The Italian Government has announced reduction in investment requirements for Golden visa program in Italy.
The Decree Law no. 34 was published in Government gazette for urgent health measures, job support and economic development, as well as social policies, related to the emergency measures from COVID-19.
Under these new regulation, the minimum investment reduced by 50% for immigrant investors requiring only 250,000 to be invested in a newly created category innovative startups.
The investment requirements for visas in Italy are as follows
- Innovative start-ups incorporated in Italy – €250,000
- Companies incorporated and operating in Italy – €500,000
- Government Bonds issued by the Italian Republic – €2 million
- Philanthropic donations of at least €1 million Euros, in the field of culture, education, immigration, scientific research, recovery of cultural assets and landscapes
To apply for this program you first need file for Nulla Osta (certificate of no impediment) registering online and applying to Italy Committee (IV4I). There is no fee. Afterwards, you can go to the Italian embassy in your country of residence to apply for a 2-year investor visa (residence permit). Extensions are issued for 3 years or more. Family and children can also be included.
Italy opened investor visa scheme to foreigners in December 2017, according Budget Law for 2017. The italian golden visa scheme however is still in infancy, but startup route is quite popular.
An investor visa can only be issued for a single investment, falling into only one of the types described below. It is therefore not possible to combine investments directed to different subjects, nor different types of investment that individually have a nominal amount below the minimum threshold provided for each of the above mentioned cases. Investments executed, in whole or in part, before the visa application is submitted by the investor do not qualify for an investor visa.
a. Government Bonds issued by the Italian Republic Treasury Certificates (CCT/CCTeu), Zero-coupon Treasury Bonds (CTZ), Long-term Treasury Bonds (BTP), Long-Term Treasury Bonds index-linked to Eurozone inflation, and BTP ITALIA. For each typology, a minimum residual maturity of no less than two years is required.
b. Companies incorporated and operating in Italy Stakes or shares of limited companies, incorporated and resident in Italy pursuant to article 73 of the TUIR (DPR 917/1986). A company is considered to be “operating” (as provided for by art. 26-bis, art. 1, lett. b, TUI) if it is in active state and has already filed at least one balance sheet at the date of the visa application. The recipient company may be either listed or unlisted. Its name and tax code are a substantial and mandatory piece of information and must be indicated at time of application.
c. Innovative startups Stakes or shares in innovative startups, i.e. the companies referred to in art. 25, par. 2, of decree-law no. 179 of 18 October 2012, converted with amendments by law no. 221 of 17 December 2012 and subsequent amendments. The official list of innovative startups, which is updated every week and accessible free of charge, is available on the portal startup.registroimprese.it, administered by the Italian Chambers of Commerce system.
d. Philanthropic donation Donation supporting a project of public interest in the fields of culture, education, immigration management, scientific research, preservation of cultural and natural heritage.
Investors can benefit from special tax regime paying a flat tax €100,000 to anybody who is willing to move their tax residence to Italy, but only if they have not been resident in Italy. This benefit is applicable, upon request, to anybody who is willing to move their tax residence to Italy, but only if they have not been resident in Italy for at least 9 out of the last 10 years.
The Investor Visa for Italy Committee (the “Committee”) is the inter-institutional body responsible for ensuring that visa applications meet the requirements provided for by the law. It is composed of representatives of seven (or eight in certain cases) institutions with expertise in the migration, financial and business aspects of the investment and donation project. It is chaired by the Director General for Industrial Policy, Competitiveness and Small and Medium Enterprises of the Italian Ministry of Economic Development (MISE).
The full operational guide is available here
