Italy Golden Visa: Investor Visa Routes, Costs and 2026 Rules

Law 232 of 11 December 2016 (the 2017 Budget Law) added Article 26-bis, "Entry and residence for investors", to Legislative Decree 286/1998. An inter-ministerial decree of 21 July 2017 set the procedure, and a committee-approved policy guidance (the Manuale operativo, last updated 19 July 2021) fills in the detail^[2][4]. Investor visas sit outside Italy's annual entry quotas^[2].

Applications go through a single online platform. A Secretariat at MIMIT checks the file, and an Investor Visa Committee decides. The committee includes the Ministries of the Interior and Foreign Affairs, the Financial Intelligence Unit (UIF), the Guardia di Finanza currency police, the Revenue Agency and the Italian Trade Agency. Its approvals need a majority in favour and no votes against, so a single objecting body can block a file^[2]. The committee aims to decide within 30 days of a complete application, and that clock stops whenever it asks for more documents^[2][4].

A positive decision produces a nulla osta (certificate of no impediment). You then collect a two-year investor visa at the Italian consulate where you live, enter Italy, apply for the residence permit and complete the investment within three months^[2]. The permit is marked "per investitori", lasts two years and can be renewed for three years at a time while the investment is kept. By law its holder has the same rights as the holder of a self-employment (lavoro autonomo) permit, and for five years from first issue holders are exempt from the integration agreement and from the continuity-of-stay rules that apply to other permits^[3].

Status, October 2026: open. The only restriction is a suspension, since 14 July 2023, for Russian and Belarusian citizens, extended on 20 March 2024 to dual nationals holding either passport^[1]. Investment thresholds have been unchanged since the Budget Law for 2020 halved the company and startup amounts. We found no bill or announcement to add a property route or raise the minimums.

The €500,000 company route was the most popular from 2018 to 2021, and the startup route has grown from a smaller base since^[23]. Both are, in effect, an Italy business investor visa: you take a stake in a real Italian business and must keep it for the life of the permit^[2][3].

€500,000 in an Italian company

The target must be an Italian joint-stock or limited company (SpA, Srl and similar) that is active and has filed at least one set of accounts when you apply. You must give its name and tax code in the application, and for unlisted companies the legal representative must sign a consent^[2]. The money can be new capital or a purchase of existing shares. The guidance refers to an atto di cessione (share transfer deed) as acceptable proof. Shares must then be deposited with a bank or financial institution in Italy^[2]. The committee may ask Confindustria for a non-binding opinion on the business^[2]. A company that simply holds property can fail the "operating company" test. Investing through a holding company abroad is possible, and in that case the applicant must be its legal representative^[2].

Article 35 of Law 193 of 16 December 2024 widened this route: the €500,000 can now also go into a venture capital fund set up and operating in Italy, held for at least two years^[3][26]. The 2021 policy guidance and the online form predate this change, so confirm with the Secretariat how a fund subscription is documented before you commit.

€250,000 in an innovative startup

The startup must appear in the public register at startup.registroimprese.it. Since Law 193/2024 the status is narrower. The company must be an SME no more than five years old, with output value under €5 million from its second year. It cannot mainly do consultancy or agency work. It must meet at least one innovation test: 15% R&D spending, qualified staff, or a patent or registered software. Startup status now normally lasts three years from registration, with extensions for scale-ups^[18]. For these applications the committee asks the venture-capital association AIFI and the Ministry of University and Research for opinions^[2]. Advisers report that the committee rejects investments in startups the applicant or a close relative already controls^[21]. We could not find that rule in the published guidance, so treat it as committee practice.

Risk check: both routes are real equity risk. Startups fail, and if the company is wound up or your stake is diluted or sold during the permit, renewal is refused^[2]. Do the same due diligence you would for any private investment of this size. Look at audited accounts, the cap table, any exit or buy-back terms and the governance rights attached to your shares.

The €2 million bond route is the most passive option. Eligible securities are BTPs, CCTs/CCTeu, CTZs, euro-inflation-linked BTPs and BTP Italia, each with at least two years left to maturity when bought. You can mix several bond types^[2]. The law requires the bonds to be kept for at least two years, and the guidance requires the original investment to be maintained for the whole permit period. The securities must be deposited with a financial institution domiciled in Italy and proved with a certificate of deposit^[2][3]. Interest on Italian government bonds is normally taxed at a 12.5% substitute tax^[20]. Because it is Italian-source income, this tax still applies if you elect the foreign-income flat tax. The capital is recovered at maturity or on sale once the investor no longer needs the permit, but it carries Italian sovereign and interest-rate risk.

A bond that matures during the permit raises a practical question: can you reinvest the proceeds without the committee treating it as a change of investment? The guidance says the original investment cannot be altered, and a new investment needs a new application^[2]. Buy maturities that run past your planned renewal date, and get written advice on reinvestment before buying.

€1 million philanthropic donation

The donation route funds a public-interest project in culture and heritage, education and research, or immigration management. The Ministry of Culture or the Ministry of University and Research joins the committee to assess it^[2]. The money is gone for good, but it needs no ongoing management. Renewal needs only a statement from the recipient that the donation has not been revoked^[2]. It is mostly used by families who already plan a large gift to an Italian institution.

The main applicant must:

• be a non-EU, non-Schengen national aged 18 or over (or the legal representative of a foreign company making the investment)^[2];
• hold a passport valid for at least two years and three months when applying for the visa^[2];
• show they own the full amount, in cash or liquid securities, with bank statements covering the last three months issued within 30 days. Property and stakes in partnerships do not count as proof of funds^[2];
• provide a signed bank letter confirming FATF-standard due diligence and that the money can be transferred to Italy. If the funds have been in the account for less than three months, also provide source-of-funds documents and an independent legal or accounting report^[2];
• provide apostilled criminal-record certificates from every country lived in for more than 12 consecutive months in the last ten years, from age 18^[2];
• describe the investment and get written consent from the recipient company or charity (not needed for listed shares or bonds)^[2];
• sign the application with a qualified electronic signature (eIDAS-compliant)^[2].

At the consulate you will also need proof of accommodation in Italy (a hotel booking is enough), proof of income in the previous year above the health-cost exemption threshold (about €8,500), photos and proof that you live in that consulate's district^[2][15]. There is no language test, no business-plan exam and no requirement to live in Italy. If your funds come from a country on the EU high-risk or Italian tax black list, the committee can require you to move them to an Italian bank first^[2].

The investment amount does not increase with family size, but family members do not get the "investor" permit automatically. They join under the ordinary family rules of Article 29 of the Immigration Act. Eligible relatives are a spouse aged 18 or over who is not legally separated; children under 18, including the spouse's children with the other parent's consent; adult children who cannot support themselves because of total disability; and parents with no other children able to support them in their home country, or parents over 65 whose other children cannot care for them for documented health reasons^[16]. Dependent adult children who are simply students do not qualify.

There are two practical routes. Families can travel with the investor as accompanying family members (familiari al seguito), or the investor can apply for family reunification once in Italy. Reunification goes through the Prefecture's immigration desk and requires income and suitable housing^[24][16]. Since Decree-Law 146/2025 the authorities have up to 150 days, rather than 90, to issue the reunification nulla osta^[17]. Advisers report waits of more than 12 months in some large cities, so many families file for accompanying status before travelling^[24]. Per-person government costs for relatives are the same visa and permit fees as above (about €116 + €30.46 + €16, plus the €40–€50 contribution for adults)^[9][14]. If you use the flat tax, each family member you add costs €50,000 a year^[5].

The process runs in three phases: approval, investment, then maintaining and renewing the permit^[2].

Holding the permit does not make you Italian tax-resident. Residence for tax purposes depends on registration in the population register, your home, your habitual presence or your centre of interests for most of the year. Investors who do not move keep their existing tax position. Those who do move are taxed on worldwide income at progressive IRPEF rates unless they elect a special regime.

The flat tax for new residents (Article 24-bis TUIR)

People who were not Italian tax-resident in at least nine of the previous ten years can replace Italian tax on foreign-source income with a fixed annual sum, for up to 15 years^[5]. The amount depends on when you move^[5][6]:

• €100,000 a year for transfers before 10 August 2024;
• €200,000 for transfers from then until 31 December 2025;
• €300,000 for transfers from 1 January 2026 (Law 199/2025, the 2026 Budget Law, art. 1(25)–(26)), plus €50,000 (previously €25,000) for each family member included.

The election also removes the IVIE and IVAFE wealth taxes on foreign assets, inheritance and gift tax on foreign assets, and foreign-asset reporting^[7]. Italian-source income stays taxed normally. That includes interest on Italian bonds and returns from the company you invested in. Gains on qualifying shareholdings sold in the first five years are also excluded^[6][20]. A favourable ruling from the Revenue Agency is usually obtained first, and the tax is paid in one instalment by 30 June^[5][6]. At €300,000 the regime generally makes sense only for people with large foreign income or gains. Work out the numbers before moving.

Wealth taxes without the flat tax

Ordinary tax residents pay IVIE at 1.06% a year on foreign real estate (0.76% before 2024; 0.4% for some main homes) and IVAFE, generally 0.2%, on foreign financial assets^[8]. They must also report foreign assets each year. Factor these in if you plan to become resident without the flat tax.

The investor permit is renewable indefinitely, but it does not lead to a passport on its own. The path has two stages, and both depend on actually living in Italy.

EU long-term residence after five years

After five years of continuous legal residence you can apply for the EU long-term residence permit (permesso UE per soggiornanti di lungo periodo). It lasts ten years for adults and no longer depends on the investment. Requirements include income at least equal to the annual assegno sociale, an Italian test at level A2, and, for family members, suitable housing. Absences must not exceed six consecutive months or ten months in total over the five years^[10]. The investor permit's five-year exemption from continuity-of-stay rules helps you keep the investor permit itself^[3]. We found no official confirmation that it waives the absence limits for long-term residence, so investors who rarely visit should not expect to qualify.

Citizenship by naturalisation after ten years

Non-EU nationals can apply for citizenship after ten years of legal residence in Italy, with sufficient income and a clean record^[13]. Italian at B1 level is required. A March 2025 Constitutional Court ruling (no. 25/2025) exempts people with serious learning limitations due to age, illness or disability^[11]. The authorities have 24 months, extendable to 36, to decide^[12]. Realistically, expect 12–14 years from first permit to passport. In June 2025 a referendum to cut the residence period to five years failed for lack of quorum, so ten years still applies. Italy allows dual citizenship. There is no Italian citizenship-by-investment programme. To compare, see our guide to EU citizenship by investment options and the residence programmes with the fastest routes to a passport.

It suits: entrepreneurs and angel investors who want a real stake in Italian business; families with €2 million or more who want a passive, recoverable bond holding and Schengen access without a residence obligation; and high-net-worth movers who plan to live in Italy and use the flat tax on foreign income. It also works well for people who want to set up a European base while keeping their current home.

Look elsewhere if: you mainly want to buy a home, because Italy has no property route; you want citizenship within five to seven years; or you want a low-risk entry under €300,000. People who only want to retire in Italy on passive income often use the elective residence visa instead. Some consulates (Boston, Detroit and New York) publish a figure of €31,000 a year of passive income per applicant; others give no figure. Work is not allowed^[25]. Unlike the investor permit, it needs no investment.

If the Italian routes do not fit, these programmes are the closest comparisons:

• Greek residence by property purchase: real estate from €250,000 (conversions) or €400,000–€800,000 by zone, with no stay requirement.
• Portugal's fund-based residence permit: €500,000 in qualifying funds, with a short minimum stay. Note that Portugal's naturalisation period is now longer.
• Malta Permanent Residence Programme: permanent status from day one for fees plus a property purchase or lease.
• Cyprus permanent residency for investors: €300,000 in property, plus proof of income.
• Hungary's guest investor residence: €250,000 in a real-estate fund.
• France's investor Talent Passport: €300,000 of direct business investment.
• San Marino investor residence: an Italian-speaking enclave option.

For side-by-side numbers see our comparison of European residence-by-investment programmes and the lowest-cost investor visas worldwide. Spain's former programme has ended; see what happened to Spain's scheme. The full list of programmes by region is in our investor residency directory.