Approved Investment Routes

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The Investor Visa for Italy is governed by Law No. 232 of 2016 and its implementing decrees. It offers four qualifying investment options for non-EU nationals to obtain a two-year renewable residence permit. The program is designed to attract long-term capital and innovation, and each route has distinct legal, financial, and strategic implications.

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1. Investment in Government Bonds (€2,000,000)

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This option allows investors to acquire Italian government securities (e.g., BTPs) with a minimum value of €2 million.

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• The investment must be held for at least two years.
  
• Securities must be purchased through a licensed Italian or EU financial intermediary.
  
• The investor must demonstrate unencumbered ownership and cannot use leveraged instruments.
  
  

Pros: Low operational complexity, sovereign credit backing.
Cons: High capital outlay, low yield, and exposure to EUR-denominated sovereign risk.

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2. Investment in an Italian Company (€500,000)

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This route permits direct investment into a limited company (S.p.A or S.r.l.) incorporated in Italy.

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• Investment must consist of newly issued shares or capital increase, not secondary market purchases.
  
• The company must be “operational” with tax filings and regulatory compliance in place.
  
• Holding must be maintained for at least two years.
  
  

Pros: Flexibility to invest in high-growth private companies or strategic sectors.
Cons: Requires careful due diligence; corporate governance risks may apply.

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3. Investment in an Innovative Startup (€250,000)

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Introduced as a strategic incentive, this route enables investment in registered innovative startups listed in Italy’s official registry.

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• Startups must meet criteria under Law No. 221/2012 (e.g., R&D expenditure thresholds, proprietary technology).
  
• Minimum holding period: 2 years, with active business operations.
  
• Investment may take the form of equity or convertible notes (subject to regulatory confirmation).
  
  

Pros: Lowest entry threshold; high upside potential.
Cons: Elevated risk profile; due diligence and exit strategy essential.

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4. Philanthropic Donation (€1,000,000)

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Applicants may also contribute to a public interest project in sectors such as culture, education, research, or migration support.

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• Donations must be irrevocable and made to a pre-approved beneficiary (e.g., university, NGO, research foundation).
  
• No return on capital; tax benefits may be available depending on donor’s tax domicile.
  
  

Pros: Strategic impact, reputation enhancement.
Cons: No financial return, subject to reputational and regulatory screening.

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Real Estate: Not a Direct Route Under IVI

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Unlike Portugal or Greece, real estate investment is not a qualifying route under the IVI. However, real estate may be acquired by investors for personal use or residency establishment and may be used as part of broader wealth relocation or family office strategies. There is also growing interest in pairing real estate with company investments in redevelopment or tourism-linked ventures.

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