Home Travel & Adventure Italy Suspends Golden Visas for Affluent Russians & Belarusians, Amid Delayed Implementation

Italy Suspends Golden Visas for Affluent Russians & Belarusians, Amid Delayed Implementation


Italian authorities have now stopped the Investor Visa Program for nationals from Russia and Belarus, the Ministry of Enterprises and Products has confirmed.

However, the European Commission urged all European countries that run such schemes to terminate them immediately after Russia’s invasion of Ukraine that started in February last year.

Italy launched its Golden Visa program in 2017 in order to further help the country’s economic growth. Authorities offered a two-year visa for the applicants and their families and a special tax regime. In addition, after ten years, it was possible to apply for citizenship.

Foreigners are eligible to benefit from this scheme if they invest at least €500,000 in an Italian joint-stock company, for a charitable contribution of €1,000,000 million to an organisation engaged in a specific field such as culture or landscape heritage, or in government securities in the amount of at least 2,000,000.

The Ministry of Business and Made in Italy confirmed the decision to abolish this program.

“We communicate the suspension of the program for Russian and Belarusian citizens as per the provision of the President of the Committee of 14 July 2023 (the manager Ministerial Maurizio Montemagno, ed) in compliance with Recommendation C (2022) 2028 of the European Union,” the statement stressed.

Soon after Russia’s invasion of Ukraine, authorities in European countries limited the access of Russians and Belarusians to European Investment programs such as the Golden Visa and the Golden Passport programs.

Golden Visa scheme allows wealthy foreign nationals to acquire residency in countries that offer such schemes, provided they make a financial contribution and meet the needed requirements that differ among them.

At the same time, the Golden Passport scheme gives wealthy internationals the opportunity to acquire citizenship in countries that operate such programs if they invest a specific amount of money and meet the needed requirements.

In February last year, authorities in European countries limited the issuance of golden passports following Russia’s invasion of Ukraine. The announcement was confirmed by the European Commission.

“We commit to taking measures to limit the sale of citizenship—so-called golden passports—that let wealthy Russians connected to the Russian government become citizens of our countries and gain access to our financial systems,” the Commission of the EU stated.

In addition to European countries, a similar decision was also taken by authorities in the United Kingdom, the United States as well as Canada.

Facebook Comments Box
Previous articleHungary Mandates Swift Payment from Booking.com to Accommodation Providers
Next articlePath to Visa Waiver: Cyprus Must Fulfill Specific Requirements, Says US Official
Monte OZ is a highly accomplished and respected international freelance journalist, travel and active adventure reporter, and leading entertainment & lifestyle blogger based in Africa. With a passion for storytelling, a sense of adventure, and an eye for all things captivating, Monte has become a prominent figure in the world of travel, entertainment, and lifestyle journalism. Born and raised in Africa, Monte developed a deep appreciation for the continent's diverse cultures, rich heritage, and vibrant entertainment scene. His upbringing fueled his desire to share Africa's untold stories and showcase its dynamic lifestyle to a global audience. Monte's extensive experience and expertise have made him a sought-after authority on all things related to travel, adventure, entertainment, and lifestyle in Africa. As an international freelance journalist, Monte has made significant contributions to various prestigious publications worldwide. His captivating articles, insightful interviews, and engaging features have graced the pages of leading entertainment magazines, lifestyle publications, and reputable news outlets. Monte's unique ability to capture the essence of Africa's entertainment and lifestyle scene has garnered widespread acclaim and recognition. With a love for exploration and a thirst for adrenaline, Monte also thrives as an active adventure reporter. He has embarked on daring expeditions, immersing himself in Africa's wild landscapes, and documenting his adrenaline-pumping experiences. Whether it's conquering treacherous peaks, exploring remote jungles, or engaging in heart-pounding activities, Monte's adventurous spirit and daring escapades inspire readers to embrace their own sense of adventure. In addition to his work in journalism and adventure reporting, Monte is a leading entertainment & lifestyle blogger in Africa. Through his influential blog, he offers readers an insider's view of the continent's vibrant entertainment scene, trendy hotspots, fashion trends, culinary delights, and cultural experiences. Monte's unique blend of storytelling, personal insights, and expert recommendations has made his blog a go-to resource for entertainment and lifestyle enthusiasts seeking the pulse of Africa's dynamic culture. Beyond his professional pursuits, Monte is a passionate advocate for promoting Africa's talent, creativity, and cultural diversity. He actively supports and champions emerging artists, musicians, designers, and entrepreneurs, helping to showcase their work to a broader audience. Monte's dedication to promoting Africa's vibrant entertainment and lifestyle industry has positioned him as a respected influencer and tastemaker within the African and global entertainment communities. With a commitment to excellence, a passion for exploration, and a talent for captivating storytelling, Monte Oz continues to captivate audiences worldwide. As an international freelance journalist, travel and active adventure reporter, and leading entertainment & lifestyle blogger, his work has left an indelible mark on the world of journalism, travel, and entertainment, solidifying his position as a trusted authority and go-to resource for all things related to African travel, adventure, and lifestyle.