Investment in shares of an Italian start-up – Italian Investor Visa

For the purpose of encouraging foreign investment in Italy, Italy introduced the foreign investor visa with the 2017 Budget Law. Such a visa falls under the so-called Italian investment visa immigration programs, meaning that the residence permit is granted to foreign nationals who make a specific investment in Italy. Such investment must be performed within 90 days after entry in Italy. Hence, the non-EU foreign national must enter Italy, obtain the residence permit, and then perform the investment. In the event said investment is not performed within 90 days after entering Italy, the residence permit is withdrawn.

Said investment must be made into a single start-up. Investing the total amount of € 250.000,00 into several start-ups is not allowed. The initial investment must be held for the whole duration of the residence permit, meaning that it cannot be disposed of or substituted prior to its expiry. In such cases, the permit is withdrawn. The non-EU foreign national intending to obtain the investor residence permit shall provide adequate documentation proving that the funds to be invested result from lawful sources and that he/she has not been convicted of any offences over the previous 10 years, both in Italy or in his/her foreign country of residence.

To qualify for the Italian golden visa, the minimum investment is currently €250,000 when investing in a certified innovative start-up. Other investment options may require a higher threshold, depending on the type of business or financial instrument involved. The investment must be directed to a recognized entity, such as an Italian limited company, that complies with the legal requirements under the program.

The investor residence permit allows the applicant to work in Italy. In such case, the foreign national has access to free Italian healthcare under the same conditions as Italian nationals; otherwise, he/she must take out private health insurance to cover any medical expenses. The first investor residence permit is valid for 2 years. Upon its expiry, the non-EU national can apply for an additional 3-year renewal. In such event, the initial investment must be held for further 3 years. Upon the second expiry, the foreign national can convert the investor residence permit into a long-term EU residence permit (formerly known as residence card), i.e. a permanent residence permit.

The investor can apply for Italian citizenship and passport 10 years after the issuance of the first residence permit by means of application for naturalization by residence.

This long-term route is sometimes described as citizenship by investment, since it links a qualifying investment with the ability to apply for citizenship after the required period. While Italy does not offer direct citizenship in exchange for funds, it is possible to obtain italian citizenship after 10 years of legal residence under the investor visa for Italy.

The Italian investor visa – residence permit program is called Investor Visa for Italy and involves a simplified procedure for the purposes of the issuance of the visa and residence permit. By means of the Investor Visa for Italy platform, the non-EU national applies for the investor visa Nulla Osta, which is issued within 30 days after the application. The Nulla Osta for the Investor Visa is valid for 6 months.

During the period of validity of the Nulla Osta, the foreign national shall schedule an appointment with the Italian Consulate in his/her country for the purposes of the issuance of the investor visa. In this respect, the Italian Government approved a specific decree dedicated to facilitating the submission of investor visa and residence permit applications. Such a decree provides for direct access to the Italian Consulate/Immigration Desk appointment (i.e. no wait), as well as the issuance of both visa and residence permit by accelerated procedure.

This fast-track system strengthens the reputation of the Italian golden visa as one of Europe’s most accessible investment-based residency options, especially for individuals interested in establishing long-term ties with Italy.

The Italian Consulate then issues a multiple-entry type-D investor visa valid for 27 months. Prior to the expiration of the visa, the foreign national must come to Italy in order to request the residence permit. The residence permit request procedure consists of 2 steps:

• Step 1 Not later than 8 days after entry in Italy, the non-EU national must appear before the Immigration Desk for the purpose of requesting the residence permit and for the fingerprinting procedure.
• Step 2 The residence permit can be collected not later than 30/40 days after the fingerprinting appointment.

The non-EU national must be present in person for the 2 steps of the procedure. In the time period between the residence permit request and its collection, the foreign national is allowed to travel abroad.

For applicants whose goal is not only temporary residence but also eventual citizenship, the Italian citizenship by investment pathway provides a structured legal option. With compliance and time, eligible individuals can later apply to obtain Italian citizenship by naturalization.Aprigliano is a leading Italian Immigration and Citizenship Law boutique offering a wide range of integrated services tailored to the needs of each Client. We do not believe that achieving the Client’s desired outcome is enough; what we aim for is exceeding our Client’s expectations by taking care of every single detail. We see our Clients as people, not numbers, with different cultural backgrounds, personalities and expectations. Our goal is to understand each person’s needs in order to provide a tailored service that will make the application process positive and stress-free. Contact us for more information.