The Italy Golden Visa, officially known as the Investor Visa for Italy, is Italy’s investment-based residence programme, introduced by the 2017 Italian Budget Law.
The programme allows citizens of non-EU countries to obtain an initial two-year residence permit for investors by making one of the qualifying investments provided for under Italian law.
One of the main advantages of the Italian Investor Visa is that there is no minimum physical presence requirement in Italy to maintain the residence permit.
The programme also differs from many other European Golden Visa schemes in three particularly important respects: the investment is made only after the application has been approved and the investor has entered Italy, there is no minimum physical presence requirement to maintain the permit, and the minimum investment threshold starts at €250,000 for an investment in an Italian innovative startup.
The Investor Visa may also be considered as part of a broader tax planning strategy. Individuals who become Italian tax residents and meet the relevant requirements may benefit from Italy’s special flat-tax regime, which, from 2026, provides for a €300,000 annual substitute tax on foreign-source income.
2025–2026 Updates
Over the past two years, there have been several important developments affecting both the Investor Visa programme and the Italian tax regime for new residents.
Longer processing times for the Nulla Osta
During 2026, processing times for the Nulla Osta have increased further. While applications were generally processed within approximately 45 days in 2025, current processing times can reach around 90 days.
This appears to be mainly due to an increase in the number of applications being submitted. However, the overall number of applications remains considerably lower than that of comparable investment residence programmes in other European countries.
There are also indications that processing times may improve from September 2026 onwards.
Additional documentation for family reunification and family members
During 2025, and increasingly in 2026, several Italian immigration offices (Questure) have started requesting additional documentation when the spouse of an Investor Visa holder applies for a residence permit.
In particular, some Questure have requested documentation concerning the applicant’s accommodation in Italy, including an accommodation suitability certificate (idoneità alloggiativa).
This is an important practical development for investors planning to relocate to Italy with their family, as accommodation documentation should now be considered at an early stage of the process.
Increase in the flat tax
From 1 January 2026, the substitute tax applicable to qualifying new Italian tax residents under the flat-tax regime increased to €300,000 per year for the main taxpayer.
An additional substitute tax of €50,000 per year applies for each family member included in the regime.
Suspension for Russian and Belarusian citizens
Since July 2023, the Investor Visa programme has been suspended for Russian and Belarusian citizens, including individuals holding dual citizenship where they possess a Russian or Belarusian passport.
No real estate investment option
Italy currently does not allow applicants to qualify for the Investor Visa by purchasing real estate.
Therefore, purchasing a house, apartment or other property in Italy does not constitute a qualifying investment for Investor Visa purposes.
Is an investment fund option available in 2026?
At present, investment funds are not widely used for Italian Investor Visa applications. However, some companies are beginning to develop structures that may allow investors to access the programme through fund-based investments.
The programme does not currently provide a clearly established category specifically dedicated to qualifying investment funds under Italian law. Nevertheless, the market is evolving, and it is possible that during the first months of 2027 a more established fund-based option may become available.
This could provide investors with an additional way of diversifying their investment while still pursuing the Italian Golden Visa.
Italy Golden Visa: Investment Options and Minimum Amounts
Italian law provides for four different qualifying investment routes through which an applicant may obtain an Investor Visa.
The applicant must choose one of the four investment categories. It is therefore not possible to combine different investment types or divide the required amount between different categories.
| Investment type | Minimum investment |
|---|---|
| Italian innovative startup | €250,000 |
| Shares or quotas in an Italian company | €500,000 |
| Italian government bonds | €2,000,000 |
| Philanthropic donation | €1,000,000 |
Once made, the investment must be maintained for the duration of the residence permit, subject to the specific requirements applicable to the relevant investment category.
1. Investment in an Italian Innovative Startup – €250,000
The lowest investment threshold under the programme is €250,000, where the applicant invests in an Italian innovative startup.
The company must satisfy the requirements established under Italian law to qualify as an innovative startup and must be registered in the relevant section of the Italian Companies Register.
The investor must also demonstrate that the investment is genuine and that there is a real degree of independence between the investor and the company in which they intend to invest.
In particular, this route cannot generally be used to invest in a company already controlled by the applicant or in a company controlled by certain close family members.
The proposed investment is assessed as part of the Nulla Osta application process.
2. Investment in an Italian Company – €500,000
The second option is to invest at least €500,000 in an established and operating Italian company.
The investment must make the applicant a direct shareholder or quota holder in the company.
Financial instruments that do not result in the immediate acquisition of an ownership interest, such as certain bonds or convertible instruments, are therefore not sufficient.
Depending on the structure of the transaction, the investment may be made through:
- the purchase of existing shares or quotas from another shareholder; or
- a capital increase carried out by the company.
As with the startup route, the applicant must not already control the company at the time of the application.
3. Italian Government Bonds – €2,000,000
The third option is an investment of at least €2 million in Italian government bonds.
The bonds must meet the requirements established by Italian law, including the requirements concerning their remaining maturity.
This option may be particularly attractive to investors who prefer exposure to financial instruments issued by the Italian State rather than making a corporate investment.
However, the investor should carefully consider the duration of the investment and the consequences that selling or redeeming the bonds may have on the maintenance of the residence permit.
4. Philanthropic Donation – €1,000,000
The fourth option is a donation of at least €1 million to support a public-interest project in Italy.
The donation must concern one of the sectors recognised by Italian law, including, for example:
- culture;
- scientific research;
- management of immigration;
- conservation and enhancement of natural heritage;
- restoration and enhancement of cultural and artistic heritage.
Unlike the other investment categories, this option does not represent a recoverable investment.
It is an irrevocable donation, meaning that the capital transferred cannot subsequently be recovered by the applicant.
Who Can Apply for the Italy Golden Visa?
The Investor Visa is primarily available to individuals aged 18 or over who are citizens of countries outside the European Union, European Economic Area and Switzerland.
Applicants must also satisfy the applicable requirements concerning immigration, security and anti-money laundering compliance.
Restrictions for Russian and Belarusian Citizens
The programme is currently suspended for Russian and Belarusian citizens, including individuals holding dual citizenship who possess a Russian or Belarusian passport.
For other foreign nationals, there are generally no additional restrictions based solely on nationality.
However, the source of the investment funds and the applicant’s position from an anti-money laundering perspective must always be carefully assessed.
Family Members of the Investor
One of the advantages of the Investor Visa is the possibility of extending the relocation project to Italy to the applicant’s family members.
Subject to the requirements established by Italian law, the relevant family members may include:
- the spouse;
- minor children;
- dependent adult children, where the relevant legal requirements are met;
- dependent parents, where the conditions established by law are satisfied.
No additional investment is required for family members.
The procedure may differ depending on whether the family members enter Italy together with the Investor Visa holder or join them at a later stage.
Anti-Money Laundering Requirements and Source of Funds
One of the most important aspects of the Investor Visa application is demonstrating the lawful source of the funds intended for the investment.
It is not sufficient simply to demonstrate that the applicant has the financial resources required to make the investment. The applicant must also be able to clearly and adequately document the origin of their wealth and of the specific funds that will be used for the investment.
The relevant documentation may include:
- bank statements;
- bank reference letters;
- documents demonstrating the source of the applicant’s wealth;
- documentation relating to employment income, business activities or investments;
- anti-money laundering statements issued by financial institutions;
- any additional documents requested by the Investor Visa Committee.
The documentation should allow the authorities to trace the funds and demonstrate that the capital intended for the investment derives from legitimate sources.
For this reason, preparing the banking and source-of-funds documentation is often one of the most important stages of the Nulla Osta application.
How to Apply for the Italy Golden Visa: Step-by-Step Procedure
The Investor Visa application process is divided into several stages.
Step 1 – Preparing the Documentation
Before submitting the Nulla Osta application, the applicant must prepare the required documentation.
The main documents may include:
- a valid passport;
- curriculum vitae;
- documentation concerning the applicant;
- details of the selected investment category;
- information concerning the company, startup or entity receiving the investment;
- bank documentation demonstrating the availability of the required funds;
- documentation concerning the source of the funds;
- an AML statement issued by the applicant’s bank;
- criminal records and police clearance certificates, where required;
- documentation concerning the proposed investment;
- evidence of sufficient financial resources to support the applicant while in Italy.
The documentation should be carefully reviewed before submission, particularly the evidence concerning the source of funds.
Step 2 – Applying for the Nulla Osta
The application is submitted online through the official Investor Visa portal.
The documentation is initially reviewed and the application is subsequently assessed by the Investor Visa Committee.
If the application is approved, the Committee issues the Nulla Osta, which is the authorisation required to proceed with the visa application.
Step 3 – Applying for the Investor Visa at the Italian Consulate
Once the Nulla Osta has been issued, the applicant must submit an application for the Investor Visa at the competent Italian Embassy or Consulate.
The applicant must comply with the applicable deadline for using the Nulla Osta and submitting the consular visa application.
Step 4 – Entering Italy and Applying for the Residence Permit
After entering Italy, the applicant must apply for an Investor Residence Permit at the competent Questura.
The application must generally be submitted within eight days of entering Italy, in accordance with the applicable procedure.
The initial residence permit is valid for two years.
Step 5 – Making the Investment
After entering Italy, the investor must complete the qualifying investment within the period established by law, currently within three months of entering Italy.
Once the investment has been completed, the relevant documentation must be submitted to the Ministry of Enterprises and Made in Italy.
Step 6 – Renewal of the Residence Permit
If the investment is maintained and all other requirements continue to be satisfied, the residence permit may be renewed for an additional period of three years.
The renewal process requires verification that the investment has been maintained and that the other legal requirements continue to be satisfied.
The Main Advantages of the Italy Golden Visa
No Minimum Physical Presence Requirement
One of the main advantages of the Investor Visa is that there is no minimum number of days that the investor must spend in Italy in order to maintain the Investor Residence Permit.
This can be particularly useful for individuals who need a residence permit allowing them to stay in the Schengen Area for more than 90 days while, at the same time, they do not necessarily want to become Italian tax residents.
This makes the programme particularly attractive to entrepreneurs, investors and individuals with international assets who want to establish a residence status in Italy without necessarily spending most of the year in the country.
However, it is important to distinguish this from the requirements applicable to acquiring Italian tax residence, an EU long-term residence permit or Italian citizenship.
Right to Work in Italy
The Investor Visa allows the holder to live and work in Italy, as well as carry out business and professional activities in accordance with the applicable rules.
This is an important distinction from the Elective Residence Visa, which does not allow the holder to carry out employment or professional activities in Italy.
Access to the Schengen Area
Holders of an Italian residence permit can travel to other Schengen countries in accordance with the rules applicable to residence permit holders issued by a Schengen Member State.
In particular, stays in other Schengen countries are generally subject to the 90 days in any 180-day period rule.
No Annual Quota
The Investor Visa is not subject to the annual quota system applicable to many other types of work-related immigration to Italy.
Applications can therefore be submitted throughout the year, subject to compliance with the applicable procedure.
Pathway to Long-Term Residence and Citizenship
The Investor Visa may also serve as the starting point for a longer-term relocation project in Italy.
After five years of lawful residence, provided all the relevant legal requirements are satisfied, the holder may consider applying for an EU Long-Term Residence Permit.
For Italian citizenship by residence, the ordinary requirement for non-EU citizens is generally ten years of lawful residence, subject to satisfaction of all additional legal requirements.
It is important to note that these pathways are subject to requirements that are different from those applicable to simply maintaining an Investor Visa.
Italy Golden Visa and Special Tax Regimes
For some investors, the Golden Visa can be particularly attractive when considered as part of a broader strategy for transferring tax residence to Italy.
Italy provides a special tax regime for individuals who transfer their tax residence to the country and satisfy the relevant requirements.
The regime allows qualifying individuals to pay a substitute tax on foreign-source income instead of being subject to ordinary Italian taxation on such income.
2026 Flat Tax
From 1 January 2026, the substitute tax is:
| Beneficiary | Annual substitute tax |
| Main taxpayer | €300,000 |
| Each family member included in the regime | €50,000 |
Among other requirements, applicants must not have been Italian tax residents for at least nine of the ten tax years preceding the year in which the regime is first applied.
The regime can be applied for a maximum period of 15 years, provided the relevant conditions continue to be met.
Depending on the circumstances, potentially qualifying foreign-source income may include:
- dividends;
- capital gains;
- foreign rental income;
- income from financial investments;
- other foreign-source income.
Income generated in Italy remains subject to the ordinary Italian tax rules applicable to that income.
The flat-tax regime can therefore be particularly attractive to individuals with significant wealth and substantial income generated outside Italy.
The Flat Tax Is Not the Only Tax Incentive Available to New Italian Residents
Tax Regime for Inbound Workers
Italy also provides a special tax regime for inbound workers which may apply, subject to the statutory requirements, to employees and self-employed individuals who transfer their tax residence to Italy to carry out their professional activity in the country.
The regime provides for a significant reduction of the portion of employment or self-employment income subject to taxation for a specified period.
7% Tax Regime for Foreign Pensioners
Foreign citizens receiving foreign pension income who transfer their tax residence to certain municipalities in Southern Italy may, if the relevant requirements are satisfied, benefit from a special tax regime providing for a 7% substitute tax on foreign-source income.
The regime is subject to specific conditions concerning, among other things, the individual’s previous tax residence and the municipality selected for the relocation.
Tax Incentives for Professors and Researchers
Italy also provides specific tax incentives for professors and researchers who transfer their tax residence to Italy and satisfy the requirements established by law.
Italy Golden Visa vs. Other Italian Residence Options
| Investor Visa | Elective Residence | Digital Nomad Visa | |
| Ability to work in Italy | Yes | No | Yes, remotely |
| Investment required | From €250,000 | No | No |
| Passive income requirement | No | Yes | No |
| Financial resources | Investment funds and sufficient resources | Sufficient income and resources | Income from professional activity |
| Minimum presence to maintain permit | None | Effective residence required | Effective residence required |
| Pathway to citizenship | Generally 10 years | Generally 10 years | Generally 10 years |
| Potential access to flat tax | Yes, if requirements are met | Yes, if requirements are met | Yes, if requirements are met |
The most suitable visa therefore depends on the applicant’s personal, professional and tax objectives.
Individuals who wish to relocate to Italy without making an investment may, depending on their circumstances, consider the Elective Residence Visa or the Digital Nomad Visa.
Those who wish to invest in Italy while also having the right to work and maintaining a high degree of flexibility regarding their physical presence may consider the Investor Visa.
Frequently Asked Questions About the Italy Golden Visa
Does Italy have a Golden Visa programme?
Yes. The Italian programme is officially known as the Investor Visa for Italy and has been in operation since 2017.
It is not subject to the annual quotas applicable to many other types of immigration to Italy and allows non-EU citizens to obtain a residence permit by making one of the qualifying investments provided for by law.
Can I obtain the Golden Visa by purchasing property in Italy?
No.
Purchasing real estate in Italy does not constitute a qualifying investment for the purposes of the Investor Visa.
An applicant may nevertheless purchase property after obtaining their residence permit, but the purchase does not replace the investment required under the programme.
Is there a minimum physical presence requirement?
No. There is no minimum number of days that the investor must spend in Italy in order to maintain or renew the Investor Visa.
This does not mean, however, that there are no physical presence requirements for other purposes, such as acquiring Italian tax residence, an EU Long-Term Residence Permit or citizenship.
How much is the Italian flat tax?
From 2026, the flat tax for qualifying new Italian tax residents is €300,000 per year for the main taxpayer.
An additional €50,000 per year applies for each family member included in the regime.
The regime can be applied for a maximum of 15 years, provided the relevant requirements are satisfied.
When does the investment have to be made?
The investment must be made after entering Italy and, generally, within three months of entry.
One of the distinctive features of the programme is that the investor does not necessarily have to make the investment before the application is approved. The investment can therefore be completed only once the investor knows that the application has been approved.
Can family members relocate to Italy with the investor?
Yes.
The spouse, children and, where the relevant conditions are satisfied, dependent parents may benefit from the procedures available to family members of an Investor Visa holder under Italian immigration law.
No additional investment is required for family members.
Can Russian citizens obtain the Italy Golden Visa?
The programme is currently suspended for Russian and Belarusian citizens, including certain cases involving dual citizenship.
The applicable rules should always be verified at the time of application, as the relevant legislation and administrative provisions may change.
How long does it take to obtain the Investor Visa?
Processing times may vary depending on the completeness of the documentation, the complexity of the application, the time required to assess the Nulla Osta and the competent Italian Embassy or Consulate.
For this reason, it is preferable to consider the overall timeline of the procedure, from the preparation of the documents through to the issuance of the residence permit, rather than focusing solely on the processing time for the Nulla Osta.
What happens after five years?
After five years of lawful residence, provided all the relevant legal requirements are satisfied, the holder may consider applying for an EU Long-Term Residence Permit.
Subsequently, if the relevant requirements are met, a non-EU citizen may consider applying for Italian citizenship by residence, generally after ten years of lawful residence in Italy.




