How many rich people invest in Italy in exchange for citizenship?

Italy is among the top ten countries favored by millionaires in search of convenient passports, writes Milano Today, with Milan being the most sought-after city. According to the Investor Visa for Italy law, the visa is valid for fifteen years and provides a wide range of tax benefits: in addition to being considered one of the most powerful in the world, according to the latest Henley Passport Index, the Italian passport allows new residents tax advantages, such as a fixed amount of 100,000 euros on foreign income. Whether it’s to invest elsewhere, pay fewer taxes, for status, or pure philanthropy, it makes sense for the world's wealthy to invest their money in Italy. According to a new study by Dossier, since the Visa was established, 352 applications have been sent for the residency program to the Ministry of Enterprises, which has rejected a total of fifty. The report highlights that the initiative has seen a surge in interest over the past three years, influenced by both Brexit and conflicts in the Middle East and Ukraine. While there were only eight applications in 2020, Dossier reports that by 2023, they had increased to one hundred. This year, so far, there are 74.

The investment residency program was established in Italy in 2016 and allows all foreigners who make an investment in the country’s activities to obtain a visa. While it is not possible to invest in the real estate sector, to obtain an Italian passport, one can invest 250,000 euros in an innovative start-up, 500,000 euros in a Joint Stock Company, 2 million euros in bonds, or 1 million euros in a philanthropic association. According to the Dossier report, northern Italy is the most popular region among wealthy entrepreneurs, accounting for 55.4% of requests (Milan ranks as the sixth most popular city in Europe for millionaires worldwide), followed by the center, where Rome and Florence attract 36.65%. In the south, requests cover 7.95% of the total, with Sassari standing out as the city most appreciated by investors. It is thought that applications for the Golden Visa saw a peak in 2022 due to the conflict between Russia and Ukraine: the law was blocked for Russian citizens starting from July 2023, but in the meantime, requests from investors in the country rose from six to thirty-six in one year. This year, most requests come from English-speaking countries, with the United States leading with 23 requests, followed by the United Kingdom with twenty-one.