Italy suspends issuing visas to Russians and Belarusians in exchange for investments
The EU recommendation to cancel such programs for Russians was issued after the outbreak of war
Italy has suspended issuance of two-year visas for Russian and Belarusian citizens in exchange for their investments. This decision was made in accordance with the recommendation of the EU authorities.
Source. This is stated on the website of the Ministry of Enterprises and Products of Italy.
The so-called "golden visas" for non-EU citizens began to be issued in 2017.
Those who made a significant contribution to the Italian economy, as well as their family members, could count on them. Greece, Spain, and Portugal have similar programs. They were more popular than the Italian one because the entry threshold for investments was lower.
To promote the program during the Covid epidemic, the Italian government lowered this threshold. At that time, it became possible to obtain a "golden visa" by investing in an Italian startup for more than 250 thousand euros, investing 500 thousand euros in a local company, making a charitable contribution of 1 million euros or investing 2 million euros in socially significant initiatives.
Holders of such visas have a special tax regime and can apply for citizenship in ten years, obtaining it on a general basis.
The European Union's recommendation to cancel such programs for Russians was issued after the outbreak of the war. It stated that such schemes were a danger to Europe and its values.
The Investor Visa for Italy program was used by 200 Russian citizens in total, and last year about 30 Russians received it.
Portugal stopped issuing golden visas in February 2017. Those who have already received them will be able to extend them only if they permanently live in real estate purchased in the country or rent it out for a long time.
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