Italy · Investor Visa · Updated 2026-07-15
Italy Golden Visa (Investor Visa)
Italy does have a golden visa — officially the Investor Visa — but it works differently from Portugal's or Greece's. There is no property to buy and, unusually, you commit no money until you have already been approved. This guide covers the four routes, what it really costs, how long it takes, the tax angle, and how Italy stacks up against its neighbours — without selling you any single programme.
The short version
- · Invest from €250,000 (startup) up to €2,000,000 (government bonds).
- · Free pre-approval (nulla osta) first — your capital is only committed after you are approved.
- · Two-year permit, renewable for three-year periods, with no minimum-stay requirement.
- · Roughly 3–6 months for a single applicant; 6–8 months with family.
- · Family included at no extra investment; residence, not citizenship (naturalisation takes 10 years).
The four investment routes
You qualify through one of four investments. Three are recoverable assets you keep; the donation is a gift. None involves buying real estate.
Innovative startup — €250,000· recoverable
€250,000 invested in an Italian innovative startup registered in the special section of the Business Register. The lowest-capital route; the equity stake is an asset you keep.
Italian limited company — €500,000· recoverable
€500,000 in the share capital of an Italian limited company (S.r.l. or S.p.A.). The shareholding is a recoverable asset.
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· recoverable
€2,000,000 in Italian government bonds (BTPs) with a residual maturity of at least two years. The bonds are held in your name and repaid at maturity.
What it costs — calculate your total
Pick a route and family size to see the investment, the government fees per applicant, and the legal and ancillary costs on top. The recoverable investment is kept separate from the fees you never get back.
1. Investment route
2. Applicants
Government fees differ for adults and for children under 18.
Main applicant
Always included
Spouse / partner
Adult dependents
Adult children or parents (18+)
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 investmentAsset / recoverable capital
- €250,000
- Italian government costs1 applicant
- €242.46
- Legal fees (est.)
- €9,000
- Ancillary costs (est.)
- €2,500
- Fees & costsNon-recoverable
- €11,742.46
- Total capital requiredInvestment + all costs
- €261,742.46
Nulla osta free · €242.46 × 1 adult
Get lawyer quotesEstimates only — confirm figures with a licensed firm.
Where the money goes
Italy's government costs are among the lowest of any golden visa. The nulla osta is free, and the visa-and-permit fees come to about €242.46 per adult — a €116 long-stay visa plus €126.46 in residence-permit fees (a €30.46 card, a €16 stamp duty, a €50 permit contribution and a €30 postal fee). Children under 18 are cheaper, about €192.46, because they are exempt from the €50 contribution.
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 | Recoverable? |
|---|---|---|
| Investment — innovative startup | €250,000 | Yes — equity |
| Investment — Italian company | €500,000 | Yes — equity |
| Investment — philanthropic donation | €1,000,000 | No — a gift |
| Investment — government bonds | €2,000,000 | Yes — repaid at maturity |
| Government fees — per adult | €242.46 | Nulla osta free |
| Government fees — per child under 18 | €192.46 | No €50 contribution |
| Legal & ancillary fees | varies | Use the calculator |
Government figures: esteri.it consular fee tables (Type D visa) and the permesso di soggiorno cost schedule (portaleimmigrazione.it). The investment is capital you commit, reported separately from the fees.
Is your money at risk?
This is the question buyers ask most, and Italy has an unusually reassuring answer. You apply for the nulla osta before spending anything, and you only transfer the investment after you have been approved and have entered Italy. If the pre-approval is refused, no capital has moved — a genuine difference from programmes where you buy property or lock in a deposit before you know the outcome.
Once you invest, the risk profile depends on the route. Government bonds are the most conservative and are repaid at maturity. The €500,000 company and €250,000 startup routes are equity — the value can rise or fall, and a startup carries real commercial risk. The €1,000,000 donation is exactly that: money given away, never recovered. You must also hold the investment for the life of the permit; sell out early and you can lose the residence right.
The flat-tax angle
For high earners, Italy's tax regime for new residents is often the real draw. If you become an Italian tax resident, you can elect to pay a flat €300,000 per year on all your foreign income — regardless of how much you earn abroad — plus €50,000 for each family member, for up to 15 years. (Those figures rose from €200,000 under the 2026 Budget Law; anyone who moved earlier keeps the rate that applied when they relocated.)
The catch is that it only applies if you actually make Italy your tax home, which means spending more than 183 days a year there. Because the investor visa has no minimum stay, plenty of holders never become tax resident and so never touch the flat tax. Treat it as an optional benefit for those who want to live in Italy, not an automatic cost of the visa.
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 — step, which is why no money is at stake until later.
-
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 has 30 days by law to decide. In practice most applicants wait around 45–60 days. The nulla osta is a certificate confirming your investment qualifies; it is valid for 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. From 11 January 2025 all Type D applicants give fingerprints in person.
-
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, from 11 January 2025, fingerprints given in person at the consulate.
- · Proof that the investment funds are lawfully yours — the source-of-funds evidence, which is where most applications are won or lost.
- · A clean criminal record certificate.
- · A description of the qualifying investment or donation you intend to make.
How long it takes
The law gives the Investor Visa Committee 30 days to decide a complete nulla osta application, though 45 to 60 days is more realistic in practice. Add the consular visa, your entry, and the residence-permit appointment, and a single applicant is usually looking at three to six months from start to finish.
Families take longer — six to eight months is typical — because dependants are processed after the main applicant rather than alongside. The key deadlines to remember: you have six months to use the nulla osta, must claim your permit within eight working days of arriving, and must complete the investment within three months of entry.
Bringing your family
Your spouse, children under 18, dependent adult children and dependent parents can all be included, and the investment threshold does not rise when you add them. Dependants apply for family visas tied to your investor permit and receive the same residence rights, including the right to live, study and — for adults — work in Italy. Families should budget a little more time, since their applications follow yours rather than running in parallel.
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 — and there is no minimum number of days you must spend in the country to renew.
That flexibility comes with an important caveat if your goal is a passport. Permanent residence through the EU long-term permit becomes available after five years, and citizenship by naturalisation after ten — but both require genuine, continuous residence of more than 183 days a year. The days you spend away under the no-minimum-stay rule do not count toward either. In other words: the investor visa is excellent for optionality and mediocre as a fast track to an Italian passport. If citizenship is the goal, you have to actually live there.
Italy vs Portugal vs Greece
The three most-searched European golden visas suit different buyers. We route readers to firms for all of them, so here is the neutral version:
| Italy | Portugal | Greece | |
|---|---|---|---|
| Entry point | €250k startup | €250k cultural / €500k fund | €250k conversion / €400k–€800k property |
| Real estate route? | No | No (abolished 2023) | Yes |
| Capital at risk before approval? | No — invest after | Yes — invest to apply | Yes — invest to apply |
| Typical processing | 3–6 months | Long (fund + permit) | 4–9 months |
| Minimum stay | None | ~7 days/year | None |
Run the numbers for each with the Italy, Portugal and Greece cost calculators.
Frequently asked questions
Does Italy have a golden visa?
Yes. It is officially the Investor Visa for Italy, which grants a two-year residence permit in exchange for a qualifying investment. Unlike Portugal or Greece, it is not based on buying property — you invest in a startup, a company, 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), €1,000,000 (a donation) or €2,000,000 (government bonds). Government costs on top are small: the nulla osta is free, and each adult pays about €242.46 (a €116 visa plus permit fees), with children under 18 at about €192.46. Legal and translation fees are extra. Use the calculator on this page for a figure based on your route and family.
Is my money at risk while I apply?
No — and this is the programme's defining feature. You apply for the free nulla osta first, and you only transfer the investment after you have been approved and entered Italy. If the nulla osta is refused, no capital has moved. Once invested, the risk depends on the route: the startup and company routes are equity (their value can rise or fall), government bonds are repaid at maturity, and the €1,000,000 donation is a gift you do not get back.
How long does the Italy investor visa take?
For a single applicant, expect roughly three to six months end to end: about 30–60 days for the nulla osta, then the consular visa, entry, and the residence permit. Families typically take six to eight months because dependants are processed after the main applicant.
Do I have to live in Italy?
No. The investor visa has no minimum-stay requirement, so you can renew it indefinitely without relocating. But there is a trade-off: permanent residence (after five years) and citizenship (after ten) both require genuine, continuous residence of more than 183 days a year. If you spend little time in Italy, you keep the visa but do not build time toward citizenship.
Can I include my family?
Yes, at no extra investment. Your spouse, children under 18, dependent adult children and dependent parents can be included. They apply for family visas linked to your investor permit and receive the same residence rights.
Do I have to pay Italy's flat tax?
Only if you choose to become an Italian tax resident. Italy's flat-tax regime for new residents lets you pay a fixed €300,000 a year on all foreign income (plus €50,000 per family member) for up to 15 years, which can be attractive for high earners. But because the investor visa has no minimum stay, many holders never become tax resident and so never pay it. The flat tax is an optional benefit, not a cost of the visa.
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, but slowly. Italian citizenship by naturalisation requires ten years of legal residence (a 2025 referendum to cut it to five failed to reach quorum). Crucially, those years must be genuine residence, so the no-minimum-stay flexibility works against you here. Permanent residence via the EU long-term permit is reachable after five years of real residence.
Talk to a verified Italy investor-visa lawyer
The nulla osta application, source-of-funds evidence and route choice are where good counsel earns its fee. Compare verified Italy investor-visa lawyers — ranked on credentials and reviews, never pay-to-play — and get fixed 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 2026-07-15.