Italy suspends golden visas for Russian investors more than a year late
In mid-July 2023, almost a year and a half after the recommendations of the European Commission following the Russian invasion of Ukraine, the Ministry of Enterprise and Made in Italy suspended the program of the so-called “golden visas” in exchange for investments for Russian and Belarusian citizens. The “golden visas” are so called because they offer people the possibility of obtaining a residence permit in a country by buying a house in that state or by making a large investment or donation.
The delay between the EU Recommendation (end of March 2022) and the suspension ordered by the government (mid July 2023) meant that last year, i.e. the year of international sanctions (also) against the oligarchs and entrepreneurs considered close to the circle of Vladimir Putin or Aljaksandr Lukašėnka, our country has released at least 32 Russian citizens a two-year “investor” visa against the 36 who had applied for itas confirmed by the data transmitted by the same ministry to the Altreconomia magazine.
The Russians in 2022 accounted for the first nationality among the investors awarded by the “Investor Visa for Italy” program, surpassing Americans (12), British (12) and 23 other wealthy people originating from non-European Union countries combined (nationalities that the Italian government does not distinguish for “privacy” reasons) . Also last year it recorded the peak of the “golden visas” since they were introduced into the Italian legal system through the 2017 Budget law: 79 those issued (out of 92 requested) for a total amount of 32.3 million euros.
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