Italy · Investor Visa · Updated 2026-09-29
Italy Golden Visa (Investor Visa)
The Italy golden visa, officially the Investor Visa for Italy, is a route to an initial two-year residence permit, renewable for three-year periods, for a qualifying investment of €250,000 (an innovative startup) up to €2,000,000 (Italian government bonds). You apply for a free nulla osta first and make the qualifying investment after visa approval and entry. There is no property route and no citizenship by investment.
The short version
- · Invest from €250,000 (startup) up to €2,000,000 (government bonds).
- · No government charge for the nulla osta — make the investment after visa approval and entry. Preparation can still cost money.
- · Two-year permit, renewable for three-year periods while the original investment remains; the continuity exemption covers the first five years.
- · The committee targets 30 days for initial assessment; there is no reliable end-to-end time.
- · Eligible family uses separate reunification rules and fees; residence does not grant citizenship.
How the Italy golden visa works: 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.
How much does the Italy golden visa cost?
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: the esteri.it consular visa-fee schedule (Type D visa) and the portaleimmigrazione.it permit cost table, checked 2026-09-29. The investment is capital you commit, reported separately from the fees.
Is your money at risk?
You apply for the nulla osta before transferring the qualifying investment, and complete that investment after visa approval and entry. Document preparation and professional advice can still cost money before a decision. This order limits pre-approval capital exposure, but it does not remove the risk once you invest.
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 an applicant planning to move, Italy's separate new-resident tax regime may matter. Under the 2026 Budget Law, the annual substitute tax is €300,000 for a qualifying new resident and €50,000 for each qualifying family member who elects the extension. It can run for up to 15 years and applies to eligible foreign-source income, subject to the regime's conditions and exclusions. Earlier arrivals may be subject to different rates.
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 — government step. You do not transfer the qualifying investment at this stage, although preparing documents and obtaining advice can cost money.
-
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 publishes a 30-day assessment target; a request for more evidence pauses the assessment. The nulla osta confirms the proposed investment passed this stage, but the consular visa and residence permit still require separate steps. Apply for the visa within 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. Most applicants must provide biometrics in person; exemptions include children under 12 and people for whom fingerprint collection is physically impossible.
-
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.
-
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 biometrics given in person where required; children under 12 and some other applicants are exempt from fingerprint collection.
- · Evidence that the investment funds are lawfully yours and available for the proposed investment.
- · A clean criminal record certificate.
- · A description of the qualifying investment or donation you intend to make.
How long does the Italy golden visa take?
The 30-day figure covers only the committee's initial assessment of a complete application. Requests for evidence pause it. Consular, entry, investment and residence-card stages do not have one comparable published total, so plan each step separately.
| Stage | Official rule | What to allow for |
|---|---|---|
| Nulla osta decision | 30 days from a complete application | Can pause if further evidence is requested |
| Apply for the Type D visa | Within 6 months of the nulla osta | Consular appointment and decision are separate |
| Request the residence permit | Within 8 working days of entering Italy | Apply at the local Questura |
| Make the investment | Within 3 months of entering Italy | Upload proof for committee review |
Official rules: the Investor Visa for Italy policy guidance, checked 2026-09-29. Ask your consulate and lawyer about appointment availability and the separate family-reunification process before setting a move date.
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. The EU long-term permit normally needs five years of qualifying residence, and naturalisation generally needs ten years plus other conditions. Both apply rules on actual residence and permitted absences that differ from merely retaining an investor permit. If citizenship is the goal, discuss your planned time outside Italy before choosing this route.
Italy vs Portugal vs Greece
Italy, Portugal and Greece on entry cost, investment timing and permit stay. The routes carry different risks, and none grants citizenship simply for investing:
| Italy | Portugal | Greece | |
|---|---|---|---|
| Entry point | €250k startup | €250k cultural investment or support (possibly €200k in a qualifying low-density area); €500k fund | €250k qualifying conversion or startup; €400k–€800k standard property |
| Real estate route? | No | No (abolished 2023) | Yes |
| Investment timing | After visa approval and entry | Qualifying route requirements must be met for the ARI application | Depends on the qualifying property or startup route |
| Minimum stay | Continuity exemption: first 5 years | 7 days in year 1, then 14 per 2 years | None |
Portugal's cultural route is not automatically a non-refundable donation; its legal and recovery terms depend on the particular project. Greece's €250k startup route is separate from its property routes. Compare country-specific processing stages in our full comparison. Run the numbers for each with the Italy, Portugal and Greece cost calculators.
Italy golden visa FAQ
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?
The official Investor Visa portal gives the Committee 30 days for its initial assessment, with the clock paused if it asks for more evidence. That is not an end-to-end processing time. Consular appointments, the Type D visa, entry, the Questura appointment and any family applications are separate stages with no reliable universal total. Ask a lawyer to map those stages for your consulate and family rather than relying on a single promised month count.
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 relatives can seek family reunification under Italy's general Article 29 rules; they are not automatically added to the investor visa. Categories include a qualifying spouse, minor children, and adult children or parents only in specified dependency circumstances. The investor threshold does not rise simply because family applies, but each person has document, visa, permit and professional costs.
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 be a starting point, but investment does not buy citizenship. Naturalisation generally requires ten years of qualifying legal residence plus other conditions. The investor permit's first-five-year continuity exemption lets you keep that permit with limited presence; it does not waive the separate residence requirements for long-term residence or citizenship. Ask how actual absences affect your own eligibility.
Official sources, checked 2026-09-29
The routes, deadlines, government fees and flat-tax amounts on this page were checked against the Italian government sources below. Portugal and Greece claims in the short comparison use their official sources listed here. The 30-day Italy figure is an initial committee assessment target, not an end-to-end processing promise.
- Legislative Decree 286/1998 (Immigration Act), Article 26-bis: routes, two-year permit, three-year renewals, five-year continuity exemption
- Investor Visa for Italy, official programme portal: the four investment amounts and the suspension for Russian and Belarusian citizens
- Investor Visa for Italy policy guidance: 30-day nulla osta decision, six-month nulla osta validity, eight working days to request the permit, three months to invest
- Italian consular visa-fee schedule: €116 national long-stay (Type D) visa
- Portale Immigrazione permit cost table: €30.46 card, €16 stamp, €50 contribution for a one-to-two-year permit, €30 postal handling
- 2026 Budget Law (Law 199/2025), Article 1, paragraphs 25–26: Article 24-bis substitute tax amounts and applicability
- Investor Visa for Italy, application stages and 30-day assessment target
- Investor Visa for Italy, family reunification follows Article 29
- Portugal investment law, including the cultural route and low-density reduction
- Greece Ministry of Development, qualifying €250,000 startup route
- Italian Foreign Ministry, visa biometrics and exemptions
- Law 193/2024, Article 35: €500,000 qualifying Italian venture-capital-fund route
Compare Italy investor-visa lawyers
The nulla osta application, source-of-funds evidence and route choice are where good counsel can help. Compare listed Italy investor-visa lawyers, check each profile's verification details and request 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 2026-09-29.