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    Italy has stopped issuing "golden visas" for Belarusians and Russians

    08.08.2023
    Citizens of Belarus and Russia will no longer be able to obtain a residence permit in Italy for investments.

       The relevant decision was made by the Italian Ministry of Enterprises and Products. The Agency has notified about the suspension of the Investor Visa for Italy program for Belarusians and Russians.

       The program has been in operation since 2017. According to it, investors and their relatives could obtain a residence permit in Italy for a significant contribution to the country's economy. At the same time, they could use a special tax regime, and after 10 years apply for Italian citizenship.

       At first, Italian "golden visas" did not have as much popularity as similar programs in Greece, Spain and Portugal. The fact is, Italy had a very high investment threshold. As a result, in May 2020, the government almost halved its financial requirements. 

       Now, to obtain an investor visa, you can:

       - invest 250 thousand euros in a local startup;

       - invest 500 thousand euros in a local company;

       - make a charitable contribution of 1 million euros to socially significant initiatives;

       - invest 2 million euros in government bonds.

       Over the entire duration of the program, more than 200 people have used it. Last year, about 30 Russian investors were able to obtain "golden visas" for Italy.

       Now, citizens of Belarus and Russia have been banned from using the program in accordance with the recommendation of the European Union. Back in March 2022, the European Commission described such programs for Belarusians and Russians as undesirable. The European authorities believe that with their help, sanctioned individuals can move freely through the Schengen area.
        Source: www.mediabrest.by

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