immigration

What is the investor visa?

Investor visa is a new type of entry visa for foreign citizens who wish to make an investment or a donation, introduced by law 11^th December, no. 232/2016, known as “2017 Budget Law“. Specifically, article 26-bis, entitled “Entry and residence for investors” has been added to the “TUI”, which is the Law on Immigration (Legislative Decree no. 286/1998), which, unlike other visas, is not subject to the annual entry limits established by art. 3, paragraph 4, of the TUI.

In fact, once the investor visa has been obtained, the recipients have the right to request the investor residence permit, which has a duration of two years and can be renewed for a further three years, pursuant to art. 26-bis, paragraph 5 of Legislative Decree 286/1998.

However, to keep the permit active it is necessary to make the investment or donation declared in the visa application within three months of arriving in Italy and maintain the original investment for the entire duration of the permit’s validity.

Who can request it?

Investor visa requests can be presented by citizens of countries which are not members of the EU or the Schengen area, who are natural persons of legal age or foreign legal persons with an adult legal representative authorized to undertake on behalf of the entity.

More specifically, the Investor visa allows entry and stay for over 3 months to those who intend to invest:

• € 2M in Italian government bonds, to be held for at least two years.

• € 500.000,00 in an existing and operational Italian LTD, to be maintained for at least two years.

• € 250.000,00 in a start-up, to be maintained for at least two years.

• € 1M in philanthropic initiatives for projects of public interest in the sectors of culture, education, immigration, scientific research and restoration of cultural heritage.

In case of failure to comply with the conditions for maintaining the permit, it could be revoked even before the scheduled expiry and renewal will not be possible. The investor visa therefore offers a new opportunity for foreign citizens wishing to invest in Italy and benefit from the related benefits.

What are the requirements to request it?

To apply for the Investor Visa, investors must:

• Demonstrate that are the beneficial owners of the investment or donation.

• Make the investment or donation within three months of entering Italy.

• Demonstrate that have sufficient resources to support themselves and eventually their family during their stay in Italy.

The visa lasts 2 years, renewable for another 3 years if the original investment or donation is maintained. After 5 years, it is possible to apply for a long-term residence permit, which requires tax residency and tax declaration in Italy. Moreover, after 10 years of legal residence, it is possible to apply for Italian citizenship.

A visa with elective residence has also been provided for foreigners, which allows to stay in Italy for long periods without the need for other special visas. It is a long-term permit for foreigners who wish to live and travel in Italy for more than 90 days a year. To apply for this visa, the applicant must:

• Buy or rent a house in Italy.

• Have a total income of at least € 32.000,00.

• Possess stable financial assets.

This visa allows an indefinite stay, but may require payment of taxes in Italy if the applicant:

• It is registered in the municipality of residence.

• Resides in Italy for more than 183 days during the tax year.

• Italy is the main centre of its interests and activities.

How do you request it?

The 2017 Budget Law also defined the methods and procedures for applying for a specific implementing decree issued by the Minister of Economic Development, with the agreement of the Minister of Foreign Affairs and International Cooperation and the Minister of the Interior, on 21 July 2017, which in relation to obtaining the Investor Visa aims to significantly simplify the processes for issuing it, focusing on three main elements.

The first element is digitalisation, as the entire procedure takes place online through a dedicated platform, allowing the applicant to manage the entire process remotely without intermediaries until the visa is issued at the diplomatic-consular representation.

Specifically, to obtain an investor visa it is necessary to have the visa authorization, which is issued by the Investor Visa for Italy committee via the portal of the Ministry of Business and Made in Italy. No impediment to proceed certificate has been obtained, applicants can go to the Italian diplomatic headquarters of their country of residence to request the issuance of a two-year investor visa.

A second element is centralisation, since, despite involving different administrations, the point of contact between the applicant and the Italian State is sole.

Therefore, a dedicated interinstitutional committee has been created at the Ministry of Economic Development, which is responsible for coordinating operations and managing communications with visa applicants.

In fact, following the sending of the application to obtain the no impediment to proceed certificate, the applicant will receive a communication from the interinstitutional committee, which will communicate the outcome of the application, which may be:

1. Approval, if the documentation sent is complete and compliant, and therefore can be evaluated by the Committee.

2. Request for documentary integration, to be followed up within 30 days. In this case the candidacy will be suspended.

3. Reasoned rejection of the application by the Committee.

Finally, the third element is speed, since the applicant receives a response within 30 days of sending the complete documentation, significantly reducing the time of the entire migration process.

The program represents a form of reward and incentive, issuing the visa only in the presence of circumstances of collective interest such as large investments in government bonds, equity financing for Italian companies or philanthropic donations in key sectors for the country.

Furthermore, by simplifying the procedure for obtaining a visa, the Investor Visa is part of the regulatory body for strengthening the competitiveness and attractiveness of the Italian productive fabric, including fiscal incentive measures for natural persons who transfer their residence in the country.

In conclusion, the Investor Visa is an innovative program that simplifies and facilitates entry into Italy for investors, helping to strengthen the country’s productive fabric and promoting attractiveness for foreign investments.