HNWI Investor Visa For Italy: The New Platform For The Submission Of Applications Is Now Active!
On last December 14, 2017, the Italian Ministry of Economic Development (MiSE) has presented and launched the new website entirely dedicated to the new "Investor Visa" for Italy - www.investorvisa.mise.gov.it.
This new type of stay permit has been introduced with the 2017 Italian Budget Law - which added Article 26-bis paragraph 1 to Legislative Decree 286/1998 (Italian Immigration Law) - and the procedure for its obtainment has now be-come operative.
As already explained in our previous alert [available here], this stay permit, of an initial duration of 2 years and renew-able for further periods of 3 years each, is issued in favour of foreign investors who, in the context of a single transaction:
invest at least 2 million Euros in Government Bonds issued by the Italian Republic - such as Treasury Bonds, Zero Coupon Treasury Bonds, Long-Term Treasury Bonds; invest at least 1 million Euros in instruments representing equity in companies incorporated and operating in Italy; invest at least 500,000 Euros in instruments representing equity of innovative start-ups; make philanthropic donations of at least 1 million Euros. The application procedure entails a number of steps, first of all, the creation of a personal account for the applicant for the submission of an online application for the obtainment of a certificate of no impediment ("nulla osta") through the website www.investorvisa.mise.gov.it.
Along with the application form, applicants are required to submit a number of supporting documents, among which:
their curriculum vitae with details of their academic and professional experience; documentation proving the possession and transferability of the amounts allocated for the investment planned; documentation proving the origin and legal provenance of the financial resources dedicated to the investment; and documentation proving the non-existence of final criminal convictions and/or pending charges against the applicant. Specific details regarding the type of investment that the applicant intends to carry out, its amount and a declaration of commitment on the use of such funds signed by the applicant are mandatory requirements for the submission of the application.
Upon submission, within 1 working week the Secretariat of the Investor Visa for Italy Committee - a new organism which has been created for handling and evaluating Investor Visas' applications - carries out a formal check of the application and the documentation...
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