An Ultimate Guide to Golden Visa in Italy.

Unparalleled heritage, millennia-old cities, and pristine nature invite tourists from all across the globe. And, something that comes as a greater surprise is that other people are also flocking to the shores of Italy for obtaining citizenship. Well, now that you think how’s that possible, then it is. There are many ways under which foreign citizens can have immigration to Italy. The good news, however, is that Italy has become one of the countries to enter the portals for bestowing citizenship- all thanks to a program known as Golden Visa for Italy.

The foreign citizens from non-EU countries to whom immigration by investment in Italy interests can do the same with ease. These people will get the permits for permanent residence for Italian Citizenship, which later convert into Italian passports. There are many ways to get a visa for Italy as a permanent residence if you follow some rules and meet the minimum requirements. Reading on this ultimate guide, we’ll enlighten you on what this Golden Visa is, what the program entails, and how you apply to the program. Let’s get going:

Italy’s Golden Visa: What is it?

Before getting to the nitty-gritty of the visitor visa, it becomes vital to understand what this exemplary program is all about. The visitor program or Golden Visa for Italy is a way to gain residence in the country, which can be temporary and later gets permanent. European countries are running programs for investor residences, but Italy, to be precise was late to the European Golden Visa party. Portugal and Ireland were some other countries to recognize the importance of such programs to attract foreign investments. Italy launched the program in 2017. And, that’s the reason for the program not gaining much traction in recent time.

Golden Visa for Italy: What are the requirements?

A person becomes eligible for an Investor visa if he/she is a non-EU citizen and can make a single investment into either of the following:

1. A government bond, which the Italian Republic issues.

2. An Italian incorporated company, which operates in Italy.

3. An innovative startup.

4. He/she makes a philanthropic contribution. And, can support public interests in fields of education, immigration, culture, management, preservation of natural heritage and resources, and scientific research.

Ensure directing the investment to one entity itself. Yet, in exceptional circumstances such as making a donation for special projects or indulging in research that involves more than a participant. The year 2018 saw the smallest investment qualifying for the visa lowering by half, going from €1 million to as low as €250,000. Also, ensure that you have no criminal record and you have acquired all your financial assets legally, whether these are under your name or transferable.

All non-EEA citizens can file their application. These citizens then can receive their Golden Visa for Italy and a residence permit. All they’ve to do this choose any of the following investments to make:

1. An investment of €250,000 in a local startup that already exists. Research for the list of startups that you’ll have to invest in.

2. A €500,000 investment in an Italian incorporated company that operates in Italy; has been in functioning for at least two years.

3. €1 million donations to support the public interest projects. These can be in the form of education, scientific research, immigration management, culture, preservation of natural heritage, and culture, or any other activity of similar nature.

4. €2 million investment in government bonds, which is to be held for a smallest period of two years.

The options can vary, but two things are worth paying keen attention to. These options are:

1. You have no option for real estate. The options can be daunting for the people who’re looking out to buy a seaside villa and tend to forget about the entire visa application process.

2. The risk scale for all the investments is pretty high, except for the option for government bonds. That is because of the high investment amounts involved.

These alternative investments worth €2 million find a comparison to investments required for obtaining Cypriot citizenships. There are many other ways of obtaining the Italian Citizenship. These may be by Citizenship by Descent, Dual Citizenship or the most-convenient Investor Program. The experts exclaim upon a better deal among temporary residence and the citizenships. You can always opt-in for going in for startups if you consider lowering the investments. The risk but persists. Thus, going for a € 1 million investment as a donation seems like a good option. It is up to the people which choice seems the best for you. After all, some efforts and money are worth the Italian quality of life.

What are the Documents you need for an Italy Investor Visa?

There are some documents you need to apply for the Nulla Osta:

1. A passport copy, which shows your picture, name, issuance, and expiration date along with the passport number.

2. A CV that showcases your academic record and professional experience.

3. Other supporting documents that state the financial resources you own, the ones that you will invest or donate. These are your bank statements with the name and funds available.

4. Licit and transferable financial resources. An official letter by the bank/ financial institution that shows your assets. These letters determine the location and carrying out of checks that you own. You also need to show that you have no criminal charges on your record. Relevant authorities will issue the declaration.

5. Proof of consent given by the investment/donation recipient.

6. A commitment of declaration that shows how your funds will find their usage, the one that has electronic signatures. You can download the declaration from an online platform with much ease. Ensure it states the investment money and the place you intend to settle in Italy.

7. The nature of donation/ investment and your experience as an investor/ donator. The description must be not more than 1,000 words.

As Nulla Osta comes in your hand, ensure submitting these essential documents at your Italian Consulate or Embassy for requesting the Investor Visa.

1. Nulla Osta copy, along with all other documents original hard copies.

2. Proof that you have accommodation in Italy

3. Previous financial years income statements. The income you show must meet the minimum threshold for exempting yourself from healthcare expenses. The amount is around € 8,500.

4. A valid passport

5. Your country residency proof.

6. The passport-size photograph of yours.

Note that all the documents are either in English or Italian. If you don’t have these documents, then ensure submitting a certified translation copy.

Investor Visa for Italy: How to get on to the Application Process?

Now that you’re interested in applying for a Golden Visa for Italy; know that it finds its separation in two parts.

1. Nulla Osta online application that has no impediment certificate.

2. Italian Consulate or Embassy application visa.

After getting the visa, all you’ve to do is travel to Italy and get the Residence Permit that allows you to live in Italy for a long-term.

Applying for Nulla Osta:

Italy Investor Visa Nulla Osta follows these steps:

1. Complete a series of forms for starting an online application.

2. Submit some documents by scanning and attaching the same electronically on the website.

3. Download the Final Declaration, and before submitting it, sign via electronic signatures.

4. Your documents will be under scrutiny by the Investor Visa Committee Secretariat. You will receive a green light if all your documents are in the correct order, and the Investor Visa Committee will evaluate the application, else you’ll have to submit the documents again for proper evaluation.

5. The Investor Visa Committee, which comprises government agencies and ministries, then assesses your application.

6. A final and binding decision will knock on your doors within 30 days.

Applying for Italy Investor Visa:

Now that you have the decision, you have six months to apply for the visa at an Italian Embassy nearest to you. There are some documents you must. These are:

1. Nulla Osta and the hard copies of documents you’ve submitted. You might also need some additional documents.

2. After you have the Italian Embassy visa, you have a span of two years for using the same to enter Italy.

Arriving in Italy with Golden Visa:

After you receive the visa and pave a path to country travel, you need to go to Questura- the Police Headquarters for requesting the Residence Permit for an Italian Investor Visa. This permit holds validity for two years after you enter Italy. Right from the date of application, you have three months for the Residence Permit to make your donation or investment in full. Failing to do so will revoke your visa. The experts thus suggest maintaining your investments, if you intend on keeping your visa or renewing the same during your stay in Italy.

Key Takeaways:

Multiple program choices, investment possibilities, a special taxation regimen, and a powerful economy makes Italy a desirable destination for obtaining citizenship. The experts suggest taking note of the period when applying for a residence permit for Italy. You can also clench the hands of the experts as they promise to guide you through the golden visa process with ease. The option is certainly lucrative- all you need to do is follow the process with utmost diligence and take note of instructions for documentation.

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