Italy Golden Visa applicants should be wary of subjects who promise the recovery of the money invested. The provision of investment services and activities, as well as the public offering of financial products, is strictly regulated in Italy and can be carried out only by authorized entities. Engaging with unauthorized intermediaries may expose investors to significant financial and legal risks. Always verify that any advisor or service provider is properly licensed by the relevant Italian regulatory authorities.
Italy Golden Visa is increasingly more popular also due to the restrictions that other EU countries have introduced to their RBI programs. Notably, on April 3, 2025, Spain officially discontinued its Golden Visa program. Ireland and the Netherlands had previously taken similar actions, and in 2023, Portugal removed real estate investments from its qualifying criteria. Greece has announced plans to tighten eligibility requirements, while Luxembourg is currently evaluating the future of its own investor visa scheme.
Individuals interested to apply for the Investor visa are sometime approached by third parties and/or can find online different kind of investment opportunities, but it is important to highlight that
the management of investment services and activities towards the public is reserved only to subjects previously authorized by CONSOB
CONSOB is the public authority responsible for regulating the Italian financial markets. Most of the time, the operations made by UNAUTHORIZED subjects, lacking the necessary requirements, including property and organizational ones, as envisaged by the regulations for the protection of investors, effectively give rise to SCAMS. Remember that the abusive practice of investment services and activities is a crime punishable by imprisonment for up to a maximum of 8 years (Article 166 of the Consolidated Law on Finance – TUF).
Watch for scams! – CONSOB AND ITS ACTIVITIES – CONSOB
CONSOB has established a dedicated division (Unauthorised Financial Business Supervisory Office ) with the task of contrasting unauthorised financial business hypotheses. In particular, the Office has been empowered with the competences on unauthorised financial business in case of
- provision of investment services and activities by unauthorized subjects (unauthorised financial intermediation) and
- public offering of financial products without the required prospectus and advertising activity of the same offering.
If you are contacted by or if you come across a domain/website which offers you investment opportunities f please verify first of all if it is authorized. Every authorized subject must be included in the list kept by CONSOB. To check with the list click here.
On the CONSOB website you can also control the list of all the EU investment firms operating in Italy:
CONSOB has also published some guidelines that investors are advised to
If, after your requests / verifications, you have not obtained a clear and complete information, do not rush to invest money in this trading company at any prize, because the proposal you have been made might be a scam.
Remember that the abusive practice of investment services and activities is a crime punishable by imprisonment for up to a maximum of 8 years (Article 166 of the Consolidated Law on Finance – TUF).
Be wary of subjects who promise you the recovery of the money invested
Watch for scams! – CONSOB AND ITS ACTIVITIES – CONSOB
The information provided on this article (i) does not, and is not intended to, constitute legal, tax and financial advice; (ii) are for general informational purposes only and may not constitute the most up-to-date legal or other information (iii) this website may contain links to other third-party websites. Such links are only for the convenience of the reader; (iv) readers should contact their attorney, tax counsel and financial advisor to obtain advice with respect to any particular legal, tax and financial matter and for the choice of any particular kind of investment.
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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