The Italy Golden Visa is a residency-by-investment program that grants long-term residence to non-EU nationals. Investors can obtain residency by making specific investments in Italy, such as government bonds, or a business venture. The visa offers a pathway to permanent residency and even citizenship, provided certain conditions are met.
Albert Ioffe, Legal and Compliance Officer at Immigrant Invest, explains how to settle in Italy or gain access to residence permits in the EU.
Cheapest Golden Visa in Europe
If you are seeking affordable residency options in Europe, there are several countries that offer Golden Visa programs. Here’s a comparison of the most cost-effective options:
Greece. The minimum investment for the Greece Golden Visa starts at €250,000 for real estate. It’s one of the cheapest programs in Europe.
Hungary. Hungary offers a residency program with an investment of around €250,000 in government bonds.
Portugal. Portugal’s Golden Visa requires a minimum of €250,000 investments in culture.
Cyprus. The Cyprus Golden Visa starts at €300,000 for investments in residential or commercial real estate.
While these options offer attractive entry points into Europe, the Italian Golden Visa requires an investment of at least €500,000 in business or €1 million in a government bond. Though it’s more expensive than Greece and Portugal, Italy offers several unique advantages, including the lifestyle, access to Italian healthcare, and EU residence rights.
Is It Possible to Get Residency in Spain by Investment?
Spain’s Golden Visa program is one of the most well-known in Europe but is no longer available. It allowed non-EU nationals to gain residency by investing in real estate, businesses, or government bonds. The minimum investment required was €500,000, which is the same as Italy’s real estate investment requirement.
Spain’s Golden Visa also provided the possibility of full residency after five years and citizenship after ten years, provided specific conditions are met.
Unlike the Italy Golden Visa, Spain didn’t offer a pathway to full citizenship without having to give up other nationalities. The program is attractive to investors because of Spain’s cultural appeal and its potential for lucrative real estate investments. However, the process could be more complicated due to bureaucratic delays and legal hurdles.
Italy Golden Visa Requirements
The Italy Golden Visa has clear requirements that need to be met for eligibility:
Investment options. Italy allows residency through various investments. Investors can choose from government bonds, company shares, or innovative startups.
General features:
- Minimum investment: €250,000+.
- Processing time: 4 months.
- Stay requirement: must live in Italy to maintain residency.
- Path to citizenship: available after 10 years.
Background check. Like other Golden Visa programs, applicants must have a clean criminal record and meet other general health requirements.
Family inclusion. The investor’s immediate family members, including spouse, children and dependent parents, can also apply for the Golden Visa.
How to Apply for Italy Golden Visa
The process for applying for the Italy Golden Visa is straightforward but requires attention to detail. Here’s a step-by-step breakdown:
- Choose the investment option. Decide on your preferred investment, either government bonds, or business ventures.
- Prepare documentation. Gather all required documentation, including proof of investment, background check, and financial records.
- Submit your application. Submit the necessary paperwork to the Italian Ministry of Interior or through an authorised intermediary.
- Approval process. The government typically takes 4 months to process the application. Once approved, you will receive your Golden Visa, allowing you to move to Italy.
- Residence permit. After receiving the visa, you’ll need to apply for a residence permit, which must be renewed every two years.
- Permanent residency and citizenship. After five years of legal residence, you can apply for permanent residency. Citizenship can be obtained after ten years of residency.
The Italy Golden Visa offers flexibility and a relatively straightforward process, making it an appealing choice for investors. However, compared to Spain’s Golden Visa, it may offer fewer immediate benefits in terms of full residency rights and the ability to work, depending on the investor’s circumstances.
Conclusion
Italy’s Golden Visa offers a significant alternative to Spain’s Golden Visa program, especially for those looking to invest in Europe but seeking a quieter, more relaxed lifestyle. While the investment requirements for both programs are similar, Italy’s focus on long-term residency benefits, a robust economy, and access to the EU makes it an attractive option.
