advantage for those wishing to retain their British citizenship alongside their Italian one. For a quicker path to EU rights, alternatives such as Portugal or Ireland should be considered.
Italy Golden Visa vs. Portugal Golden Visa: A Comparison
The Portugal Golden Visa is another popular choice for individuals seeking European residency. Let’s compare it to the Italy Golden Visa:
| Italy Golden Visa | Portugal Golden Visa | |
|---|---|---|
| Number of Investment Routes | 4 | 8 |
| Direct Real Estate Route Available | No | No |
| Timeline to be Eligible for Citizenship | 10 years | 5 years |
| Minimum Annual Stay for Citizenship | 183 days | 7 days |
| Tax Residency Required for Citizenship | Yes | No |
| Special Tax Program Available | Yes | Yes |
| Minimum Investment Threshold | €250,000 | €250,000 |
| Typical Timeline for Issuing Residence Permit | Around 2 months | Around 9 months |
| Language Requirements for Citizenship | B1 Italian | A2 Portuguese |
Achieving EU Citizenship with the Italy Golden Visa
Investors can use the Italy Golden Visa as a pathway to Italian citizenship and ultimately obtain an EU passport. However, this requires living in Italy for at least 183 days per year for a minimum of 10 years before applying for citizenship. Additionally, investors must become tax residents in Italy and pay taxes on their worldwide income. Italian citizenship also requires passing a B1 level Italian language test and a civics exam covering Italian history, society, and culture.
Frequently Asked Questions
Q: Can you buy citizenship in Italy?
A: No, the Italy Golden Visa program offers residency by investment, not citizenship. After five years of residency, investors can obtain Italian permanent residence and become eligible to apply for citizenship after 10 years.
Q: Can I live in Italy if I buy property?
A: Whether you can live in Italy depends on your citizenship. EU/EEA citizens and Swiss nationals can live in Italy whether or not they buy property. Third-country nationals require a residency visa to move to Italy. The Italy Golden Visa does not include a property investment option.
Q: How much do I need to invest in Italy to get citizenship?
A: Italy does not have a citizenship by investment program. However, investors can establish residency in Italy by investing a minimum of €250,000 in an innovative Italian startup. After 10 years of residency, they can become eligible to apply for Italian citizenship, subject to meeting language and other requirements.
Q: Can I invest in property to get the Italy Golden Visa?
A: No, the Italy Golden Visa program does not offer a property investment option at present. Investors must choose one of the eligible investment routes mentioned earlier.
Final Thoughts
The Italy Golden Visa program provides investors with an opportunity to obtain European residency with a relatively fast approval timeline. Although the minimum investment threshold is €250,000, it is important to note that this amount is applicable only to investments in innovative Italian startups. Unlike some other Golden Visa programs, the Italy Golden Visa does not include a real estate investment option, which may be a drawback for some applicants.
It is crucial to consider the long timeline to citizenship, which requires a minimum of 10 years of residency in Italy. However, Italy’s recognition of dual citizenship offers the advantage of holding two passports. For individuals seeking EU citizenship at a quicker pace, options such as Portugal or Greece may be more suitable.
Before making any decisions, investors should thoroughly research and compare different Golden Visa programs to find the one that aligns best with their goals and requirements. Each program has its own unique features and benefits, and it is essential to consider all factors before making a commitment.
