Rome took over a year to act on the recommendation made by the European Commission last spring to remove citizens of Russia and Belarus from the Residency by Investment program, Euronews has reported.
Italy has suspended its Investor Visa for Italy program for these citizens, as announced on the Ministry of Economic Development's website.
Reports from Italian media indicate that this decision was reached in mid-July, more than a year after the European Commission's initial recommendation.
Investor visa programs, often known as "golden visas," offered by European Union nations provide the opportunity to attain residency through significant investments, property acquisitions, or voluntary contributions to non-governmental organizations (NGOs). These programs often grant automatic access to the privileges of living within the EU, including unrestricted movement across member states.
The Italian program offers a two-year residency permit, which can be extended for up to three years, in exchange for:
- Investing €2mn in Italian government bonds,
- Acquiring shares in an Italian limited liability company for €500,000,
- Supporting an Italian innovative startup with an investment of €250,000,
- Making a charitable donation of €1mn towards an initiative in Italy.
The initial two-year permit can be extended for another three years, and after a decade, investors gain the eligibility to apply for Italian citizenship.
Why "golden visa" recommended?
In March 2022, the European Commission urged all EU member states to halt the issuance of investor visa programs to citizens of Russia and Belarus.
Brussels cautioned that those "subject to sanctions or providing significant support to the Russian invasion of Ukraine" could obtain citizenship or privileged access to the EU, including freedom of movement within the Schengen area, through these schemes.
Over nearly a year and a half of Russia's extensive invasion of Ukraine, more than 30 Russians obtained "investor" visas. According to the Italian publication Altreconomia, during this period, amidst the widescale invasion of Ukraine by Russia, no fewer than 36 Russian citizens utilized the program, with 32 receiving a two-year "investor" visa.
This positioned Russians ahead of Americans (12) and Britons (12), as well as affluent citizens from non-EU countries (23).
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EU countries are widely closing down investor programs.
Italy is one of the few EU countries where "golden visa" programs still remain operational.
The European Commission had previously stated that such programs posed a "risk to the security, transparency, and values" of the union.
Earlier this year, Ireland scrapped its Immigrant Investor Program (IIP), which granted residency rights in exchange for a donation of €500,000 or annual investments of €1 mn in the country's economy over three years.
Portugal also terminated its program offering residency in exchange for capital investments, aiming to counteract the surge in real estate prices and rentals.
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