The price of Italy’s Golden visa has been halved. Now the minimum allowed investment amount for obtaining a residence permit in Italy for investment is 250,000 euros. But will investors get in line to apply for a “La Dolce Visa”?
What gives a residence permit abroad? This tool is necessary for those who want to legally live and work in another country for a long period, use its medical and educational infrastructure, and eventually obtain a second citizenship by naturalization.
Italy, being one of the most developed European countries, has been offering its residence permit for investment to wealthy foreigners for several years in the hope of attracting their capital. But the high threshold of entry to deter the investors. Now the cost has decreased by 2 times. Will it be reflected accordingly on the demand?
Residence permit in Italy has become much more affordable
The new rules for issuing Italy’s Golden visa are described in a 321-page legal document widely known as the “Decreto Rilancio” or “Decree of rebirth”. This document, published last week in the Italian State Gazette, describes a wide range of measures aimed at reviving the Italian economy after COVID-19. These measures cover a wide range of areas, from layoffs to helping self-employed professionals and supporting businesses.
The authors of “Decreto Rilancio” have replaced part of the text of the law on the issuance of Golden visas and now, according to the changes that are coming into force, the minimum investment requirements are reduced by 50% in the two most affordable (although not the most attractive) ways of obtaining residency in Italy.
Now candidates can apply for a residence permit in Italy by investing 500,000 euros in an Italian limited liability company (previously 1 million euros) or 250,000 euros in an Italian “innovative startup” (instead of 500,000 euros).
The two remaining immigration routes (investments in government bonds worth 2 million euros and support for a charity initiative worth 1 million euros) remain unchanged for the time being.
What does the Golden visa of Italy give?
The key advantages of the Italian Golden visa program are the right to permanent residence in Italy and the possibility of free movement with an Italian resident card in the EU. In addition, the Golden visa of Italy entitles you to obtain EU citizenship and an Italian passport after ten years.
How do I get permanent residence in Italy by applying for a Golden visa?
In accordance with EU law and Italian law, citizens of European Union member States and persons without EU citizenship can apply for permanent residence while living in Italy for a continuous period of five years. The application for permanent residence must be submitted before the expiration of the current Italian residence permit to the Questura (Police Department) at the place of residence in Italy.
Can I apply for Italian citizenship by investing in a Golden visa?
A person who has legally resided in Italian territory for at least ten years can apply for naturalization and obtain Italian citizenship and an EU passport if they do not have a criminal record and have sufficient financial resources to ensure normal residence in this country as a citizen.