Mazzeschi

Investor’s Visa implementing decree announced

Sep 05, 2017

The Italian government has announced the publication of the Investor’s Visa implementing decree (Inter-ministerial decree July 21 2017).

The decree lays down the preliminary guidelines and provides information on the procedure and documents required.

In particular, it provides clarification on the type of investments and donations that may ensure the eligibility conditions for the Investor’s visa, determines the authorities in charge of processing the applications and describes the procedure for filing the visa and residence permit application as well as the conditions for the permit renewal.

Below is a summary of the main points of the decree:

• The authority in charge of evaluating the applicant’s eligibility conditions is a special Committee made of various authorities among which representatives of Ministry of Economic Development, Ministry of Interior, Ministry of External Affairs and of Tax Authorities and Financial Police;

• The applications will be managed through an online platform yet to be created;

• Among the documents required, the applicant needs to submit a police clearance for each country where he/she has lived in the previous 10 years;

• The application will follow 3 basic steps: online clearance (nulla osta) application; visa application at the Consulate in the foreign country; residence permit application in Italy;

• Within 3 months from the date of entry, the applicant must provide documented evidence of the investment or donation. Failing to do so will result in denial of residence permit;

• In case of disinvestment before the terms or if the holder is untraceable, the residence permit can be revoked at any time;

• After 2 years, the residence permit can be renewed for additional 3 years, further to the approval from the committee.

Despite the publication of the implementing decree, the Investor’s Visa is not operative yet.

Applications will be possible only after the online platform is published and the relevant operations manual is ready.

Further updates will be published as soon as available