Wealthy foreign investors can now apply for the recently introduced Italian ‘speedy visa’ in approximately thirty (30) days, following the presentation of the necessary supporting documentation to a special committee.
The new Italian VISA for foreign investors comprises a renewable two-year (2-year) residence permit. It can be renewed for up to three (3) years, provided that the foreign investor (this does not apply to a European Union citizen) is able to demonstrate evidence of commitment to:
- Investing a minimum of EUR 2 million in Italian government bonds, or
- Investing a minimum of EUR 1 million in the capital of an Italian company, or
- Establishing a start-up company in Italy with a minimum capital of EUR 500,000.
The investments must be maintained for at least two (2) years. Alternatively, the government will consider a significant philanthropic donation, of a minimum of EUR 1 million, towards the development of a cultural asset, or immigrant management, education and research.
The documents required from the investor for scrutiny by the special committee include evidence of the availability and lawful origin of the funds. A background investigation will be conducted to verify that the investor has never been convicted of any crime in any country and that there is no pending criminal charge.
The initial evaluation by the special committee will be complete within thirty (30) days from the date of submission of the application. Once the application has been approved and the investor permit has been issued by the committee, the investor can apply for the investor visa at the Italian Consulate in the jurisdiction of residence. On receipt of the visa and within eight (8) days of entering Italy, the investor will need to apply for a permesso di soggiorno (permit to stay card). This will be valid for two (2) years and can be renewed provided that it can be demonstrated that the investment has not been withdrawn.
Within three (3) months of entering Italy, investors must submit the necessary documentation to prove that they have met the initially proposed requirements of the investor VISA, i.e., have invested 100% of the stipulated sum in one of the specified investments, as agreed.
