UGLOBAL IMMIGRATION MAGAZINE
96
start-up companies, research, education and philanthropic
activities. For foreigners moving their fiscal residency to
Italy, financial and tax benefits have been also provided.
Introducing the investor visa represents a significant change
for Italy when considering that before its introduction,
foreigners who wanted to make an investment were not
guaranteed the possibility to obtain a visa and residence
permit simply because they brought capital into Italy.
The investor visa is therefore a crucial tool for the Italian
economy. Many expect that, during the next few years, a
significant number of high net worth individuals will be
interested in applying for it.
QUALIFYING INVESTMENT CATEGORIES
Not all types and amounts of investment qualify for
the Italian investor visa. The legislative decree that
introduced this new visa category in late 2017 provides
clarification on the types of investments or donations that
are eligible for the investor visa. Only one of the following
types of investment is needed: at least 2 million euros
in Italian government bonds; at least 1 million euros in
equity instruments of Italian companies/corporations;
at least 500,000 euros in innovative start-up companies
already incorporated and operating in Italy; or at least 1
million euros in philanthropic activities of public interest
in the field of education, immigration, culture, scientific
research, recovery of cultural assets and/or landscapes.
Italian government bonds include all instruments issued by
the Italian Republic, such as treasury bonds, zero coupon
treasury bonds and long-term treasury bonds. Foreigners
who intend to invest in start-up companies should bear in
mind that only innovative start-up companies can be a target
for the investment, meaning that only start-up companies
registered in a special section of the Italian Chamber of
Commerce Register are qualified for the purposes of the
investor visa.
The amounts of the investment are certainly significant,
resulting in the fact that not all foreigners might be in the
position to participate. The approach taken by the Italian
government has been to allow entry to non-EU investors who
will have a significant impact on the Italian economy.
REQUIREMENTS &
SUPPORTING DOCUMENTS
Foreign investors who want to get an investor visa and
residence permit shall satisfy a number of requirements set
forth by Italian immigration law. The main condition is that
the investment must be made. It shall fall within one of the
permitted categories and be performed through funds that
are proven to be legal. Applicants shall prove: possession
and transferability of the amount their planned investment
needs; the origin and legal provenance of the financial
resources dedicated to their investment; and the absence of
criminal convictions and pending charges.