Investments and Real Estate

Investor Visa

Investor visas were introduced by Article 1, Paragraph 148 of the 2017 Budget Law, which, with the aim of attracting foreign investors to Italy, added Article 26-bis to the Consolidated Immigration Act.

This category of visa is designed for foreign nationals with significant financial resources who are able to make high-value investments or philanthropic donations in Italy.

Investor visas allow foreign nationals to stay in Italy for periods exceeding three months, without being subject to entry quotas, and are issued to individuals intending to make one of the following investments in Italy:

An investment of at least €2 million in Italian government bonds, which must be held for at least two years.

These include government securities periodically issued on the market, such as Buoni Ordinari del Tesoro (BOT), Certificati di Credito del Tesoro (CCT), Certificati del Tesoro Zero Coupon (CTZ), Buoni del Tesoro Poliennali (BTP), and inflation-linked BTPs (BTP€i).

An investment of at least €1 million, later reduced to €500,000, in capital instruments of an Italian company, which must be held for at least two years. Alternatively, an investment of €500,000, later reduced to €250,000, if the company is a recognized innovative startup. These reductions were introduced by Decree-Law No. 34 of May 19, 2020, Article 38, Paragraph 10.

It is considered that foreign investors can invest not only in shares or corporate equity, but more broadly in any financial instruments that do not guarantee capital repayment or fixed returns. However, the investment must be made in a company incorporated and operating in Italy, meaning Italian companies primarily operating abroad or foreign companies with an Italian branch are excluded.

A philanthropic donation of at least €1 million to support a project of public interest in sectors such as culture, education, immigration management, scientific research, or the restoration of cultural and landscape heritage.

The broadly defined wording of the regulation, which does not provide clear criteria for what constitutes “public interest,” currently makes practical application challenging.

Visa for Foreign Investments

A key requirement for the investor visa is obtaining a nulla osta (authorization), which is issued by a special committee established specifically for this process, known as the Investor Visa for Italy Committee (IV4I).

On November 16, 2017, the Investor Visa for Italy operational manual was approved by the Ministry of Economic Development, the Ministry of Foreign Affairs and International Cooperation, and the Ministry of the Interior. On December 16, 2017, the web platform for submitting nulla osta applications was launched.

To obtain the nulla osta, the following conditions must be met:

The foreign national must be the owner and actual beneficiary of the funds intended for investment or donation, and these funds must be available and transferable to Italy.
The foreign national must have additional financial resources beyond the investment amount, at least above the legal threshold for exemption from healthcare co-payments, ensuring complete financial self-sufficiency during their stay in Italy.

The applicant must complete the application forms and submit the following documents:

A copy of their valid passport or equivalent travel document, with an expiration date at least three months beyond the requested visa validity.
Documentation proving ownership and actual availability of the funds intended for investment or philanthropic donation, as well as proof that these funds are transferable to Italy.
Certification of the lawful origin of the funds.
A written declaration committing to investing or donating the specified funds within three months of entering Italy. This declaration must include a detailed description of the investment or donation project and its beneficiaries.

The required documentation for the investor visa application must be submitted via the designated web platform.

The IV4I Committee has 30 days to evaluate the application and communicate its decision. It is important to note that, under Article 26-bis, Paragraph 3-ter of the Consolidated Immigration Act, introduced by Decree-Law No. 76 of July 16, 2020, Article 40-quater (converted into Law No. 120/2020), the nulla osta issuance also serves as a confirmation that the principle of reciprocity (as stated in Article 16 of the General Provisions of the Civil Code) has been verified.

Additionally, under Paragraph 3-bis, also introduced by the above decree, if the nulla osta request is submitted by the legal representative of a foreign legal entity, the competent authority (designated under Paragraph 2) must request the Ministry of Foreign Affairs and International Cooperation to conduct a preliminary verification of the principle of reciprocity, as outlined in Article 16 of the General Provisions of the Civil Code.

Upon positive evaluation of the submitted documentation, the IV4I Committee transmits the nulla osta to the competent Italian diplomatic or consular representation, which, after conducting the necessary verifications, issues the investor visa, explicitly labeled “investor visa” (Paragraph 3).

Once the nulla osta is issued, the foreign national has six months to submit the visa application to the competent consulate or embassy in their country of residence.

The investor visa is valid for two years and can be used to enter Italy at any time within two years from the date of issuance.

Upon entering Italy, as a general rule, the foreign national must apply for an investor residence permit at the competent Questura (police headquarters) within eight days. The permit is valid for two years and is issued only after the foreign national has proven that the investment or donation was made within three months of entry by uploading the required documentation to the designated government portal.

The investor residence permit can be renewed for an additional three years if the investment or donation is maintained, upon issuance of a new nulla osta by the IV4I Committee. If the investment conditions are no longer met, the permit may be converted into another type of residence permit, provided the applicant meets the legal requirements.

Holding an investor residence permit for at least five years qualifies the individual to apply for an EU long-term residence permit, under Article 9 of the Consolidated Immigration Act.

Boschetti Law Firm has extensive experience in investor visas and provides legal consultation for any foreign national seeking to enter Italy to invest in government bonds, capital instruments of Italian companies, or philanthropic donations, in full compliance with the conditions described above.

Typical scenarios / Case studies

The typical scenarios have been developed by drawing on the most significant corporate immigration cases that the firm regularly handles, with the aim of creating structured, complex examples that help the reader navigate their own situation. The case studies, by contrast, illustrate individual real-life matters, anonymised to protect client confidentiality, presented with full factual and contextual detail.

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Application completed in approximately 3 months without additional requests

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US opera singer obtains work authorization in 7 days

American opera singer with contracts already signed with an Italian theatre. Self employment work authorization obtained on an urgent basis to meet professional commitments.

Work authorization issued within 7 days from submission of the application

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US client purchases property in Rome: secure transaction

American client assisted in the purchase of a property in Rome. Urban planning issues and contractual risks identified and resolved before signing, transaction completed through notarial power of attorney.

Purchase completed within one month, entirely managed remotely

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American investor: from New York to a villa in Tuscany

Cross-border property transaction with full relocation service. Purchase of a high-end property, with tax status, residency and NHS registration handled remotely.

Complete relocation service, from property due diligence to handing over the keys

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Retirement

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From Toronto to the Itria Valley. Purchase of a farmhouse with cadastral issues, 7% flat tax on foreign pensions, elective residence visa and healthcare transition.

7% flat tax activated, cadastral issues resolved before the deed of sale

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Post-Brexit, a London-based tech entrepreneur establishes an operational headquarters in Milan. Immigration pathway as a non-EU national, company incorporation, and tax planning.

European operational hub established with self-employment visa successfully obtained

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A banking executive relocates from Zurich to Calabria. Management of the Swiss occupational pension pillar, Italy-Switzerland Tax Convention, and deregistration from the cantonal tax register.

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American couple: retirement project in Abruzzo with visa and flat tax

From Connecticut to Abruzzo. Elective residency visa, 7% flat tax coordinated with IRS and FATCA obligations, and transition from Medicare to the Italian NHS (SSN).

7% flat tax activated on Social Security and 401(k) pension income

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Relocation

German couple, from Munich to Tropea

Retired engineers from the Bavarian automotive sector. Multi-tier pension management, Italy-Germany Tax Convention, and the 7% preferential tax regime.

Three German pension pillars optimised with Italian flat tax

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Brand premium newyorkese apre presidio a Milano. Strutturazione per evitare stabile organizzazione, trasferimento direttrice creativa e gestione showroom.

Rischio stabile organizzazione prevenuto, presidio EU operativo

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Corporate

Manufacturing company, ICT transfers to Italy

Multinazionale giapponese trasferisce 3 figure chiave in Piemonte. Permessi ICT per manager e specialista, coordinamento consolare e regime impatriati per tutti i dipendenti.

3 trasferimenti completati in 4 mesi e mezzo, linea produttiva avviata nei tempi previsti

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How Boschetti International Law Firm can help you obtain the investor visa

Boschetti International Law Firm provides qualified assistance to foreign citizens who intend to apply for an investor visa in Italy, guaranteeing high-level service in full compliance with all legal and procedural requirements.

We support you in every phase: from the assessment of requirements to the preparation of documentation, from contact with the authorities to support after the visa is issued. With us, you reduce the risk of a refusal of the investor visa, and we also work to speed up the timeframe of the administrative procedure.

Our support specifically includes:

Preliminary assessment of the specific case: we analyze in detail the client’s personal and financial situation in order to identify the most suitable investment solution.
Preparation and verification of documentation: based on legal requirements, we identify the documents needed to obtain the nulla osta and the visa.
Direct interaction with the competent authorities: we represent your interests before consular representations and work to speed up the procedure.
Post-issuance assistance: from the residence permit to the management of any extensions for family members, we assist the client until their full settlement in the national territory.

Thanks to consolidated experience in immigration law, with a focus on businesses and investors, companies and individuals, the Firm ensures complete and reliable assistance throughout the process, achieving the result without unpleasant surprises.

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Investor visa: how to prove the source of funds?

The source of funds must be demonstrated through banking and financial documentation proving ownership, availability, transferability, and lawful origin of the capital: recent bank statements (typically covering the last 3 months), certifications from the financial institution, and documents evidencing the source of funds (income, sale of assets, donations, or other traceable transactions).

For the Italian investor visa (minimum €500,000 in a company or €250,000 in an innovative startup), documentation must be in Italian or English (or officially translated) and verifiable. Authorities carry out anti-money laundering checks and also require proof of no criminal convictions and of the lawful origin of the funds.

Real estate purchase as a foreigner: does buying a property grant a residence permit?

No, purchasing a property in Italy does not automatically grant a residence permit. A non-EU national may freely buy property, subject to the condition of reciprocity, but residing in Italy requires an independent residence title: elective residence, investor visa, work, or another legal ground предусмотрed by law.

However, owning property can be a useful requirement for several types of residence permits, particularly elective residence. It demonstrates a connection to the territory and satisfies the accommodation requirement, as well as indicating the availability of sufficient financial resources. Therefore, the purchase should be part of an overall immigration strategy.

Foreigner buying property in Italy: what taxes apply and what incentives are available?

A foreign buyer pays the same taxes as an Italian citizen: a registration tax of 9%, or reduced to 2% if the “first home” benefit applies; VAT at 4% or 10% if purchasing from a developer. In addition, there are mortgage and cadastral taxes (€200 each for a first home).

The “first home” benefit is also available to foreigners, provided they establish residence in the municipality where the property is located within 18 months of purchase. Special tax regimes for new residents or inbound workers may offer further advantages on the taxation of foreign

Elective residence based on property purchase: what is the minimum income required?

There is no minimum amount set by law. The consulate assesses on a case-by-case basis whether the applicant has sufficient means to support themselves without working in Italy. In practice, an annual income from passive sources (pension, annuities, dividends) of at least €31,000 for a single applicant is generally considered sufficient, with higher thresholds for dependent family members.

Elective residence is intended for individuals who wish to relocate to Italy without carrying out any work activity. Owning a property or having a long-term rental agreement strengthens the application. Proof of passive income sources is the key requirement.

Opening a representative office in Italy: what are the tax obligations and advantages?

A representative office does not carry out commercial activities in Italy: it promotes the business, gathers information, and manages relationships with clients and suppliers without entering into contracts. As it does not constitute a permanent establishment, it does not generate taxable income in Italy and is not subject to corporate income tax (IRES) or VAT on its activities.

The advantages: a physical presence in the Italian market without direct taxation, low start-up costs, and no obligation to prepare separate financial statements. The obligations: registration with the REA (Economic and Administrative Index) at the Chamber of Commerce, keeping accounting records for expenses incurred, and filing withholding tax returns if employees are hired.

Innovative startup in Italy: what tax incentives are available for foreign founders?

Foreign founders of innovative startups may benefit from a 30% personal income tax (IRPEF) deduction (up to 50% in certain cases) on investments in the company’s capital, the favorable tax regime for new residents, and exemption from Chamber of Commerce fees and stamp duties for the first five years.

The startup must be registered in the special section of the Companies Register and meet the requirements set out in Law Decree 179/2012, which are also verified by the Investor Visa for Italy Committee. As for immigration pathways, the investor visa requires a minimum investment of €250,000 in an innovative startup.