Are you considering establishing an EU base without drastically changing your life? Italy’s Investor Visa, often called the Italy Golden Visa, offers a clear, rules-based path to Italian residence for non-EU citizens who invest in the country’s economy.
You apply online for a Nulla Osta (government pre-approval), secure a Type-D visa at your local consulate, enter Italy, apply for your residence permit within 8 working days, then complete the investment within 90 days. Simple sequence, firm deadlines.
Eligible routes are business- and impact-focused: €250k into an innovative start-up, €500k into an Italian company, a €1m public-interest donation, or €2m in Italian government bonds. (Buying a house doesn't qualify for this program.)
The permit is issued for two years, renewable for three if you maintain the investment. Family can be included. There’s no minimum stay to renew, though real residence is relevant later for permanent residence (5 years) and citizenship by naturalisation (~10 years).
In this Italy Golden Visa guide you’ll get the lot: routes and eligibility, a step-by-step process, documents and deadlines, fees, taxes, timelines, and a quick comparison with Portugal and Greece so you can choose what truly fits.
What you'll discover in this article:
- What is the Italy Golden Visa Program?
- Who's Eligible for the Italy Golden Visa?
- Italy Golden Visa Investment Options
- Italy Golden Visa Process: Step-by-Step
- Documents You’ll Need (and for What Stage)
- Italy Golden Visa Detailed Timeline
- Cost Breakdown and Government Fees
- Tax Incentives for New Residents
- How it Compares to Other Golden Visa Programs
- and more...
What is the Italy Golden Visa Program?
The Italy Golden Visa is a residency-by-investment route for non-EU citizens. Applicants commit capital through one of four approved channels (start-up, company equity, government bonds, or donation) and, in return, receive the right to live, work, and study in Italy.
The permit is valid for two years, renewable for three, provided the investment is maintained. With continued residence, holders can later apply for EU long-term status and eventually Italian citizenship by naturalisation.
The 9 Key Benefits & Rights of the Italian Investor Visa
Practical day-to-day freedoms plus a credible path to permanence. These are the nine advantages applicants value most.
In short: you gain the freedom to live and work in Italy with Schengen access, include close family, and progress to long-term status, all while funding only after approval and within clear deadlines.
For many investors, the optional flat-tax regime is the icing on the cake.
Who's Eligible for the Italy Golden Visa?
Securing Italy’s Investor Visa isn’t about jumping through mystery hoops. It’s a clear set of criteria: who can apply, what proof you’ll need, and how your family fits in.
Think of these requirements as a “go/no-go” sweep before you spend time (or money). If you meet these, you’re on solid footing for the next steps.
Core eligibility
You must be a non-EU/EEA/Swiss national, 18+, able to show lawful, verifiable funds (your bank issues an AML letter), and hold a clean criminal record.
You’ll carry Schengen-valid medical insurance at the start, show sufficient personal means (separate from the investment), and commit to funding after approval—not before.
Once in Italy, you’ll stick to the 8-day permit window and 90-day investment deadline, and then maintain the investment for the life of the permit.
Checklist: core eligibility vs notes
Family eligibility
Italy is family-friendly but evidence-driven. Spouses/partners and minor children are straightforward. Adult children can only be included if they are financially dependent due to a permanent, documented disability.
Parents may also be admitted if dependent, but only under stricter conditions, typically if they are over 65, financially reliant on the applicant, and without other children in their home country who could provide support. All family permits are usually co-terminous with the main card.
✓ Can be included — Conditions / Evidence
- Spouse or registered partner: a marriage/partnership certificate, legalised or translated as required.
- Minor children (under 18): Birth certificates; consent from the other parent if applicable.
- Dependent adult children: Must show both financial dependence and a disability that prevents self-support (medical and financial documentation required).
- Dependent parents (of applicant or spouse): Proof of financial dependence; typically allowed only if over 65 and no other children can provide support.
Each dependant will also need a valid passport, a clean criminal record (where applicable), health insurance, and civil-status documents that have been legalised or translated.
Edge cases & practical notes
- Do not pre-fund. Money moved before the Nulla Osta/visa won’t qualify.
- Mind the clocks. The permit must be filed within 8 days, the investment must be completed within 90 days, and it should be renewed at least 60 days before its expiry.
- Paperwork loves consistency. Names, dates, and amounts must match across bank letters, police certs, and declarations.
- Plan translations/apostilles early. They’re the #1 delay for otherwise strong files.
Italy Golden Visa Investment Options & Minimums
Italy’s Investor Visa isn’t a one-size-fits-all programme. Instead, it offers four distinct investment routes, each designed to channel funds into strategic areas of Italy’s economy. You cannot mix and match; applicants must commit to one route only.
What makes this programme stand out is the pre-approval model: you don’t invest upfront. First, you submit your proposal to the Investor Visa for Italy Committee (IV4I).
Only after receiving the Nulla Osta and your visa approval do you travel to Italy and deploy the funds. This sequence reduces financial risk and provides a clear, structured process.
Here are the official four options:
1. €250,000 in an Innovative Startup
Equity investment in a company registered in the special section of the Chamber of Commerce as an “innovative startup.”.
To qualify, the company must meet strict legal criteria:
- Incorporated within the last five years
- Annual revenues of less than €5 million
- Not publicly listed
- The organisation must satisfy at least one of the following innovation requirements:
- 15% or more of costs or turnover in R&D
- A highly qualified workforce (⅓ with PhD or ⅔ with master’s degree + R&D experience)
- Ownership or licensing of at least one patent or registered software
Risk profile: High — but with growth potential.
Best for: Entrepreneurs, venture capitalists, and tech-focused investors seeking early-stage opportunities.
2. €500,000 in an Italian Company
An established limited company (S.p.A. or S.r.l.) that is active and a tax resident in Italy can receive equity investment.
Key conditions:
- The company must have filed at least one balance sheet by the time of the visa application (to prove it is not dormant).
- Must be a genuine operating business, not just a holding shell.
Risk profile: Medium-high.
Best for: Investors looking for exposure to Italy’s industrial base, manufacturing, and established markets.
3. €1,000,000 Philanthropic Donation
A non-refundable contribution to projects of public interest, in areas such as:
- Culture and heritage preservation
- Scientific research
- Education and training
- Immigration management
- Social initiatives
Risk profile: None financially (as there’s no return), but significant in terms of legacy.
Best for: Philanthropists and high-net-worth individuals who are motivated by making an impact and enhancing their reputation.
4. €2,000,000 in Government Bonds
This involves purchasing Italian government securities that have a minimum residual maturity of two years. Eligible instruments include:
- Treasury Certificates (CCT/CCTeu)
- Zero-Coupon Treasury Bonds (CTZ)
- Long-term Treasury Bonds (BTP)
Risk profile: Low — state-backed, conservative, capital-preservation option.
Best for: Cautious investors prioritising stability over returns.
Step-by-Step Guide to the Italy Golden Visa Process
The application process for the Italian Golden Visa is built around a preapproval system, making it one of the most secure and investor-friendly programs in Europe.
Everything runs through the official Investor Visa for Italy portal, and the whole journey, from applying online to receiving your residence permit, typically takes three to four months.
⚠️ Note: The official portal (investorvisa.mise.gov.it) has had periods of downtime in December 2024 and early 2025. Always prepare offline copies of your documents to avoid delays.
Step 1: Pre-Approval (Applying for the Nulla Osta)
The first and most critical stage is securing the Nulla Osta, or certificate of no impediment. This is the government’s green light before you commit any funds.
- Create your account on the official portal (in English or Italian).
- Submit documentation: passport, CV, proof of lawful origin of funds, bank AML letter, signed investment declaration, and a recent criminal record certificate.
- Committee review is conducted by the Investor Visa for Italy Committee (IV4I) and typically takes place within 30 days.
- Receive Nulla Osta: if approved, it’s downloadable from your portal. Valid for six months.
Step 2: Apply for the Investor Visa at Your Consulate
With your Nulla Osta secured, you can formally request the long-stay Type-D visa at your local Italian consulate or italian embassy.
- Book an appointment in your country of residence.
- Submit visa application: include the Nulla Osta, proof of accommodation in Italy, and proof of sufficient personal income from the previous year (generally >€8,500).
- Visa issued: once approved, you’ll receive the two-year Investor Visa stamped in your passport.
Step 3: Arrive in Italy & Apply for the Residence Permit
Once you arrive in Italy, you must finalise your residency status.
- Enter Italy using the visa within its validity period.
- Apply for an Italy residence permit (Permesso di Soggiorno): within 8 working days of arrival at the local police headquarters (Questura). Missing this deadline risks invalidating your visa.
- You’ll need your passport, the visa, and required forms.
➡️ Once your residence permit card is issued, the real journey begins, registering with the Anagrafe, healthcare enrolment, and other admin. See our “Your First Year in Italy” section for the full checklist.
Step 4: Make Your Investment (3-Month Deadline)
Your investment commitment begins as soon as you arrive.
- Execute the investment within 90 days of entry. Failure to do so results in revocation of both the visa and residence permit.
- Provide proof: upload official evidence (bank statements, share transfer deeds, or donation deeds) to the portal.
- Validation: The IV4I Committee reviews the submitted documents to confirm compliance. If approved, your residence permit remains valid. If not, the visa and permit are revoked.
Step 5: Renewal & the Path to Long-Term Status
Your Investor Visa journey doesn’t end with the first permit.
- First renewal: the two-year permit can be extended for three more years if the investment has been maintained. Apply at least 60 days before expiry, and secure a new Nulla Osta as part of the process.
- Permanent residence: after five years of continuous, legal residence, you may apply for an EU long-term residence permit.
- Citizenship: after about ten years, you may apply for Italian citizenship by naturalisation. This involves its own process, including passing a B1-level Italian language test and showing integration into society.
Pathway to Permanence
The Italy Investor Visa begins with a two-year residence permit, renewable for three more years if you maintain the investment. But the long-term path splits in two:
In short, the Investor Visa can remain a flexible residency tool, or, if you commit to living in Italy, it can become a stepping stone to permanent settlement and ultimately an Italian passport
Who does what at each step
Rather than thinking of it as paperwork, it helps to see who’s responsible at each stage:
- Applicant → prepares documents, attends consular appointment, travels, applies for permit, executes investment, renews.
- IV4I Committee → reviews online application, issues Nulla Osta, validates proof of investment, reassesses at renewal.
- Consulate → verifies Nulla Osta, issues Type-D visa.
- Questura (Police HQ in Italy) → accepts residence-permit kit, takes biometrics, issues residence card, manages renewals.
The application is document-heavy, and precision is key. The process is divided into stages, each requiring a specific set of paperwork.
Documents You’ll Need (Stage-by-Stage)
Paperwork is what makes or breaks a successful Investor Visa application. Italy’s process is document-heavy, and each stage requires a carefully prepared bundle.
Get these right, and you’ll save weeks of back-and-forth.
1. For the Online Nulla Osta Application
- Valid Passport: A copy of the passport, which should be valid for at least two years and three months beyond the application date.
- Curriculum Vitae (CV): A detailed CV outlining the applicant's professional and academic background.
- Proof of Financial Resources: Documentation proving ownership and legal origin of the funds for the investment (e.g., bank statements, AML compliance letter).
- Declaration of Commitment: A formal, signed declaration stating the commitment to make the chosen investment in Italy.
- Investment Details: A description of the characteristics of the intended investment or donation, including proof of consent from the recipient entity (e.g., a letter from the startup or company).
- Criminal Record Certificates: Apostilled or legalised certificates from all relevant countries of past residence.
2. For the Visa Application at the Italian Consulate
- Approved Nulla Osta: The original certificate issued by the IV4I Committee.
- Original Application Documents: All the documents that were submitted online for the Nulla Osta.
- Proof of Accommodation: Evidence of a place to live in Italy, such as a rental agreement or property deed.
- Proof of Income: Documentation showing an income in the previous financial year that exceeds the minimum level for exemption from healthcare costs in Italy (approximately €8,500).
- Passport Photographs: Recent, passport-sized photos that meet biometric requirements.
3. For Proving the Investment (After Arrival in Italy)
The specific documents required here will vary based on the chosen investment pathway.
- For Government Bonds: A copy of the securities dossier and a certificate from the Italian bank where the bonds are deposited, confirming the purchase.
- For Company/Startup Shares: A recent bank statement showing the transfer of funds to the company, a letter from the company confirming receipt of the investment, and a copy of the official transfer document (atto di cessione) filed in Italy.
- For Philanthropic Donation: A copy of the public deed of donation and a bank statement showing the transaction was completed.
Italy Golden Visa Application Timeline
For exact deadlines and conditions, see 👉 Step-by-Step Process
Costs & Government Fees
While the main outlay is the investment itself, you’ll also need to budget for a handful of official fees and professional costs.
Compared to the €250k–€2m investment thresholds, these amounts are modest, but skipping them in your planning can still cause delays.
Typical costs at each stage
Full cost profile by investment option
💡 Note: Costs are approximate. Permit and renewal fees may differ slightly by Questura, and professional fees vary by firm. Always confirm with the consulate handling your case.
Tax Angle for New Residents
For high-net-worth individuals, the Italy Investor Visa can unlock more than residence. Italy offers a special flat-tax regime designed to attract foreign investors and professionals relocating their tax residency. It’s one of the most compelling incentives in Europe, but only if used correctly.
Italy’s flat-tax regime at a glance
- Annual substitute tax: fixed €100,000 per year on all foreign-sourced income, regardless of amount.
- Family add-on: extendable to dependants for €25,000 per year each.
- Duration: available for up to 15 years, provided you maintain Italian tax residence.
- Exemptions: foreign assets covered by this regime are exempt from Italian wealth tax, inheritance tax, and gift tax.
- Eligibility: you must not have been an Italian tax resident for at least 9 of the previous 10 years.
Example vignette
An investor earning €5m annually abroad could cap Italian tax on that foreign income at €100k, instead of paying Italy’s standard progressive rates (up to 43%).
A spouse added to the regime would cost an extra €25k per year, still far below traditional taxation.
⚠️ It’s optional, not automatic
This regime must be formally elected with the Italian tax authorities.
Proper structuring, timing of tax residency transfer, and annual compliance are critical. Professional tax planning is essential before arrival.
Note for US citizens
Because the US taxes worldwide income, Americans can’t fully escape US taxation. However, they can coordinate:
- ✅ Use the Foreign Tax Credit (FTC) to offset US taxes with Italian tax paid.
- ✅ File annual FBAR reports for foreign accounts (FinCEN).
- ✅ File Form 8938 under FATCA for specified foreign financial assets.
- ✅ Seek dual-qualified US/Italian tax advice before electing the flat-tax regime.
Alternatives & What Doesn’t Qualify
Not every visa in Italy falls under the “Golden Visa” umbrella, and it’s important to distinguish between the official Investor Visa and other residency options.
One of the most common alternatives is the Elective Residence Visa. This is aimed at retirees and financially independent individuals who can demonstrate a stable passive income and secure accommodation in Italy.
It’s a well-established route but comes with a major restriction: it does not grant work rights. Holders may live in Italy but cannot take up employment or run a business.
Another option is the Italian Startup Visa. Instead of a passive financial investment, this route requires applicants to present an innovative business plan that meets strict criteria.
Approval depends on an evaluation by a government-appointed committee, making it suitable for entrepreneurs rather than passive investors.
Italy Golden Visa Compared to Other Countries
If you’re weighing your options, here’s how Italy stacks up against two of Europe’s most popular investor visa routes.
Highlights
- 🇮🇹 Italy
Italy’s programme is business-focused, channelling capital into startups and companies rather than property. It also pairs uniquely with a flat tax regime that appeals to high-net-worth individuals seeking wealth management advantages. - 🇵🇹 Portugal
Once known for real estate, Portugal now attracts investors into funds, culture, and R&D. Despite long processing delays, a key perk is that the citizenship clock starts at application submission, not approval. - 🇬🇷 Greece
Greece remains a favourite for property buyers, but recent tiered pricing reshaped the landscape. The lowest entry point (€250k) exists mostly in niche restoration projects, making availability limited. - 🇭🇺 Hungary
Hungary re-entered the market in 2024 with a 10-year residence permit and a rare direct real estate route starting in 2025, standing out as others retreat from property pathways. - 🇨🇾 Cyprus
Unlike most programmes, Cyprus grants permanent residency from the start. With minimal visit requirements, it’s designed for long-term security rather than a fast track to citizenship. - 🇲🇹 Malta
Malta runs two distinct tracks: a cost-effective permanent residency option (MPRP) and a premium citizenship programme (MEIN). This dual approach caters to both mid-tier investors and ultra-high-net-worth individuals.
Common Mistakes & How to Avoid Them
Even strong applicants get tripped up by small oversights. Here are the top 10 pitfalls and how to sidestep them.
What Happens After Approval: Your First Year in Italy
Getting the plastic permit isn’t the finish line; it’s the starting gun. The next few admin moves make your life in Italy “official” and, crucially, start the residency clocks that matter later.
1. Register your address with the Anagrafe (city registry)
This is where you’re recorded as a resident of your municipality (Comune). It’s the anchor for everything else: ID card, public healthcare, schools, and importantly the start date used to count continuous residence toward long-term residency and citizenship. Expect an appointment, document upload, and (often) a home visit to verify you actually live there.
You’ll usually need: passport, permesso di soggiorno (or receipt), tax code (codice fiscale), and), registered lease/deed. Some cities (like Milan) offer guided online submission and email receipts.
Tip: Once registered, you can apply for the Italian ID card (Carta d’Identità), which also unlocks secure online logins.
2. Healthcare: SSN (Servizio Sanitario Nazionale) vs private cover
Investor-permit holders aren’t always in the “automatic” (free) enrolment bucket that mainly covers employees, self-employed and family-reunification cases. If you’re not in a mandatory category, you can voluntarily enrol (paying an annual fee) to get the tessera sanitaria and GP access.
2025 fees (voluntary enrolment): your local health authority (ASL) calculates a % of worldwide income, with a €2,000 minimum and €2,788.87 maximum; students/religious pay €700, au pairs €1,200 (flat).
Payment is made via F24, and then you finalise at ASL. If you arrive late in the year, some people use private insurance and enrol in January to avoid paying a full year for just a few weeks.
3. Driving: your foreign licence after you become resident
Non-EU licences are valid for up to one year from the date you establish residency. Thereafter, you must convert the licence (if your country has a reciprocity agreement) or obtain an Italian licence from scratch (the U.S., for example, has no conversion agreement).
Check whether your country is on the conversion list before you move. If there’s no reciprocity, expect a theory exam (in Italian) and a road test through the Motorizzazione. Plan study time early.
4. Two border-control notes you’ll care about
- ETIAS: Once ETIAS launches, it’s for short-stay visa-exempt visitors. Residence-permit holders don’t need ETIAS to enter Schengen.
- EES: The Entry/Exit System exempts residence-permit holders from EES processing, too. Keep your card handy at the border.
Other Considerations for Italian Golden Visa Applicants
Living in Italy: Costs at a Glance (2025)
This is a brief overview to help you establish your expectations. Figures below are typical monthly costs for a single adult in four major cities; totals exclude schooling, childcare, and car costs.
Family of 3–4: add housing size, groceries, and transport accordingly; many households see +€800–€1,500 on top of the single-adult total depending on city and lifestyle.
Italian for Daily Life (integration made practical)
You don’t need Italian to submit the application, but basic Italian dramatically smooths day-to-day setup (Anagrafe, banking, SSN, utilities). If you aim beyond renewals, note the language thresholds: A2 for EU long-term residence and B1 for citizenship. Starting lessons early pays off later.
Residence Card Validity, Travel & “The Clocks”
- Validity: first card 2 years, then 3-year renewal; no annual day count required for renewal if you maintain the investment.
- The PR and citizenship clocks begin with your Anagrafe registration date, which starts the 5- and 10-year counters; obtaining PR requires continuous residence (no more than 6 months away at once and no more than 10 months total in 5 years), while citizenship requires continuous residence along with a B1 level of Italian proficiency.
- Borders: investor-permit holders are not expected to use ETIAS/EES like short-stay visitors; keep your residence card handy when crossing.
Lifestyle Logistics (what new residents often forget)
- Healthcare choices: if you’re not in an automatic SSN category, voluntary SSN enrolment is available (fee-based) or keep private insurance.
- Driving: a non-EU licence works for 1 year after residency; with reciprocity you can convert it, otherwise expect Italian theory + road tests, and plan time.
- Timing tip: align big steps (Anagrafe, SSN, school intake) with your move window to avoid paying for services you won’t use yet.
Your Local Team in Italy (lawyers, tax & advisors)
Specialist support makes the process faster and cleaner, especially for structuring the investment, tax-residency timing, renewals, and family add-ons.
Frequently Asked Questions
Conclusion
The Italy Golden Visa opens the door to Europe, offering both flexibility and the potential for long-term settlement in one of the world’s most vibrant countries. But securing approval and planning your future in Italy isn’t only about meeting the investment threshold; it requires precise paperwork, careful timing, and a strategy that aligns with your personal and family goals.
That’s why at Movingto we don’t just point you in the right direction; we work alongside our own vetted lawyers and tax advisors to guide you through each stage. With our legal team on your side, you can approach the process with clarity and confidence, knowing every detail is handled with care.
Ready to Secure Your Italian Investor Visa?
At Movingto, we offer independent advice, compare all major EU programs, and connect you with vetted legal partners — with teams on the ground in Lisbon, Barcelona, and Milan.
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