Case: Zhang Wei is a Chinese entrepreneur and business man, keen on investing in new projects around the world. He has also always been fascinated by Italian culture and lifestyle, and he is looking forward to fulfilling his dream to move and settle down in Italy.
Question: what are the options for Zhang Wei to obtain a visa and a residence permit for Italy?
Solution: because Zhang Wei is an entrepreneur and business man, with solid economic resources, he might find the new Italian investor visa particularly interesting and appealing to reach his goal of moving to Italy.
Italian Immigration law now provides for a new visa and residence permit for those third-country nationals who wish to come and reside in Italy in force of an investment.
The investment that can make a foreigner eligible for this visa is either an investment of:
• at least Euro 2.000.000,00 in Italian Government Bounds;
• at least Euro 1.000.000,00 in equity instruments of companies based and operating in Italy;
• at least Euro 500.000,00 in innovative start-ups incorporated in Italy;
• at least Euro 1.000.000,00 in philanthropic activities of public interest in the field of education, immigration, culture, scientific research, recovery of cultural assets and/or landscapes.
All Zhang Wei has to do is send his application using an innovative and intuitive bilingual online portal, available on the website of the Italian Minister of Economic Development (MISE), and wait for a feedback from the authorities, which will be provided in no more than 30 days.
To get the visa authorization, Zhang Wei needs to prove that he has the necessary economic resources to carry out the investment, that he has a suitable accommodation in Italy.
Once obtained the entry visa, Zhang Wei will be requested to perform the investment within 3 months after entering Italy and shall keep it, without making any exit or change to its destination, for all the time he wants to keep his visa and residence permit.
The residence permit has an initial 2-year duration and can be renewed for further periods of 3 years, on the condition that the investment has been fully made and has not been revoked or its destination has been altered under any circumstance.
On top of that, after 5 years of legal residence in Italy, Zhang Wei will also be entitled to apply for the so-called EU residence permit for long-term residents, which will allow him to reside in Italy indefinitely.