Before we get into the specifics about Italy, it is worth noting that “Golden Visa” is a blanket term. It is not specific to Italy, and “Golden Visa” programs are recognized as being part of larger global migration frameworks – such as Citizenship by Investment (CBI) or Residency by Investment (RBI).

For anyone considering the Italian Golden Visa, it is critical to understand that this is not a formal or legal categorization of the visa. If you walk into an Italian Consulate in New York and tell them you are applying for the Italian Golden Visa, or visto d'oro – they might laugh or make some crude reference to how American that sounds.

In terms of how this applies to your immigration options, the Italian Golden Visa is most similar to a residency by investment pathway. By virtue of making a qualified investment in Italy, you are gaining access to live in Italy as a resident. However, as we’ll see later in this article, maintaining residency is not something required by this visa – in fact, depending on your own personal goals for relocating to Italy, it might be one of the greatest benefits when compared to other visa options.

How does the Italian Investor Visa Work?

Italy's Investor Visa represents a strategic pathway for non-EU citizens seeking European residency through capital investment. For non-EU nationals, this program offers a compelling opportunity to establish a foothold in the European Union and operates on a straightforward premise: invest in Italy and gain residency rights along with visa-free travel throughout the Schengen area.

The Italian investor visa, authorized by the Ministero delle Imprese provides several investment options for individuals to obtain a visa for Italy. In total there are four different options, but for purposes of this article we will mainly focus on two investment categories: the 250,000 EUR investment into an Italian innovative startup, and 500,000 into an Italian limited company.

The €250,000 Innovative Startup Route

The €250,000 innovative startup investment option stands as the most financially accessible pathway within Italy's investor visa framework. This category specifically targets non-EU investors interested in supporting innovative startup Italian businesses while securing residency status.

Qualifying Startup Requirements

Not every Italian startup qualifies for this visa category. The Italian government maintains rigorous standards to ensure investments genuinely contribute to the country's innovation ecosystem. For your €250,000 investment to qualify, the startup must meet several specific criteria:

• The company must have been incorporated within the last five years. It should maintain its legal headquarters in Italy or another EEA country with at least one operational branch or production site in Italy.
• Annual revenues must remain below €5 million, and the company cannot be publicly listed on a regulated market.
• The startup cannot distribute profits and must reinvest all earnings into the business.
• The company's primary objective must focus on developing, producing, and commercializing innovative goods or services with high technological value.

Beyond these structural requirements, the startup must demonstrate genuine innovation by meeting at least one of three criteria: (1) minimum of 15% of costs or turnover must go toward research and development; (2) at least one-third of the workforce must hold a PhD, or two-thirds must have a master's degree with R&D experience; or (3) the company must own, license, or hold rights to at least one patent or registered software.

Innovative startups are registered in a special section maintained by the Italian Chambers of Commerce system, and this official list is updated weekly and accessible free of charge.

The €500,000 Italian Company Option

The €500,000 investment option provides an alternative pathway targeting established Italian enterprises. This tier supports investments in equity or shares of Italian limited companies, whether listed or unlisted. This option appeals to investors seeking more traditional, lower-volatility investment experiences with mature business models and proven track records.

Eligible investments must be made in obtaining shares or equity stakes in limited companies incorporated and tax resident in Italy. The company is considered operating if it is active and has filed at least one financial statement by the time of the visa application.

Core Requirements and Eligibility

Italian Investor visa applicants must meet fundamental eligibility criteria extending beyond the investment amount:

• You must be at least 18 years old and maintain a clean criminal record with no pending charges.
• The Italian government requires proof that your funds have been lawfully acquired and are available for transfer to Italy.
• You must demonstrate stable and sufficient income to support yourself and any dependent family members without relying on public assistance, with a minimum income of approximately €7,000 annually, increased by half for each additional dependent family member.
• Private health insurance coverage is mandatory.

The Nulla Osta (Certificate of No Impediment)

The application process begins with obtaining a Nulla Osta, or Certificate of No Impediment. This preliminary approval stage requires you to prepare and submit online forms along with essential documentation, including a copy of your CV, passport, proof of funds, criminal record, and investment intent.

After electronically submitting your declaration, an evaluating committee conducts a preliminary completeness check. If deemed complete, the Committee carries out evaluation within 30 days, resulting in one of three outcomes: approval with the granting of Nulla Osta, a request for supplementary documentation, or a reasoned rejection.

Application Timeline and Process

Italy's investor visa follows a structured five-step application process with defined timeframes. After consulting with an immigration lawyer (and hopefully a financial advisor) you will sign a Term Sheet and apply for your Nulla Osta online. Within six months of receiving the Nulla Osta, you must apply for your Italian D-type entry visa at the relevant Italian consulate.

Once in Italy, you have six months to apply for your investor residency permit. Remember, residency is not a requirement for the Italian Investor Visa, but if you are looking to establish residency, receive your carta di soggiorno and ultimately become an Italian Citizen this is the first step.

Notably, you must make your qualifying investment within three months of obtaining residency. This is likely one of the key advantages of the Italian Golden Visa Program, as it provides you with ample time to prepare your investment. Unlike other Golden Visa programs, where capital contributions are required before receiving the visa, Italy provides you with timeline flexibility to transfer funds. Most importantly, you will only make the capital investment after the visa is approved by the Italian Consular authorities.

Visa Duration and Renewal

The Italy Golden Visa operates on a two-year initial visa period. The permit can be renewed for three additional years if you maintain your investment. After meeting long-term stay requirements (i.e. 5-years of residency), you can apply for permanent residency and obtain your carta di soggiorno.

When you become a permanent resident you no longer need to maintain your investment per the investor visa requirements. In other words, your investment horizon can be as short as 5-years if you meet all the requirements for permanent residency in Italy. At this point you will be eligible to receive your principal investment as well as any potential returns.

Important Considerations for the Italian Golden Visa

Depending on your nationality, there might be some distinct considerations – ranging from compliance and eligibility concerns to tax obligations.

Your Italian Visa Investment

As discussed, you must maintain your investment for the duration that the visa is granted, or a minimum of five years to keep your residence permit intact. This requirement applies regardless of which investment category you choose and the investment cannot be withdrawn or reallocated during this period without jeopardizing your residency status or breaking your pathway to permanent residence.

In addition, investment cannot be combined with other investment categories—you must select one investment category and commit to it.

No Guarantees and Understanding the Risks

The investor term sheet will define the terms of your capital investment structure for the Italian Golden Visa. This is a formal legal contract that should be examined in detail. It is also advisable to have objective professional legal and tax guidance before making any decisions. There are also no guarantees. No guarantees that you will receive returns on your investment. No guarantees that you will receive your principal back after 5-years. No guarantees that your investment will guarantee your visa status.

This is not to say that you will not get a visa based on your investments - rather, it is meant to level expectations and ensure that you are fully aware of the risks. Choosing the right investment is critical, and surrounding yourself with trustworthy and reliable professionals is highly recommended.

Flexible Residency Model

The absence of mandatory in-country presence requirements for the Italian Golden Visa provides a significant amount of global mobility for individuals and families. The visa itself permits travel into Italy and allows for visa-free transit into other Schengen countries.

In addition to immigration freedom, it might also provide significant tax advantages a tax lens if you choose not to become an Italian tax resident and thus subject to Italian taxes.

Family Inclusion

The program extends to family members, including spouses, parents, and children under 18, allowing multi-generational family groups to secure European residency through a single investment.

Exclusions and Source of Funds

While subject to change, current eligibility restrictions apply to Russian and Belarusian citizens. Additionally, the source of funds for your investment must meet international standards, as documentation must demonstrate compliance with FATF (Financial Action Task Force) international anti-money laundering and anti-terrorism standards.

Important Tax Considerations for US Citizens

For U.S. citizens considering the Italian Golden Visa, it is necessary to understand your U.S. tax obligations before selecting your investment.

U.S. nationals, despite becoming a foreign-tax resident, are still required to declare and file taxes with the IRS. This means disclosing any potential foreign investments – and generally speaking, the IRS does not like this. For example, there is something known as a Passive Foreign Investment Company, or PFIC. Ensuring that you are taking the appropriate precautions to avoid PFICs and provide the IRS with PFIC reporting documents are necessary for avoiding additional penalties and capital gains taxes that might otherwise be applied.

Considering the Italy Golden Visa

Overall, the Italian Golden Visa might provide strategic value for individuals seeking to relocate to Italy. There is a clear pathway for residency after maintaining the visa requirements for a period of 5-years, and after 10-years of being a permanent resident you are eligible to claim Italian Citizenship.

For those not necessarily seeking Italian residency or citizenship, the investor visa also provides flexibility, as it does not demand continuous physical presence in Italy, like most of the other Italian visa categories. This can be advantageous if you are looking for mobility around the EU or between your home country and Italy. While deserving of a separate article altogether, it can also be advantageous if you are looking to enjoy Italy longer than the visa-free travel permits and do not wish to become an Italian tax resident.

Lastly, despite the Italian investor visa program being established in 2018, it is quickly gaining traction amongst foreign nationals as a top “Golden Visa” option for the European Union. It offers an interesting alternative to existing Italian visa options, such as the Elective Residence Visa for retirees, but understanding the nuances of the Italian Golden Visa pathway is critical for any responsible cross-border planning.

About the Author

David Cantor is a dual US-Italian national, immigration lawyer and cross-border financial advisor. As the Founder of Relocate and several other migration-based ventures, he maintains over a decade of experience representing a wide array of international clientele. David currently lives in Florence, Italy.