The Italian government is reducing key investment requirements for its Investor Visa by 50%.
Just yesterday, the Italian Parliament passed into law a governmental Decree with a number of measures aimed at relaunching the Italian economy as a response to the dramatic impact that the Covid-19 health emergency had on the Italian and global economy.
In particular, the Italian government has taken actions in order to attract and encourage foreign capitals and investments from abroad, by reducing by 50% some of the minimum thresholds of the “Investor Visa for Italy”.
In light of the above said, citizens from all around the world are now entitled to apply for and obtain this visa and its related Permesso di Soggiorno (Permit of Stay) by performing one of the following investments in the country:
• at least 250.000 Euros (previously was 500.000 Euros) in an innovative start-up company incorporated in Italy;
• at least 500.000 Euros (previously was 1 Million Euros) in equity instruments of companies incorporated and operating in Italy;
• at least 2 million Euros in Government Bonds issued by the Italian Republic (no changes in the new law)
• philanthropic donations of at least 1 million Euros, in the field of culture, education, immigration, scientific research, recovery of cultural assets and landscapes. (no changes)
The above change in the law does not affect the practical aspects of the procedure. Once the Investor Visa has been issued, the investor (and their family) is entitled to enter Italy and to apply for the Permesso di Soggiorno (permit of stay), which will be issued on the sole condition that the applicant performs one of the above-listed investments within 3 months after the date of first entry in the country.
The Permesso is issued for an initial period of 2 years and can be renewed for further periods of 3 years, provided that the investment has been fully executed according to the Italian Immigration Law
The steps for obtaining the citizenship of Italy, which is the 3rd largest economy in the European Union, and the 8th largest by nominal GDP in the world, can be quite extended unless all the documents are prepared in accordance with the requirements imposed by the Italian authorities.
If you think of applying for the Investor Visa for Italy, contact our offices in Florence or Miami, and our attorneys will assist you step by step with this process.
This article is published for clients, friends and other interested visitors for information purposes only. The contents of the article do not constitute legal advice and do not necessarily reflect the opinions of Davies & Associates or any of its attorneys, staff or clients.