The Italy Golden Visa, officially the Investor Visa for Italy, grants a residence permit in exchange for an investment in the country's economy: from €250.000 in an innovative startup, €500.000 for a stake in an Italian company, €1.000.000 in a philanthropic project, or €2.000.000 in government bonds. It has three features that set it apart from most EU programs: the capital is invested only after the application is approved, you don't have to physically live in Italy to keep the status, and the whole family receives residence alongside the investor. That said, one thing must be clear from the start: this is a residence permit, not a passport, and there is no "residence-by-property-purchase" option here. Below we break down the amounts, the application procedure, taxes, and an honest answer to the question of whether the golden visa leads to citizenship.
What the Italy Golden Visa Is
The Italy Golden Visa is a state program run by the Ministry of Enterprise and Made in Italy, under which a foreign national obtains a residence permit for a significant investment in the country's economy. The official name is the investor visa, and it is called a "golden visa" by analogy with similar programs in other countries.
The status gives the right to live in Italy, to work and run a business, to move freely within the Schengen area under the 90-in-180-days rule, and to bring the family. But it has a clear limit: on its own it does not grant citizenship. It is specifically a residence permit, from which, if desired and if the conditions are met, one can eventually move on to permanent residence and citizenship, but a passport is not issued directly for an investment.
The Four Investment Options and Amounts
The program offers four options to choose from. The investment must be maintained for the entire duration of the residence permit, and once you move on to permanent residence after five years it no longer needs to be held.
| Investment option | Amount | Where |
|---|---|---|
| Innovative startup | from €250.000 | an Italian innovative startup |
| Italian company | from €500.000 | a stake in an operating company (S.r.l. or S.p.A.) |
| Philanthropic project | from €1.000.000 | donation to culture, science, education, environment |
| Government bonds | from €2.000.000 | Italian government bonds with a term of at least two years |
The most accessible entry point is €250.000 into an innovative startup. The amounts are stable and did not change in 2026. The choice of option is determined not only by budget but also by the level of risk and involvement: bonds are a conservative instrument, while a stake in a startup or a company calls for a different attitude to risk.
Key Advantages of the Italy Golden Visa
First and most important: the investment is made not in advance but after approval. You file an application for the nulla osta (a certificate of no impediment), receive the visa, enter the country, and only then, within three months, transfer the funds. The nulla osta application is free. This means that if you are refused at an early stage your capital is still untouched, and this is the key difference from programs where money must be frozen before a decision is made.
Second: there is no minimum residence requirement for renewing the residence permit. Among EU programs this is a rarity. You can keep the status and Schengen freedom of movement without physically relocating to Italy.
Third: the program is family-oriented. Working and running a business under this residence permit is permitted, and family members are included in the status without a separate investment.
The Golden Visa Grants Neither a Passport Nor Residence for Property
There are three persistent myths around the golden visa, and it is worth stating honestly upfront.
Myth one: "a passport for investment." Italy does not sell citizenship for money. The program grants a residence permit, and citizenship follows a separate, long path: after ten years of real residence, with a language exam and naturalization. There is more on this in our article on how to obtain Italian citizenship.
Myth two: "residence for buying property." Italy has no such option, unlike a number of neighboring countries. There are only the four investment options above. A foreigner can of course buy a home in Italy, but on its own it does not grant a residence permit.
Myth three: "the money must be frozen in advance." No: as described above, the investment is made only after the application is approved.
How to Get the Golden Visa Step by Step
The application procedure consists of five steps.
- Application for the nulla osta. Filed online on the Ministry's portal. This is the certificate confirming there are no impediments to the investment. By law a response is given in about 30 days, and the certificate itself is valid for six months.
- Investor visa D. With the nulla osta obtained, you apply to the Italian consulate for a long-term visa. Since 2025 biometrics are submitted in person.
- Entry into Italy. You enter the country on the investor visa.
- Permesso di soggiorno. Within eight days of entry you apply for the investor residence permit.
- Investment. Within three months you transfer the chosen amount and confirm it with documents.
The documents required include a valid passport, proof of the availability of funds and the legality of their origin, a criminal record certificate, a written commitment to make the investment, proof of accommodation, and health insurance. An important detail: the acceptance of applications from citizens of certain countries subject to EU restrictive measures is suspended, so it is worth checking in advance whether the program applies to your citizenship.
How Much It Costs and How Long It Takes
The nulla osta application itself is free. State fees for issuing the residence permit come to around €126, with a subsequent renewal around €176, plus a stamp duty. Legal support and health insurance are paid separately (roughly from €600 per year). The main expense is, of course, the investment itself from €250.000.
As for timing: the law allows 30 days for the nulla osta. Realistically you can expect that from filing the application to holding the residence permit card in hand will take three to six months, mainly because of the waiting time for a consular appointment. Let us stress the main advantage once more: if you are refused at the nulla osta stage, the investment has not yet been made and the capital is safe.
A Visa for the Whole Family
The golden visa extends to the investor's family. Along with the investor, a residence permit is granted to the spouse, minor children, adult dependent children with disabilities, and dependent parents.
Family members receive their own residence permits and are entitled to live, work, and study in Italy on an equal footing with the main applicant. No separate investment is required to include the family: it is added to the investor's status.
Taxes: A Flat Tax for Wealthy Residents
Italy has a separate preferential regime that is often considered alongside the golden visa. A new tax resident may opt for a flat tax on all their foreign income: a single amount of €300.000 per year (from 2026; previously it was €200.000) instead of the progressive scale, plus €50.000 for each family member. The regime lasts up to 15 years and exempts foreign income from declaration under the general rules, and also provides relief on tax on foreign inheritance and gifts.
There is an important caveat here. The flat tax requires real tax residence, that is, presence in the country for more than 183 days a year. This means it does not combine with a "get the residence permit and don't live in Italy" strategy: one excludes the other. How tax residence works is examined in detail in the article on how to move to Italy.
Renewal, Permanent Residence, and Citizenship: Flexibility vs the Path to a Passport
The investor residence permit is issued for two years, then renewed for three (a 2+3 scheme), and the investment must be maintained throughout. Then a fork appears, and this is where the golden visa's main honest nuance lies.
If your goal is flexibility, that is, holding the status and Schengen freedom without relocating, you do not need to reside in Italy. But then the time does not count toward either permanent residence or citizenship. If, however, the goal is a passport, you will have to genuinely live in the country: after five years of continuous residence the right to permanent residence opens up, and after ten years, citizenship. You cannot combine "not living there" and "heading toward citizenship," and this is worth understanding before entering the program.
Italy or Other EU Countries
The golden visa landscape in Europe has changed considerably in recent years. Spain scrapped its program (the decision took effect in 2025). A number of countries removed the real estate investment option. Italy never offered real estate anyway, but it stands out for a predictable process and its link with the flat-tax regime for wealthy residents.
What is common to all EU programs is important to understand: none of them grants "direct" EU citizenship. Everywhere it is a residence permit, and a passport is possible only through lengthy naturalization. So the choice of country is determined by the goal: real estate as an asset, flexibility of status, or tax planning.
What's Next
The Italy Golden Visa is a flexible instrument for a wealthy individual: the capital is invested after approval, physically living there is not required, and the family is included. But it is a residence permit, not a passport, and the path to citizenship requires real residence. Choosing the investment option, tax planning around the flat tax, and structuring around your goal are tasks best handled with a lawyer. Law Honor specialists will select the optimal option, arrange your Italian residence permit turnkey, guide you through the nulla osta and the visa, and, if needed, take the status through to permanent residence or citizenship. The first consultation is free.
Frequently Asked Questions
Does the Italy Golden Visa grant a passport or citizenship? No. The program grants a residence permit, not citizenship. A passport is possible only by a separate path: after ten years of real residence in Italy, with a language exam and naturalization. The investment alone does not lead to citizenship.
Can you get a residence permit for buying property in Italy? No. In Italy the "residence for property" option does not exist, unlike in some neighboring countries. Only four options are available: a startup from €250.000, a company stake from €500.000, a philanthropic donation from €1.000.000, or government bonds from €2.000.000.
Do you have to live in Italy to keep the visa? No. There is no minimum residence requirement to renew the investor residence permit, and this is one of its main advantages. But if you want to move on to permanent residence or citizenship over time, real residence will be needed.
Do you transfer the money before or after approval? After. First you file a free application for the nulla osta and receive the visa, and you make the investment only after entry, within three months. There is no need to freeze the capital in advance.
If I am refused, will I lose my money? No. Since the investment is made only after approval and entry, if you are refused at the nulla osta stage the capital has not yet been invested. The application for this certificate is free.
Can the investment be recovered later? The investment must be maintained for the entire validity of the residence permit. If you withdraw the funds earlier, the status may be revoked. After moving on to permanent residence after five years, holding the investment is no longer mandatory.
Are family and parents included? Yes. Along with the investor, a residence permit is granted to the spouse, minor children, adult dependent children with disabilities, and dependent parents. No separate investment is required for the family.
What about taxes, and is there really a flat tax? Yes. A new tax resident may opt for a flat tax on all foreign income: €300.000 per year (from 2026) plus €50.000 for each family member, for up to 15 years. But the regime requires real residence in the country for more than 183 days a year.
How long does it really take, and can you work? By law the nulla osta is reviewed in about 30 days, but in practice it takes three to six months from filing to the residence permit card, including the consular appointment. Working and running a business under this residence permit is permitted.