IMPACT – MEDIUM
What is the change? Italy has begun accepting applications for the country’s new Investor Visas.
What does the change mean? Applications are now being accepted from foreigners who meet qualifying criteria, including the ability to make the minimal investment at any of three levels: (1) € 2 million in Italian government bonds for at least two years, (2) € 1 million in an Italian company or € 500,000 in an innovative start-up company, or (3) € 1 million in philanthropic efforts to support education, culture, scientific research or similar public interest projects. Investor Visa holders will be able to apply for residence permits that will be valid for two years and renewable for an additional three years.
Background: The Italian government proposed the creation of a new investor visa category last year, and a subsequent directive provided information about how the program would operate. Applicants for the visas are required to complete a three-step process that involves an initial online clearance, submission of the application at an appropriate Italian consulate and, once in Italy, application for a residence permit. Applicants will be required to provide police clearance for every country in which they have lived over the previous 10 years. Once in Italy, they will have three months to provide evidence that they have made the required investment or donation. Residence permits will be valid for an initial term of two years, extendable for an additional three years at the discretion of the Investor Visa for Italy Committee. Additional information is available on this website.
BAL Analysis: Investor Visas will provide an expedited path to residency and access to Europe for qualifying foreign nationals.
This alert has been provided by the BAL Global Practice group and our network provider located in Italy. For additional information, please contact your BAL attorney.
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