Italy · Investor Visa · Updated 2026-08-11
Italy Golden Visa (Investor Visa)
Italy does have a golden visa — officially the Investor Visa — but it works differently from Portugal's or Greece's. There is no property to buy and, unusually, you commit no money until you have already been approved. This guide covers the four routes, what it really costs, how long it takes, the tax angle, and how Italy stacks up against its neighbours — without selling you any single programme.
The short version
- · Invest from €250,000 (startup) up to €2,000,000 (government bonds).
- · Free pre-approval (nulla osta) first — your capital is only committed after you are approved.
- · Two-year permit, renewable for three-year periods while the original investment remains; the continuity exemption covers the first five years.
- · Roughly 3–6 months for a single applicant; 6–8 months with family.
- · Family included at no extra investment; residence, not citizenship (naturalisation takes 10 years).
The four investment routes
You qualify through one of four amount bands. Three place capital into assets whose value and liquidity can change; the donation is a gift. None involves buying real estate.
Innovative startup — €250,000· investment capital at risk
€250,000 invested in an Italian innovative startup registered in the special section of the Business Register. The stake must be maintained for the permit and remains exposed to company and market risk.
Italian company or venture-capital fund — €500,000· investment capital at risk
€500,000 in instruments representing the capital of an Italian company, or in a qualifying venture-capital fund constituted and operating in Italy. Capital remains at risk and must be maintained for the permit.
Philanthropic donation — €1,000,000· non-recoverable gift
A €1,000,000 philanthropic donation supporting a project of public interest in culture, education, immigration management, scientific research, or heritage. This is a gift — it is NOT recoverable.
Government bonds — €2,000,000· investment capital at risk
€2,000,000 in bonds issued by the Italian Republic, held for at least two years. Their value and repayment remain subject to the instrument's terms and market and issuer risk.
What it costs — calculate your total
Pick a route and family size to see the investment, the government fees per applicant, and the legal and ancillary costs on top. Investment capital is kept separate from the fees you never get back; return of capital is not guaranteed.
1. Investment route
2. Applicants
Government fees differ for adults and for children under 18.
Main applicant
Always included
Spouse (18+, not legally separated)
Adult dependents
Only a totally disabled dependent adult child or a parent meeting the statutory dependency conditions
Children under 18
Total applicants: 1
3. Adjust the estimate
Editable estimate covering the codice fiscale, sworn translations, apostilles and power of attorney. The nulla osta itself is free.
Your estimate
- Qualifying investmentInvestment capital · value can change
- €250,000
- Italian government costs1 applicant
- €212.46
- Legal fees (est.)
- €9,000
- Ancillary costs (est.)
- €2,500
- Fees & costsNon-recoverable
- €11,712.46
- Total capital requiredInvestment + all costs
- €261,712.46
Nulla osta free · main investor €212.46
Estimates only — confirm figures with a licensed firm.
Where the money goes
The nulla osta is free. The main investor's verified initial government total is €212.46: a €116 long-stay visa plus €96.46 for a direct-Questura permit, with no €30 postal-kit fee. For each child, the calculator includes the nationally fixed €146.46 visa-and-card total and excludes age- and filing-dependent stamp and postal charges.
The real budget lines are the qualifying investment itself and your professional fees. Immigration lawyers set their own rates, and you will also pay for a tax code (codice fiscale), sworn translations, apostilles and a power of attorney. The calculator above lets you edit those estimates to match a real quote.
| Cost | Amount | Capital treatment |
|---|---|---|
| Investment — innovative startup | €250,000 | Capital at risk |
| Investment — Italian company / qualifying VC fund | €500,000 | Capital at risk |
| Investment — philanthropic donation | €1,000,000 | No — a gift |
| Investment — government bonds | €2,000,000 | Capital at risk |
| Government fees — main investor | €212.46 | Initial visa + direct-Questura permit |
| Government fees — per child under 18 | €146.46 | Fixed visa + card only |
| Legal & ancillary fees | varies | Use the calculator |
Government figures: esteri.it consular fee tables (Type D visa) and the permesso di soggiorno cost schedule (portaleimmigrazione.it). The investment is capital you commit, reported separately from the fees.
Is your money at risk?
This is the question buyers ask most, and Italy has an unusually reassuring answer. You apply for the nulla osta before spending anything, and you only transfer the investment after you have been approved and have entered Italy. If the pre-approval is refused, no capital has moved — a genuine difference from programmes where you buy property or lock in a deposit before you know the outcome.
Once you invest, every asset route carries risk. Government bonds remain subject to the instrument's terms, market value and issuer risk. Company and startup capital can be illiquid or lost, and a venture-capital-fund interest carries fund and portfolio risk. The €1,000,000 donation is money given away. The original investment must remain for the permit; changing or replacing it requires a new Investor Visa application.
The flat-tax angle
For high earners, Italy's tax regime for new residents is often the real draw. If you become an Italian tax resident, you can elect to pay a flat €300,000 per year on all your foreign income — regardless of how much you earn abroad — plus €50,000 for each family member, for up to 15 years. (Those figures rose from €200,000 under the 2026 Budget Law; anyone who moved earlier keeps the rate that applied when they relocated.)
The catch is that it only applies if you actually make Italy your tax home, which means meeting Italy's tax-residence tests. The investor-permit continuity exemption applies for the first five years, but it does not itself determine tax residence. Treat the flat tax as an optional regime requiring individual tax advice, not an automatic visa cost.
How to apply, step by step
The nulla osta is the certificate from the Investor Visa Committee confirming your planned investment qualifies. Getting it is the first — and free — step, which is why no money is at stake until later.
-
1
Apply for the nulla osta online
Create an account on the government Investor Visa portal and submit your application — passport, proof of the funds you intend to invest, a clean criminal record and a description of the investment. There is no fee, and you commit no money at this stage.
-
2
Receive the nulla osta (pre-approval)
The Investor Visa Committee has 30 days by law to decide. In practice most applicants wait around 45–60 days. The nulla osta is a certificate confirming your investment qualifies; it is valid for six months.
-
3
Apply for the Type D investor visa
Within six months of receiving the nulla osta, apply for the long-stay (Type D) investor visa at your local Italian consulate. From 11 January 2025 all Type D applicants give fingerprints in person.
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4
Enter Italy and request your permit
Enter Italy on the visa, then apply for the residence permit (permesso di soggiorno) at the local Questura within 8 working days of arrival. The initial permit is valid for two years.
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5
Make the investment
Complete the qualifying investment or donation within three months of entering Italy. This is a condition of keeping the residence permit — but note it happens only after you have been approved.
What you will need
- · A valid passport and, from 11 January 2025, fingerprints given in person at the consulate.
- · Proof that the investment funds are lawfully yours — the source-of-funds evidence, which is where most applications are won or lost.
- · A clean criminal record certificate.
- · A description of the qualifying investment or donation you intend to make.
How long it takes
The law gives the Investor Visa Committee 30 days to decide a complete nulla osta application, though 45 to 60 days is more realistic in practice. Add the consular visa, your entry, and the residence-permit appointment, and a single applicant is usually looking at three to six months from start to finish.
Families take longer — six to eight months is typical — because dependants are processed after the main applicant rather than alongside. The key deadlines to remember: you have six months to use the nulla osta, must claim your permit within eight working days of arriving, and must complete the investment within three months of entry.
Bringing your family
Eligible family can apply without increasing the investment: a spouse aged 18 or over who is not legally separated, unmarried minor children, a totally disabled dependent adult child unable to meet essential needs, and parents meeting the statutory dependency conditions. They use family visas and family permits tied to the investor. Their filing charges depend on age and whether a separate postal kit is required.
Renewal, permanent residence and citizenship
The first permit lasts two years and renews for three-year periods as long as you keep the investment in place. Renewals are done in Italy at the Questura — there is no need to return to a consulate. The statutory exemption from continuity-of-stay obligations is expressly limited to the first five years from the first permit.
That flexibility comes with an important caveat if your goal is a passport. Permanent residence through the EU long-term permit becomes available after five years, and citizenship by naturalisation after ten — but both require genuine, continuous residence under the applicable residence rules. Time spent outside Italy does not build residence toward either status. In other words: the investor visa is excellent for optionality and mediocre as a fast track to an Italian passport. If citizenship is the goal, you have to actually live there.
Italy vs Portugal vs Greece
The three most-searched European golden visas suit different buyers. We route readers to firms for all of them, so here is the neutral version:
| Italy | Portugal | Greece | |
|---|---|---|---|
| Entry point | €250k startup | €250k cultural / €500k fund | €250k conversion / €400k–€800k property |
| Real estate route? | No | No (abolished 2023) | Yes |
| Capital at risk before approval? | No — invest after | Yes — invest to apply | Yes — invest to apply |
| Typical processing | 3–6 months | Long (fund + permit) | 4–9 months |
| Minimum stay | Continuity exemption: first 5 years | ~7 days/year | None |
Run the numbers for each with the Italy, Portugal and Greece cost calculators.
Frequently asked questions
Does Italy have a golden visa?
Yes. It is officially the Investor Visa for Italy, which grants a two-year residence permit for a qualifying investment. Unlike Portugal or Greece, it is not based on buying property — the current routes cover a startup, an Italian company or qualifying venture-capital fund, Italian government bonds, or a philanthropic donation. There is no citizenship-by-investment; the visa grants residence only.
How much does the Italy golden visa cost?
The investment is €250,000 (an innovative startup), €500,000 (an Italian company or qualifying venture-capital fund), €1,000,000 (a donation) or €2,000,000 (Italian government bonds). The nulla osta is free and the main investor's verified initial government total is €212.46. The calculator includes €146.46 of nationally fixed visa-and-card charges per child and discloses the filing-dependent charges it excludes.
Is my money at risk while I apply?
No capital is transferred for the planned investment before the free nulla osta application. Once invested, capital is at risk: startup and company equity can be illiquid or lost, venture-capital-fund interests and government bonds can change in value, and repayment depends on the instrument and issuer. The €1,000,000 donation is a gift. The original investment must remain in place throughout the permit.
How long does the Italy investor visa take?
For a single applicant, expect roughly three to six months end to end: about 30–60 days for the nulla osta, then the consular visa, entry, and the residence permit. Families typically take six to eight months because dependants are processed after the main applicant.
Do I have to live in Italy?
Article 26-bis exempts investor-permit holders from continuity-of-stay obligations for the first five years from the first permit. Do not treat that as an indefinite exemption: renewal still requires the original investment, while permanent residence and citizenship have their own residence conditions.
Can I include my family?
Eligible family can apply without increasing the investment: a spouse aged 18 or over who is not legally separated, unmarried minor children, a totally disabled dependent adult child unable to meet essential needs, and parents who meet the statutory dependency conditions. They use the family-visa and family-permit process linked to the investor.
Do I have to pay Italy's flat tax?
Only if you qualify, become Italian tax resident and elect it. Italy's substitute-tax regime for qualifying new residents is separate from the Investor Visa. The permit's first-five-year continuity exemption does not determine tax residence, so obtain personal tax advice rather than treating the regime as an automatic visa benefit or cost.
Can a US, UK or other non-EU citizen apply?
Yes. The investor visa is open to most non-EU/EEA nationals, including US and UK citizens, and you can keep your existing citizenship — Italy allows dual citizenship. You will need a clean criminal record and to show the investment funds are lawfully yours. One current exception: since 2023 the programme is suspended for Russian and Belarusian nationals, including dual nationals who hold either passport.
Does the investor visa lead to citizenship?
It can, but slowly. Italian citizenship by naturalisation requires ten years of legal residence (a 2025 referendum to cut it to five failed to reach quorum). Crucially, those years must be genuine residence, so the no-minimum-stay flexibility works against you here. Permanent residence via the EU long-term permit is reachable after five years of real residence.
Talk to a verified Italy investor-visa lawyer
The nulla osta application, source-of-funds evidence and route choice are where good counsel earns its fee. Compare verified Italy investor-visa lawyers — ranked on credentials and reviews, never pay-to-play — and get fixed quotes for your situation.
Disclaimer. This guide is general information, not legal, tax or immigration advice. Figures are current for 2026: investment routes and government fees are unchanged, and the new-resident flat tax rose to €300,000 under the 2026 Budget Law. Statutory timeframes (30-day nulla osta, 8 working days for the permit, 3-month investment window) can run longer in practice. Rules change — confirm your eligibility and the current figures with a licensed Italian lawyer before committing funds. Last reviewed 2026-08-11.