Investor Visa for Italy: Requirements, Procedure and Tax Implications

Italy is today one of the main European destinations for entrepreneurs, investors and international families interested in developing new business opportunities, diversifying their assets or transferring their residence.

In addition to the quality of life, the strategic position in the European market and the rich cultural heritage, our Country offers a specific entry instrument dedicated to citizens of States not belonging to the European Union: the investor visa, commonly referred to as “Investor Visa for Italy”.

Provided for in Art. 26-bis of Legislative Decree 25 July 1998, No. 286 (Consolidated Immigration Act), the programme is aimed at attracting foreign capital through qualified investments in the Italian economy. Unlike ordinary entry procedures, the visa is outside the quota system, is managed through a centralised and predominantly online procedure and allows generally faster processing times.

For many investors, however, the issuance of the visa represents only the first step of a broader project that may include the transfer of the family, the reorganisation of assets and the possible acquisition of Italian tax residence. For this reason, it is essential to approach the procedure with an integrated perspective that takes into account not only immigration aspects, but also tax and wealth implications.

1. Who can apply for the visa and which investments are permitted

The programme is intended for citizens of non-EU countries who intend to make a significant investment in Italy.

The application may be submitted:• by the individual who intends to make the investment;• by the legal representative of a foreign legal entity, in the cases provided for by the legislation.

In order to obtain the visa, the applicant must undertake to make one of the following investments:• investment of at least EUR 2 million in Italian government bonds, to be maintained for at least two years;• investment of at least EUR 500,000 in the capital of an Italian company that is incorporated and operational;• investment of at least EUR 250,000 in an innovative startup registered in the relevant special section of the Companies Register;• philanthropic donation of at least EUR 1 million, intended to support projects of public interest in the fields of culture, scientific research, education, environmental protection or the enhancement of cultural heritage.

The investor must choose only one of the types of investment provided for by law. It is in fact not possible to combine different investments in order to reach the required minimum threshold. In the case of an investment in an Italian company, moreover, the latter must already be identified at the time the application is submitted and must meet the requirements provided for by the legislation.

2. The procedure for obtaining the visa

The procedure is divided into several stages and is managed through the “Investor Visa for Italy” online platform.

The applicant must submit the application attaching all the required documentation and demonstrating, in particular:• the availability of the financial resources necessary for the investment;• the lawful origin of the funds;• the possibility of transferring the resources to Italy;• the availability of sufficient financial means for his or her maintenance during the stay.

The documentation is examined by the Secretariat of the Committee and, subsequently, by the Investor Visa for Italy Committee, which verifies compliance with the requirements provided for by law. In the event of a positive outcome, a nulla osta is issued, valid for six months, within which the applicant must apply for the visa at the competent Italian diplomatic or consular representation.

Once having entered Italy, the non-EU citizen must apply for the investor residence permit and make the promised investment within three months of entering the national territory. Failure to comply with this deadline may result in the revocation of the residence permit.

3. Residence permit, renewal and investor’s rights

The investor residence permit has an initial duration of two years and may subsequently be renewed for periods of three years, provided that the requirements established by law are met.

In order to maintain the permit, it is necessary to maintain the original investment for the entire duration of the stay. In particular,the investment:• may not be disposed of;• may not be replaced with a different investment;• may not be given as security.

Violation of these obligations may result in the revocation of the residence permit.

The holder of the permit may also:• carry out employed work;• carry out self-employed activities;• apply for family reunification, according to the ordinary rules provided for bythe Consolidated Immigration Act.

4. The investor visa and Italian tax residence

One of the most frequent misunderstandings consists in believing that the issuance of the visa automatically entails the acquisition of Italian tax residence.

In reality, immigration law and tax law follow autonomous rules. Obtaining the visa allows entry and stay in Italy, but does not, in itself, entail taxation in Italy on a worldwide basis.

Tax residence continues, in fact, to be governed by Art. 2 of the TUIR, as amended by Art. 1 of Legislative Decree No. 209/2023, and depends on the verification of the criteria provided for by Italian legislation, including physical presence, domicile, civil-law residence and registration in the Register of the Resident Population.

In relations with other States, Double Taxation Conventions are also particularly relevant, as they may affect the determination of tax residence for treaty purposes and the allocation of taxing powers.

5. Tax and wealth planning of the transfer

For many investors, the visa represents only the first step towards a project involving the transfer of the individual, the family and the assets to Italy.

Before proceeding, it is advisable to assess the coordination between the investor visa and the other regimes and instruments provided for by the Italian legal system, including:• the new residents regime referred to in Art. 24-bis of the TUIR;• the structure of corporate shareholdings;• the use of holding companies, trusts or other wealth vehicles;• succession planning;• the coordination between Italian legislation and that of the country of origin.

Advance planning often makes it possible to avoid double taxation, disputes concerning tax residence and inefficiencies in the management of international assets.

6. The most frequent mistakes to avoid

Professional experience shows that many critical issues can be prevented through proper planning of the transfer project.

Among the most frequent mistakes are:• confusing the visa with Italian tax residence;• underestimating the documentation relating to the origin of the funds;• making the investment in ways different from those declared in the application;• failing to coordinate the transfer with the tax legislation of the country of origin;• neglecting the effects of the transfer on family governance and international assets.

Addressing these aspects from the outset makes it possible to reduce the risk of disputes and to structure the transfer more efficiently.

7. Conclusions

The Investor Visa for Italy represents one of the most interesting instruments through which the Italian legal system promotes the entry of international entrepreneurs and investors. The procedure is relatively fast and offers a stable residence permit, but requires careful verification of the requirements provided for by the legislation and compliance with the obligations connected with the investment.

For many investors, however, the issuance of the visa constitutes only the beginning of a broader project involving personal, family and wealth transfer. From this perspective, immigration aspects must be coordinated with international tax planning, wealth management and possible access to the preferential tax regimes provided for by the Italian legal system.

Relying from the earliest stages on professionals capable of integrating expertise in immigration, international taxation, wealth planning and corporate law makes it possible to structure the transfer efficiently, reducing risks and fully taking advantage of the opportunities offered by the Italian legal system..

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Are you a citizen of a non-EU country? Are you considering investing in Italy and would you like more information on the visa for foreign investors?

RCLex’s International Desk is ready to support you, making available the specialised expertise developed by the Firm in tax and legal matters, as well as an established network of professionals and foreign law firms in the various relevant jurisdictions.

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📌 For a general description of the Desk’s approach and activities:👉 https://www.rclex.it/en/internationaldesk