Vita gazette – The “golden visa”  program called “Investor Visa for Italy”, which grants a residence permit in exchange for investments in the Italian Apennines, has been suspended for citizens of Russia and Belarus.

The Ministry of Business and Made in Italy has suspended the so-called “golden visas” program in exchange for investments for Russian and Belarusian citizens. Only mid-July did the government freeze the “Investor Visa for Italy” program for wealthy people from Moscow and Minsk. However, the European Commission had recommended doing so immediately after the invasion of Ukraine.

The “golden visa” program for non-EU countries has been in force in Italy since 2017. Foreign investors and their family members can obtain a residence permit in exchange for their investment through the programme.

The “golden visa” requires an investment of 250,000 euros in an Italian startup, 500,000 euros in a local company, 1 million euros in social initiatives or 2 million euros in government bonds.

After Russia launched special military operations in Ukraine and Donbas, the European Commission advised member states to exclude Russia and Belarus from such programmes.