HNWI – Italian Investor Visa Procedure

Author:Mr Benedetto Lonato and Alessia Ajelli
Profession:LCA Studio Legale

The Ministry of Economic Development has recently published the Inter-ministerial decree July 21, 2017, which defines the preliminary guidelines and information regarding the procedure to be completed and the documentation to be provided in order to obtain the Investment Visa and the residence permit for foreign investors, pursuant to Article No. 26 bis of the Italian Immigration Law.

As described in our previous alerts, the 2017 Italian Financial law introduced a new category of visa, reserved to foreign investors investing at least €2 million in state bonds, or €1 million in equity representing the capital of a company (public or private) incorporated and operating in Italy. The required amount drops to €500,000 for equity investments into an innovative start-up company, duly registered in the appropriate section of the Companies' Register. The permit may be granted, also, upon a philanthropic donation of at least €1 million.

The Inter-ministerial decree July 21, 2017 clarified several aspects concerning the Investor Visa procedure which were not detailed before.

In its Article 2, the decree provides for the composition of the Committee that shall be in charge for the review and the decision process upon submission of the Investor Visa applications.

The Committee will be composed, inter alia, by a representative of the Ministry of the Interior, the Ministry of Foreign Affairs and International Cooperation, the Ministry for the Economic Development and the National Tax Authority. The Ministry for the Economic Development will coordinate the process of collection of the applications.

Under the provisions of Article 5 of the decree, the applicant shall provide along with the application, inter alia, written evidences with reference to the availability of sufficient funds in order to complete the investment described in the application, a written statement regarding the lawful origin of the funds and a written commitment about the completion of the investment by 3 months after his/her date of entrance in Italy and its duration which must be not shorter than 2 years.

The applicant is also requested to attach to the application her or his personal criminal records issued by the competent authorities of all the countries in which she or he resided in the last 10 years. Indeed this may represent a challenging step, since it...

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