Good news for travellers: Italy launches golden visa program, know what it means; How Indians can apply?

Italy, a country renowned for its rich history, art, architecture, and cuisine, has been a popular destination for tourists and investors. The Italian government has introduced the Golden Visa program, also known as the Investor Visa, to attract foreign direct investments and promote economic growth. This visa allows non-EU nationals, including Indians, to obtain a residence visa in exchange for a qualifying investment in Italy.

What is Golden Visa?

The Golden Visa program was introducted in 2017 by Italian government. The program allows people to obtain a residence visa in exchange for a qualifying investment in the Italian economy. This visa offers a unique opportunity for global investors to live, work, and study in Italy, while also enjoying the benefits of European mobility.

Benefits of the Italy Golden Visa

The Italy Golden Visa provides numerous benefits to its holders. With an initial validity period of two years, the visa can be renewed for up to three years, provided the investment is maintained. This visa allows individuals to stay, work, and study in Italy, while also providing access to the country's renowned healthcare and education systems. Moreover, the visa offers the freedom to travel throughout the Schengen Area, making it an attractive option for those looking to explore Europe.

Investment Options

The Italy Golden Visa program offers four different investment options for individuals looking to obtain residency in Italy. These options include a €250,000(approximately Rs 2.57 crores) investment in an Italian innovative start-up, a €500,000 (approximately Rs 5.15 crores) investment in an Italian limited company, a €2 million (approximately Rs 20.6 crores) investment in Italian government bonds, and a €1 million (approximately Rs 10.3 crores) donation to a philanthropic initiative in Italy. While these are the minimum investment amounts required, additional charges such as residence permit fees, legal fees, and renewal fees may apply.

How Indians can apply?

Indians can apply for the Italy Golden Visa by following these steps:

Step 1. Create a personal account on the Italian investor visa portal .

Step 2. Fill in the online application form with required details, including personal and investment information.

Step 3. Upload necessary documents, such as passport, proof of funds, and investment plan.

Step 4. Submit the application and wait for preliminary check and evaluation.

Step 5. If approved, download Nulla Osta (certificate of no impediment) and apply for 2-year investor visa at nearest Italian consulate or embassy.

Step 6. After entering Italy, apply for residency permit within 8 days and provide proof of investment to validate residency.

Eligibility ricteria

To be eligible for the Italy Golden Visa, applicants must meet certain criteria. They must be at least 18 years old, hold a valid passport, and be a non-EU/EEA/Swiss citizen. Additionally, applicants must have sufficient funds to make the investment and provide documentation of their funds. A clean criminal record and comprehensive health insurance coverage are also required.

Documents required for Italy's golden visa

The documents required for the Italian Golden Visa application include a valid passport with at least 2 years and 3 months validity remaining, clean criminal record certificates, an updated CV, consent proof from the investment or donation recipient, bank statements, and a bank letter confirming the applicant's financial status. A letter describing the investment or donation, including prior investment/donation experience, and a signed declaration of commitment stating the investment amount and intended residence in Italy are also required.

Residency and family benefits

The Italy Golden Visa allows people to bring their family members along with them. Family members can obtain residence rights if they meet the eligibility criteria. There is no requirement for full-time residency in Italy, making it an attractive option for individuals who wish to continue their business activities in their home country.

To maintain residency, one must ensure that they comply with the terms and conditions of their visa. This includes completing the investment within the specified timeframe and providing proof of completed investment to the portal. Failure to comply with these requirements may result in the cancellation of the visa.

Renewal and permanent residency

The Italy Golden Visa can be renewed every three years, provided the investment is maintained. After 10 years of residency, individuals may be eligible to apply for Italian citizenship, subject to fulfilling all program requirements. The potential for permanent residency and citizenship makes the Italy Golden Visa an attractive option for global investors looking to make Italy their home.