Europe’s investment-migration landscape has changed substantially. On 29 April 2025, the Court of Justice of the European Union ruled that Malta’s investor citizenship framework breached EU law because it commercialised EU citizenship through predetermined payments and investments. Malta subsequently repealed the framework.

Malta’s citizenship-by-merit provisions remain discretionary and are not a continuation or replacement of its former investment programme. This makes it important to distinguish direct citizenship by investment programmes, now mainly available outside the EU, from European residence routes that may eventually support naturalisation.

Spain ended its golden visa route in April 2025. Portugal still offers qualifying investment options, but property purchases no longer qualify. Greece, Hungary and Italy continue to provide residence-based alternatives.

How Italy’s Investor Visa works

Italy’s Investor Visa, sometimes called the Italy Golden Visa, is available to eligible non-EU nationals who make one qualifying investment or donation.

Investment route	Minimum amount	Main requirement
Italian innovative start-up	€250,000	Investment in a qualifying registered start-up
Italian limited company	€500,000	Investment in shares or equity
Philanthropic initiative	€1 million	Donation supporting an approved public-interest project
Italian government bonds	€2 million	Investment in qualifying government securities

Applicants must first request a Nulla Osta, or certificate of no impediment, through the official Investor Visa for Italy portal. The committee aims to issue its assessment within 30 days after receiving a complete application. Requests for further documents suspend that assessment period.

Once the Nulla Osta is granted, the applicant has 6 months to apply for an investor visa through the relevant Italian diplomatic mission. After entering Italy, they must apply for a residence permit within 8 days and complete the approved investment or donation within 3 months.

The initial residence permit is valid for 2 years. It may be renewed for a further 3 years if the original investment is maintained and the investor obtains a new Nulla Osta.

Residence, family members and citizenship

The investor route does not set a specific minimum number of days that must be spent in Italy simply to renew the permit. However, this flexibility does not automatically qualify someone for permanent residence or citizenship.

After 5 years, an investor may be eligible to apply for EU long-term resident status. This is not automatic and generally requires legal and continuous residence, sufficient financial resources and compliance with Italian-language requirements.

A non-EU national may normally apply for Italian citizenship after 10 years of legal residence. Citizenship remains discretionary and depends on meeting all applicable legal, residence, language and conduct requirements.

Eligible family members may join through Italy’s family reunification procedures without making another qualifying investment. These may include a spouse, minor children and certain dependent adult children or parents. Separate applications, entry clearances and supporting documents may still be required.

A valid Italian residence permit also supports short visits elsewhere in the Schengen area, generally for up to 90 days in any 180-day period, subject to the usual entry conditions.

Italy’s 2026 flat-tax regime

Holding an Investor Visa does not automatically make someone an Italian tax resident. Immigration residence and tax residence are separate issues.

From 1 January 2026, qualifying people transferring tax residence to Italy may elect to pay an annual substitute tax of €300,000 on eligible foreign-source income, increased from €200,000. A qualifying family member included in the election pays €50,000 annually.

The regime can operate for up to 15 tax years and generally requires the individual not to have been an Italian tax resident for at least 9 of the previous 10 tax periods. Italian-source income remains subject to ordinary Italian taxation.

The tax regime is optional and will not suit every investor. Professional Italian and home-country tax advice should be obtained before establishing residence or transferring assets.

Comparing Italy with other routes

Applicants seeking quicker nationality outcomes may consider Caribbean citizenship by investment programmes, although costs, due diligence and family eligibility differ between jurisdictions.

Within Europe, the Hungary guest investor programme offers a separate residence-based structure. The Greece financially independent person visa is aimed at applicants with sufficient independent income and is not an investment-citizenship route.

Malta continues to offer residence options, including the Malta Permanent Residence Programme, but citizenship by merit must not be presented as a purchasable or guaranteed pathway.

Frequently asked questions

Can I obtain EU citizenship directly through investment?

There is currently no direct EU citizenship-by-investment programme comparable to Malta’s former framework. Residence may eventually lead to naturalisation, but only after the relevant legal and physical-residence conditions are satisfied.

Does buying property qualify for Italy’s Investor Visa?

No. Italian real estate is not a qualifying investment under the programme, although an investor may purchase property separately.

Speak to a specialist about your options

Italy can provide a flexible European residence route, but immigration, investment and tax planning should be considered together. Contact Coates Global to compare Italy with Malta, Hungary, Greece and non-EU citizenship options based on your circumstances.