22nd April 2021
If your firm has clients who are interested in establishing themselves in Europe, don't miss the latest article by MGI Worldwide CPAAI accounting network and association member Pierpaolo Vannucci, partner at MGI Vannucci & Associati, highlighting the competitive advantages of the Italian Investor Visa and the opportunities it offers to foreign investors.
What is the Investor Visa?
The Investor Visa has been introduced in Italy to attract foreign capital and talent. Designed to attract new investors who intend to make significant investments in strategic areas for the Italian economy and society, the Foreign Investor Visa has an initial duration of 2 years, which can be extended for another 3 years when it expires.
Additionally, it is possible to convert the Investor Visa into an EU permit to stay for a long period, once 5 years have passed from the time it was first released, on the condition that the investment is maintained.
How much to Invest
In order to increase its ability to attract investments into the country, Italy allows release of a two-year renewable visa for non-EU citizens who make:
- An investment of at least 2,000,000 euros in Italian securities;
- A philanthropic donation of at least 1,000,000 euros to support a project of public interest, in the sectors of culture, instruction, management of immigration, scientific research, and restoration of cultural or landscape heritage.
As an alternative to these requirements, it is possible to invest in instruments representing a business capital. The amount has been reduced to half by the Relaunch Decree (D.L. 34/2020) and currently amounts to:
- 500,000 euros for quoted or non-quoted capital corporations set up and operating in Italy;
- 250,000 euros for innovative start-ups set up and operating in Italy.
With l. n. 190/2020, the possibility of receiving the visa is also extended to legal representatives of non-EU legal entities carrying out one of the above-mentioned investments.
Obtaining the Investment Visa
The procedure for obtaining the Investment Visa is explained step by step at the website of the Ministry of Economic Development. This can be synthesized in two parts:
- Obtaining the Nulla Osta (authorization) for release of the visa;
- Granting of the Investor Visa and entrance into Italy
1) Nulla Osta (Authorization)
The request for authorization for granting of the visa should be sent online through the appropriate channel made available by the MISE. To complete this centralised and completely digitised procedure, it is necessary to supply a series of information and documents, including indication of the type of investment that the applicant intends to make and attesting to the legitimacy and ownership of the amounts allocated for this purpose.
Once the documentation has been submitted, after a preliminary formal control by the Committee Secretary, the members of the Investor Visa Committee meet to evaluate the conformity of the request for authorisation to the requirements established by law. The outcome of the evaluation is communicated within 30 days, and in the case of a favourable outcome, the formal visa authorisation is granted.
2) Granting of the Investor Visa and entrance into Italy
Once authorisation has been obtained, the applicant has six months of time in which to request granting of the visa, at the Italian Embassy or Consulate of their country of origin.
The Embassy or Consulate, having carried out the required investigation, will then grant the visa for entrance for investors, with a duration of 2 years. This can be renewed for another 3 years, upon request made at the competent police headquarters at least 60 days before the permit to stay expires.
Within 8 days of arrival in Italy, the foreign citizen is required to present the request for the Investor Visa permit to stay to the police headquarters where they are living, along with the necessary administrative documentation.
Finally, the applicant must make the previously-communicated investment within 3 months of the date of entrance, otherwise the procedure will be nullified.
How can MGI Vannucci & Associati help?
Thanks to the experience developed in this sector and the collaboration with legal firms specialised in the such matters, MGI Vannucci & Associati is available to support MGI Worldwide CPAAI member firms in carrying out the procedure for obtaining the Investor Visa:
- Completing the forms on the MISE channel on your firm's behalf, in order to obtain the permission for the release of the visa.
- Helping to choose the best possible investment. Among other things, MGI Vannucci & Associati specialises in Startups and Innovative PMIs, and therefore can help through a partnership with a Certified Incubator.
- Assisting in carrying out all the successive steps for obtaining authorization.
For further information visit the firm’s online profile page or their firm website.
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