Online applications for the Italian “visa for investors” are now open

From the 14th December 2017 it is now possible, for foreign investors, to apply online for the Italian “visa for investors”, an innovative type of visa which ensures a more favorable treatment for foreign investors and can be obtained through an easier procedure, rather than that for the traditional “business visa” and the “self-employed workers visa”.

The new visa, valid for a period of two years, can be requested by foreign nationals from outside the European Union (or the Schengen area) who fulfil the requirements set by law and commit themselves:

1. to invest at least two million euros in State bonds;
2. (or) to invest at least one million euros in stocks or shares of companies incorporated under Italian laws and operating in Italy (the amount is reduced to half a million euros in cases of innovative start-up companies);
3. (or) to make a philanthropic donation of at least one million euros, to support a project of public interest in the fields of culture, education, management of immigration, scientific research, recovery of cultural goods and landscape heritage.

The whole process of request is conducted online via http://investorvisa.mise.gov.it/, also available in English language. The procedure is fast and centrally-governed, as the visa authorization (“nulla osta”) is granted by an ad-hoc committee (“comitato interistituzionale”) within 30 working days from the enquiry.

In more detail, the process consists of the following steps.

1. The foreign investor applies, on the dedicated website, for the investors’ visa. The application is then valued by an ad hoc committee which, if the requirements set by law are met, grants the visa authorization within 30 days from the enquiry date. Afterwards, the visa may be withdrawn from the competent consular/diplomatic authorities.
2. Execution of the investment. The investor, upon his/her arrival in Italy, should make the investment or donation for which the visa was granted and observe the following duties:
   1. To apply, within eight days upon entry, for a two-years resident permit for investors;
   2. To upload, on the dedicated website, all the documents proving that the investment or the donation has been carried out, within three months upon entry. Failure to do so may result in the residence permit to be revoked.
3. Renewal of the residence permit. Within 60 days from its expiration date, the investor may apply for the renewal of the residence permit. In such a case, the enquirer should attach the documentation proving that the investment or the donation has been maintained for the whole validity period of the former permit.

As for the supporting documents, it is required a passport with an expiration date of at least three months later than the one of the required visa, as well as the documentation proving the availability of funds, the possibility to transfer them in Italy, the description of the characteristics and the identity of the beneficiary of the investment or of the philanthropic donation.

Lastly, it should be mentioned that the owner of the visa for investors can be accompanied by his/her familiars, who will be entitled to a visa for family reasons, provided that they qualify as such in accordance with art. 29 of the consolidated Law on immigration.

For further information about the visa for investors and other benefits for foreign investors in Italy don’t hesitate to contact us at info@dandreapartners.com