Italy has suspended the issuance of “golden visas” for investments for Russians and Belarusians

The Italian authorities have suspended the Investor Visa for Italy program for citizens of Russia and Belarus, they will no longer be able to receive “golden visas” in exchange for investments in the country. Post posted on site Ministry of Enterprises and Products “Made in Italy”.

The decision was made on the recommendation of the EU, which orders all member states of the union to review or cancel programs for issuing residence permits to Russians and Belarusians in exchange for investments (this is due to sanctions imposed at the EU level against the Russian Federation and Belarus). The program has been officially suspended since August 8, 2023, and no new Golden Visa applications will be accepted.

Since January 2017, foreigners who are not EU citizens have been able to obtain a residence permit in Italy for a period of two years in exchange for investments in the country’s economy. To participate in the program, it was necessary to invest in “strategic assets” for the development of the country’s economic system. To obtain a visa, a citizen of a non-European country must meet one of the criteria: invest €250,000 in a local innovative start-up, €500,000 in an Italian limited liability company, €1 million in a social project, or €2 million in government bonds.

According to information “RIA News”, in total, more than 200 people have used the Investor Visa for Italy program during its operation. According to the Italian authorities, which cites Altreconomia, in 2022, Italy issued a two-year “golden visa” to at least 32 Russian citizens (a total of 36 Russians requested it). In 2022, citizens of the Russian Federation were more likely to receive “investor visas”, ahead of the Americans (12) and the British (12), as well as 23 people from other countries outside the EU.

Alexander Kislov