Italy: a country where you can invest
Italy is recognized worldwide as one of the best countries in which to live. Just think of the many UNESCO world heritage sites, the marvelous artistic and natural sites, and all the products of excellence that contribute to making the “made in Italy” brands among the most appreciated and desirable in the world.
A recent survey by USNews confirms that Italy, besides being an excellent place in which to live, is also a perfect place in which to invest.
In fact, thanks to excellent know-how in sectors such as fashion, technology, industrial machinery, and food and biological products, Italy is placed in sixth place in the classification of best countries for capital investment. The classification was drawn up on the basis of eight parameters, considered in equal measure: corruption, dynamics, economic stability, entrepreneurialism, favorable fiscal regime, presence of an innovative and qualified labor force, and technological competence. In Tuscany alone, there are more than 500 established multinationals in the region; 420 of these are foreigners.
So if you are a non-EU citizen who wishes to live and invest in Italy, the Investor Visa is an opportunity that you should know about.
What is the Investor Visa?
This is a visa for foreign investors, whose regulation was introduced in our statues with the 2017 Budgetary Law, inserted into the Single Text on Immigration, article 26-bis (modified subsequently by D.L. 34/2020).
How much to Invest?
In order to increase its ability to attract investments into the country, Italy allows release of a two-year renewable visa for non-EU citizens who make:
- An investment of at least 2,000,000 euros in Italian securities;
- A philanthropic donation of at least 1,000,000 euros to support a project of public interest, in the sectors of culture, instruction, management of immigration, scientific research, and restoration of cultural or landscape heritage.
As an alternative to these requirements, it is possible to invest in instruments representing a business’ capital. The amount has been reduced to half by the Relaunch Decree (D.L. 34/2020) and currently amounts to:
- 500,000 euros for quoted or non-quoted capital corporations set up and operating in Italy;
- 250,000 euros for innovative start-ups set up and operating in Italy.
With l. n. 190/2020, the possibility of receiving the visa is also extended to legal representatives of non-EU legal entities carrying out one of the above-mentioned investments.
Duration of the Visa
Unlike the tourism visa and the visa for business or work-related travel, the Investor Visa has an initial duration of 2 years, which can be extended for another 3 years when it expires. It is also possible to convert it into an EU permit to stay for a long period, once 5 years have passed from the time it was first released, on the condition that the investment is maintained.
This visa allows travel to other European Union countries and stays of up to 90 days every 6 months, allowing you to continue to live and work in your own country of origin and guaranteeing maximum freedom of movement, thanks to the possibility of entering and staying in Italy as often as you wish. If the applicant wants to renew the visa when it expires, it is sufficient to have the shrewdness of staying in Italy for a period superior to half of the period of validity of the permit to stay.
The Investor Visa, besides, permits you to carry out work activity on Italian soil.
The above-cited benefits can be extended to the beneficiary’s family members (spouse, minor children, dependent adult children, dependent parents).
The procedure for obtaining the Investment Visa
The procedure for obtaining the Investment Visa is explained step by step at the website of the Ministry of Economic Development . This can be synthesized in two parts:
1. Obtaining the Nulla Osta (authorization) for release of the visa;
2. Granting of the Investor Visa and entrance into Italy
1) Nulla Osta (Authorization)
The request for authorization for granting of the visa should be sent online through the appropriate channel made available by the MISE. To complete this centralized and completely digitized procedure, it is necessary to supply a series of information and documents, including indication of the type of investment that the applicant intends to make and attesting to the legitimacy and ownership of the amounts allocated for this purpose.
Once the documentation has been submitted, after a preliminary formal control by the Committee Secretary, the members of the Investor Visa Committee meet to evaluate the conformity of the request for authorization to the requirements established by law. The outcome of the evaluation is communicated within 30 days, and in the case of a favorable outcome, the formal visa authorization is granted.
2) Granting of the Investor Visa and entrance into Italy
Once authorization has been obtained, the applicant has six months of time in which to request granting of the visa, at the Italian Embassy or Consulate of their country of origin.
The Embassy or Consulate, having carried out the required investigation, will then grant the visa for entrance for investors, with a duration of 2 years. This can be renewed for another 3 years, upon request made at the competent police headquarters at least 60 days before the permit to stay expires.
Within 8 days of arrival in Italy, the foreign citizen is required to present the request for the Investor Visa permit to stay to the police headquarters where they are living, along with the necessary administrative documentation.
Finally, the applicant must make the previously-communicated investment within 3 months of the date of entrance, otherwise the procedure will be nullified.
What we can do for you
Our studio, MGI Vannucci & Associati, thanks to experience developed in this sector and our collaboration with legal studios specialized in the such matters, is ready to support you in carrying out the procedure for obtaining the Investor Visa:
- Completing the forms on the MISE channel on your behalf, in order to obtain permission for release of the visa.
- Helping you choose the best possible investment. Among other things, we specialize in Startups and Innovative PMIs, and in this area we can boast of a partnership with a Certified Incubator.
- Assisting you in carrying out all the successive steps for obtaining authorization.