HNWI – Investor Visa For Italy: The New Platform For The Submission Of Applications Is Now Active!

 
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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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