Europe calling. Why Italy’s golden visa is the top pick of the wealthy

Golden visa is the word of the year. As interest spikes in “residence by investment”, Firstpost and Moneycontrol bring you a series on popular “golden visas”. For our next story, we explore the Italian golden visa and why it is appealing

Rich cultural heritage, scenic places and sumptuous cuisine – Italy has a lot going for it. The European country is one of the favourites of wealthy foreigners seeking residency by investment.

Italy’s golden visa has been ranked third on Henley & Partners’ 2025 Global Residence Program Index. Also described as the “Investor Visa for Italy,” the programme was launched in 2017 to attract foreign money.

To jog your memory, a golden visa is a scheme that entails countries offering temporary or permanent residence to individuals in exchange for investment in real estate or business, or paying a hefty tax.

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How can you get the Italian golden visa?

The Italian golden visa is a ticket for wealthy non-European Union (EU) nationals to secure the right to live, work and study in the Mediterranean country.

Uber-rich foreigners can acquire a residence visa through a range of investment options. They can invest at least €2 million (Rs 18.5 crore) in government bonds or put €500,000 (about Rs 5 crore) in Italian shares or €250,000 (Rs 2.3 crore) in an innovative startup.

Investing in Italian-listed companies is the most popular option for golden visa seekers due to their risk/return profile and liquidity, Jacopo Zamboni, Managing Partner of Henley & Partners Switzerland AG, told Firstpost in an email.

Individuals also have the choice to give €1 million (Rs 9.24 crore) in donations for philanthropic endeavours. According to Gaurav Nalawade, Country-Head India, RIF Trust, wealthy individuals can donate to projects related to research, cultural heritage, environmental protection, or immigration support in Italy. “This option is suitable for those interested in contributing to Italy’s social and cultural development,” he told Firstpost.

After identifying the investment option suitable to their interests, high-net-worth individuals need to get pre-clearance from Italian authorities.

“Once approval has been granted, a long-term Schengen visa is granted and the applicant needs to make a trip to Italy to complete the registration. Printing of the permit can take a few weeks, and the applicant will have to travel again to Italy to collect it (as it cannot be delegated to someone else),” Zamboni said.

It takes three to eight months to process the Italian golden visa. The Italian government also allows the family of the applicant, including spouse, children, and dependent parents, to apply for a visa.

According to Zamboni, the first permit for the investor visa is issued only to the main applicant. “Dependent family members can be added, but this can only be done subsequently. In terms of speed, it does not make a significant difference as the overall process will ultimately be comparable to other investor visas, but it does mean additional trips for the family,” he added.

The visa processing fee differs depending on the family size. Additionally, applicants also have to shell out monies for residence permit fees, and administrative and legal fees.

Rental amounts will vary as per the city the visa holder wants to move to.

A picture shows apartment buildings behind pine trees in the Prati neighbourhood in Rome, on November 16, 2024. The Italian golden visa applicants have to obtain a residence permit. File Photo/AFP

Affluent individuals who want to live in Italy without relying on employment to sustain themselves can apply for an Elective Residence permit, which allows them to relocate to the European nation with their family members. They will have to, however, furnish proof that they will be able to support themselves and their family financially, Zamboni said in the email.

The Italian Investor Visa has a validity of two years. After getting the visa, you are allowed entry into Italy and apply for a residence permit. Italy’s golden residence permit is also valid for two years and can later be extended for three years. The only condition is that the investment has to be maintained throughout the validity of the visa.

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Why is the Italian golden visa popular?

Italy’s bewitching landmarks, high quality of life and strong economy make it a perfect choice for foreign investors.

Unlike Switzerland which only allows golden visa holders to live and study in the country, Italy enables its applicants to also work.

The Italian golden visa allows travel to Europe’s Schengen Area without a visa. “This flexibility extends to family members, including spouses, children under 18, and dependent parents, who can also obtain residency without extra investment,” Nalawade said.

People take pictures next to an almost empty Trevi Fountain in downtown Rome on April 8, 2021. Italy's stunning landmarks make it an appealing country for wealthy foreigners. File Photo/AFP

Italian visa holders can also benefit from a special tax regime by paying a flat tax of €200,000 on income earned outside the European country in lieu of ordinary rates. As per Zamboni, this is beneficial for golden visa investors who decide to relocate to Italy.

“Italy offers favourable tax regimes, making it an attractive destination for wealth management and investment,” Nalawade said.

Visa seekers can keep an eye on the Italian stock exchange to decide their investment route.  “For those investors keener on exposure to strategic sectors (from hospitality to industry in general) returns on private companies can easily exceed easily 15 per cent per year in EUR,” Zamboni shared.

For rich foreigners, Italy’s golden visa offers a “gateway” to first-rate education and healthcare. “Students can benefit from Italy’s prestigious universities, while residents enjoy comprehensive public healthcare. The golden visa also allows investors to immerse themselves in Italy’s rich cultural heritage, stunning landscapes, and Mediterranean lifestyle, making it not just a financial investment but a gateway to a fulfilling life in Europe,” Nalawade explained.

Italy stands apart from other countries offering golden visas as the investment has to be made only after the applicant gets approval. This helps avoid the “unpleasant situation in other countries where applicants make an investment and then must wait months and months for their case to be processed,” said Zamboni.

It also opens the pathway to becoming an Italian national. Golden visa holders who have lived in Italy for 10 years are eligible for citizenship.

Is Italy’s visa here to stay?

For now, yes.

While Spain has closed curtains on its golden visa scheme, there are no such concerns for Italy, Zamboni said.

In fact, the Italian golden visa could become more alluring for foreign investors if the European country halves its residency requirement.

Pro-migrant groups and opposition parties have called for easing Italy’s citizenship laws for foreigners by cutting the mandate of living in the country for 10 years to five years to apply for citizenship by naturalisation.

“A referendum is pending to decide on these amendments, which could significantly impact future applicants,” Nalawade said.

General view of Ponte Sisto and dome of St Peter's Basilica seen from Rome Italy, April 26, 2021. There has been a surge in interest in Italian golden visas. File Photo/Reuters

There has also been a rise in interest in the Italian golden visa, including from wealthy Indians.

“There has been a significant increase in interest from Indian investors in the Italian golden visa programme, driven by economic, educational, and lifestyle factors. This trend reflects India's growing global aspirations, with individuals and families seeking opportunities beyond their borders,” according to Nalawade.

The golden visa appeals to Indian investors looking for “global mobility, business opportunities, educational advantages, and a pathway to European citizenship, making Italy a preferred destination for wealth and lifestyle diversification,” he added.