Investor Visa for Italy: Which Investment Option Attracts the Most Applicants?

Jun 17, 2025

Which €500,000 investment options are available for obtaining the Investor Visa for Italy program?

Investments in shares of limited companies How do you define a ‘company incorporated and operating in Italy’?

Are “limited companies, incorporated and resident in Italy pursuant to Article 73 of the Income Tax Law Consolidated Tex”. To be eligible for the Investor Visa for Italy programme companies must be

• limited companies (Spa or Srl)
• incorporated and resident in Italy in accordance with the TUIR.
• They can be either listed or unlisted. At the time of submission of the candidacy target companies must be (a) “active” (as resulting from Business Register data) and (b) have deposited at least one yearly financial statement, in compliance with applicable regulations
• it was recently added amongst the allowed investments also the possibility to invest in a “venture capital fund”

What types of limited companies are eligible for investment under the Investor Visa program?

The most common categories of limited company recognised by the Italian law are s.r.l. (società a responsabilità limitata), s.p.a. (società per azioni), and their variants (for example, Srl Agricola), which are all eligible. They can be either listed or unlisted.

Also, direct investments in other types of firms which are comparable to limited companies are eligible. These include, among others, the following investment companies:

• SICAVs (as defined in Article 1, paragraph 1, letter “i” of the Consolidated Text on Finance ,  Italian acronym: TUF)
• SICAFs (defined in Article 1, paragraph 1, letter “i-bis” of the TUF),
• SGRs : Società di Gestione del Risparmio (pursuant to Article 1, paragraph 1, letter “o” of the TUF)
• SIMs : Società di Intermediazione Mobiliare (pursuant to Article 18 et seq. of the TUF).

Investments in mutual investment funds (e.g. FIAs — alternative investment funds), or in CIUs (OICRs, Organismi di investimento collettivo del risparmio) do not qualify.

Which types of investments do qualify for an investor visa?

Concerning limited companies, both CAPITAL INCREASES and the PURCHASE OF SHARES already issued are considered as qualifying investments.

Is it possible to purchase shares of more than one limited company per single application?

No, the investment must be directed to only one company per application. By extension, it is also not allowed to combine different types of investment (e.g. direct part of the amount to a donation and part to an investment in shares).

If you intend to purchase shares of a listed company, you will find below the link to the Milan Stock Echange Market with a list of all companies

• Listino A-Z: azioni, quotazioni, indici di Borsa ( Borsa Italiana)

What can you do if you want to differentiate your investment?

While you can purchase shares of only one limited company, you can invest in one of the following kind of funds if you want to differentiate your portfolio:

• SICAVs (as defined in Article 1, paragraph 1, letter “i” of the Consolidated Text on Finance — Italian acronym: TUF),
 • SICAFs (defined in Article 1, paragraph 1, letter “i-bis” of the TUF),
 • SGRs :  Società di Gestione del Risparmio (pursuant to Article 1, paragraph 1, letter “o” of the TUF)
 • SIMs :  Società di Intermediazione Mobiliare (pursuant to Article 18 et seq. of the TUF).

You can find some information about the different funds and how they are regulated in the website of Bank of Italy.

• Bank of Italy : Banks and other financial intermediaries

If you are interested in this option I would suggest to consult with your bank or with an independent financial advisor to select the funds which meets your goals and to obtain clear information how the fund is managed, the strategies the fund managers use, and details on fees and expenses.

As to the definition of “venture capital funds”, art. 26 bis Immigration Law does not provide any further details but a definition can be found in the glossary of the Milan Stock Exchange Market

• Venture Capital : Glossario Finanziario ( Borsa Italiana)

If you are interested to follow this option, it would be advisable, before filing the application with the Ministr, to check whether the chosen fund qualifies for obtaining the visa.

What are the steps and timeline to obtain the Investor Visa?

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Marco Mazzeschi

Attorney at law.
One of the leading corporate immigration lawyers in Italy. Admitted to the Milan Bar Association (1988) and to the Taipei Bar Association (2016), a member of the American Immigration Lawyers Association (AILA) and an accredited partner of Invest in Tuscany.

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