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Italy
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Grenada Citizenship by Investment
Quick Answer
The Italy Golden Visa is the common name for the official Investor Visa for Italy. It is a residence-by-investment route for non-EU citizens who choose one qualifying investment or donation: EUR 2 million in Italian government bonds, EUR 500,000 in an Italian limited company, EUR 250,000 in an Italian innovative startup, or EUR 1 million in a philanthropic initiative. The official Investor Visa portal describes it as a 2-year visa for non-EU citizens investing in strategic assets for Italy's economy and society: Investor Visa for Italy.
The route is unusual because the Nulla Osta review happens before the investor makes the qualifying investment. Do not transfer the investment before checking the official sequence. The policy guidance says investments made before the visa application do not qualify, and the investment or donation must be completed within three months of arrival in Italy: Investor Visa for Italy policy guidance.
Current status: the official portal continues to publish the program and its four investment routes. It also states that the program is suspended for Russian and Belarusian citizens, including non-EU citizens with dual nationality where one passport is Russian or Belarusian. Always confirm sanctions, admissibility, and nationality restrictions before preparing a file.
Italy Golden Visa At A Glance
| Question | Short Answer | Source To Verify |
|---|---|---|
| Minimum investment | EUR 250,000 for an innovative startup, EUR 500,000 for an Italian limited company, EUR 1 million for a philanthropic initiative, or EUR 2 million for Italian government bonds. | Official Investor Visa portal |
| Eligible applicants | Non-EU applicants who pass the program's document, criminal-record, source-of-funds, and route checks. Russian and Belarusian applicants are suspended under the official notice. | Official portal notice |
| Family inclusion | Family planning is handled alongside Italian residence rules and should be checked by relationship category, dependency, documents, and timing. | Italian family and residence-permit guidance |
| Processing stage | Online Nulla Osta application first, then consulate visa application, entry to Italy, residence-permit application, and post-arrival investment proof. | Investor Visa: how it works |
| Residence permit length | The investor residence permit is valid for two years from entry into Italy. | Policy guidance |
| Renewal | Renewal is for further 3-year periods if the investment or donation has been maintained and the renewal process is filed on time. | Official process page |
| Physical presence | The policy guidance says continuity-of-presence obligations do not apply after obtaining the investor residence permit, but tax residence and citizenship planning are separate questions. | Policy guidance |
| PR/citizenship | The official process page says a long-term residence card may be requested after maintaining the original investment or donation for 5 years. Citizenship is separate from the investor visa; ordinary residence-based citizenship for non-EU foreign nationals usually requires at least 10 years of legal residence. | Investor Visa process and MAECI citizenship guidance |
| Tax planning | Visa approval does not decide tax residence. Italy has a special tax regime for new residents, but the applicable annual amount and election rules should be confirmed from current Italian tax law before relying on it. | Agenzia delle Entrate |
Who The Italy Investor Visa Is Best For
| Good Fit | Not A Good Fit |
|---|---|
| Investors who want an Italian residence route with pre-investment Nulla Osta review. | Applicants looking for a simple property-purchase residence route. Real estate is not one of the four official Italy Investor Visa routes. |
| Applicants who can document the legal origin, ownership, availability, and transferability of the funds. | Applicants whose capital is tied up in assets that cannot be converted into liquid resources within the official timing. |
| Investors comparing Italy against Portugal, Greece, Hungary, and Spain after Spain's investor route closed to new applicants. | Applicants who need a guaranteed tax outcome, guaranteed citizenship, or a low-documentation process. |
| Applicants comfortable with a route-specific investment: bonds, an operating Italian company, an innovative startup, or a public-interest donation. | Applicants who want to split several smaller investments to reach the minimum threshold. The policy guidance says the visa can only be issued for a single qualifying investment type. |
Investment Routes
The Italy Investor Visa has four official route slots. The policy guidance is clear on two points that often get missed: the qualifying investment must fall into one route, and investments made before submitting the visa application do not count for the investor visa.
| Route | Minimum | Best For | Main Risk | Source |
|---|---|---|---|---|
| Italian government bonds | EUR 2 million | Applicants who prefer a public-debt route and can hold the qualifying securities. | Residual maturity, custody, price risk, and proof that the investment is held in the required way. | Official portal; policy guidance |
| Italian limited company | EUR 500,000 | Applicants investing in an Italian company that is incorporated, resident, active, and operating. | The target company must meet the operating-company requirements. The policy guidance says an operating company must be active and have filed at least one balance sheet at the application date. | Policy guidance |
| Innovative startup | EUR 250,000 | Applicants willing to take startup risk in exchange for the lowest official Italy Investor Visa threshold. | The company must qualify as an innovative startup. The official list is maintained through the Italian Chambers of Commerce startup register. | Startup register; policy guidance |
| Philanthropic donation | EUR 1 million | Applicants using a donation to a qualifying public-interest project in culture, education, immigration management, scientific research, or preservation of cultural and natural heritage. | The donation is not an investment exit route. Recipient consent, public-interest purpose, payment proof, and committee review matter. | Policy guidance |
Eligibility And Family Members
Applicant requirements
The main applicant must prepare a file that proves identity, route choice, financial capacity, clean criminal-record status, and the investment target. The official application asks for personal details, passport, CV, selected investment type, proof of ownership of the funds, proof that the resources are transferable to Italy, proof of legal origin, absence of final criminal convictions and pending charges, investment or donation characteristics, recipient consent where relevant, and a signed declaration committing the applicant to use the funds for the approved route.
The nationality screen matters. The official portal describes the route for non-EU citizens and states that the program is suspended for Russian and Belarusian citizens, including dual-passport cases where one passport is Russian or Belarusian.
Family members
Plan the family file separately from the investor file. The main investor route decides the investor's visa and residence permit; spouses, children, dependent parents, or other relatives may need relationship documents, dependency evidence, translations, legalization, and timing checks under Italian family and residence rules. Do not assume family members are automatic just because the investor is approved.
Source-of-funds evidence
This is where many files become slower. The policy guidance says bank funds should be supported by a statement covering all operations in the three months before application, issued no earlier than 30 days before submission. The statement must identify the holder, account number, credit institution, and available resources. If funds are held as financial instruments, the applicant needs documentation describing the instruments held or acquired in the three months before the application.
The policy guidance also says real estate and financial involvement in companies not limited by shares do not prove availability of the minimum financial resources, even where there is a promise of sale. If the money has not been in the applicant's name for the full previous three months, extra legal-origin documents are needed. The bank or financial institution letter should address ownership, anti-money-laundering checks, FATF standards, exact amount, origin of funds, transferability to Italy, and willingness to respond to committee questions.
Step-By-Step Application Process
- Prepare documents. Build the identity, route, funds, source-of-funds, criminal-record, translation, and investment-target file before opening the online application.
- Submit the online Nulla Osta application. The official Investor Visa process starts with an online request for a certificate of no impediment through the IV4I portal, not with a transfer of the investment funds.
- Pass the preliminary check. The Committee Secretariat can give the file a green light for committee evaluation, ask for supplementary information within 30 days, or reject the application if it is incomplete or non-compliant.
- Wait for committee evaluation. The official process page says the Committee's assessment result is issued within 30 days. If extra evidence is requested, the applicant has 30 days to respond and the evaluation is suspended during that period.
- Receive the Nulla Osta. If approved, the Nulla Osta is made available on the applicant's portal page and sent to the relevant consular authorities.
- Apply at the Italian consulate. The official process page says the applicant has 6 months to request the investor visa at the closest Italian representation abroad. The policy guidance lists the Nulla Osta, original application documents, accommodation evidence, previous-year income evidence, photo, passport, and proof of residence in the consular district among the consular appointment documents.
- Enter Italy. Track the date of entry. The residence-permit clock and investment-completion deadline run from arrival.
- Apply for the residence permit. The visa holder must apply at the Questura within eight working days of entering Italy. The policy guidance says the investor residence permit application cannot be filed through the usual postal kit.
- Complete the investment after arrival. The applicant has three months from the communicated entry date to execute the full investment or donation and upload proof through the portal.
- Maintain and renew status. The original investment or donation must be maintained for the permit period. Renewal requires committee approval and should be prepared well before expiry.
Document Checklist
| Document Group | Evidence To Prepare | Primary Source |
|---|---|---|
| Identity | Passport scan, passport details, contact details, current residence address, email, phone, and CV. | Investor Visa portal and policy guidance |
| Funds | Bank statement or portfolio evidence covering the three months before application, issued no earlier than 30 days before submission where applicable. | Policy guidance |
| Source of funds | Financial-institution letter, AML/FATF declarations, transferability statement, legal-origin records, and third-party expert report where funds have not been held for the full previous three months. | Policy guidance, Annex C and Annex D requirements |
| Criminal record | Certificates showing no final criminal convictions or pending charges from countries where the applicant lived for more than 12 consecutive months in the last 10 years from age 18, except Italy. | Policy guidance |
| Investment target | Government bond details, company tax code and investment description, innovative-startup status, or donation recipient details, purpose, social impact, and recipient consent. | Policy guidance |
| Consulate stage | Nulla Osta, original application documents, accommodation evidence in Italy, income evidence, passport photo, valid passport, and proof of residence in the consular district. | Policy guidance and consular instructions |
| Residence permit | Permit appointment documents, full passport photocopy, passport photos, residence/accommodation evidence, payment receipts, and revenue stamp. | Policy guidance and Questura instructions |
| Family | Relationship certificates, dependency evidence, passports, translations, legalization or apostilles, and residence timing plan. | Italian family/residence guidance |
| Translations/legalization | Italian or English documents are generally easier for the IV4I file; other languages may need certified translations. Criminal certificates may need apostille or authentication. | Policy guidance and issuing-country rules |
Costs And Fees
The largest cost is the investment or donation itself. Government and document costs are smaller, but they still need to be planned because they appear at different stages and often involve multiple family members.
| Cost Type | What To Budget | Source / Note |
|---|---|---|
| Qualifying investment or donation | EUR 250,000, EUR 500,000, EUR 1 million, or EUR 2 million depending on route. | Official Investor Visa portal |
| Residence permit charges | The policy guidance lists a EUR 30.46 payment for the electronic document, a EUR 50 contribution for permit issuance, and a EUR 16 revenue stamp at the residence-permit stage. | Policy guidance; check current Questura/post-office amounts before filing |
| Consular and visa fees | Consular visa charges and appointment requirements can vary by post and should be checked with the relevant Italian representation. | Italian consulate |
| Legal/professional fees | Immigration lawyer, tax adviser, investment adviser, banking support, and translation/project-management fees where needed. | Provider quote and written scope |
| Translation/legalization | Certified translations, apostilles, notarization, authentication, and courier costs. | Document authority and consular rules |
| Banking and custody | Bank letters, custody accounts, transfer fees, foreign-exchange spreads, securities custody, or investment subscription costs. | Bank and investment provider |
| Tax planning | Italian tax-residence advice, special-regime analysis, reporting, and coordination with home-country tax counsel. | Agenzia delle Entrate and tax adviser |
Timeline
| Stage | Official Timing | Practical Timing | Source |
|---|---|---|---|
| Document preparation | No official processing clock. | The slowest part is usually source-of-funds evidence, criminal certificates, translations, and investment-target documents. | Policy guidance document list |
| Preliminary check | If supplementary information is requested, it must be sent within 30 days and the application is suspended in the meantime. | Expect delays if bank letters, source-of-funds evidence, or recipient consent are weak. | Official process page |
| Committee evaluation / Nulla Osta | The official process page says the Committee's assessment result is issued within 30 days. | Additional-evidence requests add time. | Investor Visa: how it works |
| Consulate visa application | The applicant has 6 months to request the investor visa after Nulla Osta approval. | Consulate appointment availability and document format can drive the actual timeline. | Official process page and consulate |
| Entry to Italy | The investor visa is valid for two years. The policy guidance says the permit is valid for two years from entry into Italy. | Choose the entry date with the permit and investment-completion deadlines in mind. | Policy guidance |
| Residence permit | Apply at the Questura within eight working days of entering Italy. | Local appointment handling varies. The policy guidance says this investor permit is not filed by postal kit. | Policy guidance |
| Investment completion | Complete the full investment or donation within three months of entry. | Bank transfer, custody, subscription, recipient receipt, and portal proof should be planned before arrival. | Official process page and policy guidance |
| Renewal | File the renewal application at least 60 days before the residence permit expires, after obtaining renewal Nulla Osta. | Start renewal evidence early, especially if securities, shares, or donation confirmations are involved. | Policy guidance |
Maintaining Residence, Renewal, PR And Citizenship
The investment must be maintained for the full validity of the investor residence permit. The policy guidance says the original investment must be retained and the destination of the investment cannot be altered. If the investor wants to replace the investment or donation with a new one, the guidance says a new investor visa application is required.
The initial investor residence permit is valid for two years. It can be renewed for further 3-year periods if the Committee confirms that the investment or donation was maintained for the full validity period. The renewal filing must be submitted to the Questura at least 60 days before expiry, and the investor should request renewal Nulla Osta through the IV4I portal well in advance.
Permanent residence and citizenship should not be sold as automatic outcomes. The official Investor Visa process page says that if the original investment or donation is maintained for 5 years, the investor may request a long-term residence card. Italian citizenship is a separate legal process. MAECI's citizenship guidance says ordinary legal residence of at least 10 years is required for non-EU foreign nationals under art. 9 of Law 91/1992, with different rules for other categories.
Tax Planning For New Residents
The investor visa is an immigration route. It does not, by itself, decide whether the investor is Italian tax resident. Tax residence depends on the facts of the move, ordinary Italian tax-residence rules, treaty analysis, and any election into a special regime.
Italy has a special tax regime for certain new residents. The Agenzia delle Entrate page describes it as a regime for individuals transferring residence to Italy who have not been tax resident in Italy for at least 9 of the 10 years before the transfer. It applies a substitute tax to foreign income and can last up to 15 years, with a possible family-member extension. Check the current annual amounts, Article 24-bis TUIR, and 2026 budget legislation before relying on any number, because tax amounts can change through budget law and the English tax-authority page may lag legislative updates.
For planning, separate three questions: whether you will become Italian tax resident, whether the special new-resident regime is available and worth electing, and how the move affects home-country taxation, exit tax, controlled-company rules, trusts, funds, gifts, inheritance, and reporting. This section needs a tax adviser, not sales copy.
Italy Vs Portugal, Greece, Hungary And Spain
Italy is not a straight substitute for every European golden visa. It is strongest where the investor wants pre-investment approval, an Italian residence route, and a choice between bonds, company equity, startup investment, or donation. It is weaker for applicants who specifically want real estate as the qualifying investment.
| Country | Current Program Status | Minimum Investment | Residence/Citizenship | Primary Source |
|---|---|---|---|---|
| Italy | Official Investor Visa route remains published, with program suspension notices for Russian and Belarusian applicants. | From EUR 250,000 for an innovative startup; other routes are EUR 500,000, EUR 1 million, and EUR 2 million. | 2-year visa/permit, 3-year renewal periods if maintained, possible long-term residence card after 5 years of maintaining the original investment, citizenship separate. | IV4I portal |
| Portugal | ARI/Golden Visa remains open, but new real-estate acquisition and passive capital-transfer routes are no longer current routes. | AIMA lists routes including job creation, EUR 500,000 research, EUR 250,000 cultural/heritage support, EUR 500,000 non-real-estate funds, and EUR 500,000 company capitalization with job requirements. | AIMA says ARI holders may request permanent residence or nationality if they meet the wider legal requirements. Portugal's 2026 nationality-law change means citizenship timing should be checked against Lei Orgânica n.º 1/2026, not old 5-year summaries. | AIMA ARI page; Portuguese nationality law |
| Greece | Investor residence route remains active and is heavily real-estate based. | Thresholds depend on property type, location, and current Greek rules; do not compare Greece to Italy on headline minimum alone. | Greece can fit property-led residence planning, but citizenship and tax residence require separate analysis. | Greek Ministry Golden Visa page |
| Hungary | Hungary has a guest-investor route under current legislation, but administrative availability and application handling should still be checked before committing capital. | Current Hungarian law lists at least EUR 250,000 in qualifying real-estate fund investment certificates or at least EUR 1 million as a qualifying higher-education donation. Do not rely on broker summaries alone. | Residence-permit validity, renewal, family, and citizenship consequences are separate from the headline investment route. | Hungarian legislation and immigration authority guidance |
| Spain | Spain is not an open new golden-visa route for real-estate investors. BOE Organic Law 1/2025 left articles 63 to 67 of Law 14/2013 without content from 3 April 2025, with transitional rules for earlier applications and valid authorizations. | No current new-investor route should be presented as open without new official law. | Relevant mainly for legacy holders or applicants covered by transitional rules. | BOE Organic Law 1/2025 |
Common Mistakes
- Investing before approval. The official policy guidance says investments executed before the visa application do not qualify for an investor visa.
- Assuming property qualifies. Italy's Investor Visa routes are bonds, company shares, innovative startup shares, and philanthropic donation. A property purchase is not one of the four official route slots.
- Using real estate as proof of funds. The policy guidance says real estate and certain company interests do not prove availability of the required financial resources, even with a promise of sale.
- Weak bank letters. The financial-institution letter must do more than state a balance. It should address ownership, AML/FATF checks, origin of funds, amount, transferability to Italy, and willingness to answer committee questions.
- Missing post-arrival deadlines. Apply for the residence permit within eight working days of entry and complete the full investment or donation within three months of arrival.
- Changing the investment after approval. The policy guidance says the original investment must be maintained. Replacing it can require a new investor visa application.
- Treating tax planning as automatic. Visa approval and tax residence are different questions. The special tax regime for new residents has its own eligibility and election rules.
- Comparing old golden visa tables. Portugal, Spain, Greece, and Hungary have all changed or have route-specific rules. Use current official sources before choosing a country.
Official Sources And Further Reading
- Investor Visa for Italy official portal: official route thresholds and program notices.
- Investor Visa: how it works: Nulla Osta, consulate, entry, permit, investment, and renewal sequence.
- Investor Visa for Italy policy guidance: source-of-funds evidence, application documents, route details, permit proof, and renewal rules.
- Agenzia delle Entrate tax regime for new residents: official tax-regime overview.
- MAECI citizenship guidance: Italian citizenship categories and ordinary residence-based naturalization reference.
- European Commission Schengen area: Schengen membership and travel context.
- AIMA Portugal ARI page: Portugal comparison source.
- Portugal Lei Orgânica n.º 1/2026: Portugal nationality-law comparison source.
- Greek Ministry Golden Visa page: Greece comparison source.
- Hungary Act XC of 2023: Hungary guest-investor comparison source.
- BOE Organic Law 1/2025: Spain investor-route repeal and transitional provisions.
FAQ
What is the Italy Golden Visa?
It is the common marketing name for the official Investor Visa for Italy. The route lets eligible non-EU applicants apply for Italian residence after choosing one qualifying investment or donation and completing the official Nulla Osta, visa, residence-permit, and post-arrival investment-proof process.
How much do I need to invest for the Italy Investor Visa?
The lowest official threshold is EUR 250,000 for an Italian innovative startup. The other official routes are EUR 500,000 in an Italian limited company, EUR 1 million for a philanthropic initiative, and EUR 2 million in Italian government bonds.
Can I invest in Italian real estate for the Italy Investor Visa?
No, not as the qualifying Investor Visa route. The official route list is government bonds, an Italian limited company, an innovative startup, or a philanthropic donation. The policy guidance also says real estate is not proof of availability of the minimum financial resources, even where there is a promise of sale.
How long does the Nulla Osta take?
The official process page says the Committee's assessment result is issued within 30 days. If the Committee asks for supplementary information, the applicant has 30 days to respond and the procedure is suspended while the request is outstanding.
When do I need to make the investment?
After the Nulla Osta, visa, and entry steps. The policy guidance says pre-application investments do not qualify. After entering Italy, the investor has three months from the communicated entry date to execute the full investment or donation and upload proof.
Can my family join me?
Family planning should be handled as a separate document track. Check spouse, partner, children, dependent parents, relationship proof, dependency evidence, translations, legalization, and residence-permit timing under Italian family and residence rules.
Does the Italy Investor Visa lead to permanent residence or citizenship?
It can support a longer residence plan, but it is not citizenship by investment. The official process page says that maintaining the original investment or donation for 5 years may allow the investor to request a long-term residence card. Citizenship is separate; MAECI says ordinary legal residence of at least 10 years is required for non-EU foreign nationals under the residence-based naturalization route.
What tax regime applies to new residents?
Visa approval does not decide tax residence. Italy has a special tax regime for some new residents who were not Italian tax resident for at least 9 of the previous 10 years, but the annual substitute-tax amount, family extension, election process, and interaction with home-country tax must be checked under current law before relying on the regime.
How does Italy compare with Portugal, Greece, Hungary, and Spain?
Italy is strongest for investors who want pre-investment approval and one of the four official investment or donation routes. Portugal still has ARI routes but no new real-estate or passive capital-transfer route. Greece is more property-led. Hungary needs current official route confirmation before committing capital. Spain's former investor route is not open for new applicants after the 2025 repeal, except for transitional cases.
Is Italy's Investor Visa still open in 2026?
Yes, the official Investor Visa portal continues to publish the program and its four investment routes. The same portal also states that the program is suspended for Russian and Belarusian citizens, including non-EU citizens with dual nationality where one passport is Russian or Belarusian.
How Movingto Helps
Movingto helps applicants compare Italy with other European residence options, map the documents, prepare a source-of-funds plan, understand the application sequence, and coordinate with independent legal and tax professionals where appropriate. Movingto is not a law firm and does not provide investment, tax, or legal advice.
- Route comparison across Italy, Portugal, Greece, Hungary, and Spain.
- Document planning for identity, funds, source-of-funds, criminal-record, family, translation, and legalization evidence.
- Timeline planning across Nulla Osta, consular visa, entry, residence permit, investment completion, and renewal.
- Coordination with independent immigration, tax, banking, and investment professionals where the file needs specialist advice.
Planning An Italy Investor Visa Application?
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