Posted by on Feb 25, 2018 in IMMIGRATION AND NATIONALITY LAW UPDATE, LEGAL UPDATES

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Visa for investors in Italy

A new immigration category was established in Italy in the 2017 budget legislation which allows for visas and residence permits (for up to 2 years) to be granted to investors.

This new law is aimed at non-EU nationals who intend to make a substantial long-term investment in Italy or make a philanthropic financial donation to benefit culture and research in this country.

The Italian Ministry for Economic Development published a report in December 2017 showing statistics relating to the number of applications made, which countries these were mainly from, the number granted, the average age (36,8 years) and qualifications of the applicant (click link below):

http://www.sviluppoeconomico.gov.it/images/stories/documenti/Evento-di-lancio-Investor-Visa-14_12_2017.pdf

Applications for a “Nulla Osta al visto investitore” are made online via the wesbite: investorvisa.mise.gov.it. A decision should be made within 30 days and the visa collected from the consular authorities in the country where the application is made. Then on entry to Italy the applicant needs to apply for the permesso di soggiorno within 8 days. Within 3 months the investor needs to submit documents confirming the investment made (failure to comply can mean the visa is revoked). The 2 year period can be extended for a further 3 years, and is extendable to family members.

 

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