Italy Suspends 'Golden Visas' for Russian and Belarusian Citizens

Italy has temporarily suspended its program for granting 'golden visas' to citizens of the Russian Federation and Belarus in exchange for investments. This was reported on Tuesday, August 8, by the Italian newspaper Affari Italiani.

According to the publication, the European Commission's recommendation regarding this matter was issued at the end of March 2022. However, the order from the Italian government for the suspension was only issued in mid-July 2023.

Last year, according to the publication, Italy managed to grant a two-year 'investor' visa to at least 32 of the 36 citizens from the Russian Federation.

Information from open sources indicates that the 'investor' visa was issued for two years, with the possibility of extending it for another three years, contingent upon continuing investments. After five years of holding such a visa, one could apply for permanent residency, and after another five years, for Italian citizenship, as reported by DW.

According to Affari Italiani, in 2022, the majority of such visas were granted to Russians, surpassing citizens from the USA (12), Great Britain (12), and 23 applicants from non-EU countries.

According to the publication, the previous year was the peak for granting 'golden visas' since their introduction into Italy’s legal system in 2017, with 79 visas granted (out of 92 applicants), bringing in €32.3 million.

The European Commission is concerned that such mechanisms may provide 'privileged access' to the European Union and the Schengen Area for Russian or Belarusian citizens who are under sanctions or may come under such sanctions amid the backdrop of the Russian war in Ukraine.

In Brussels, due to the difficulty of appropriate security checks, EU countries, including Italy, have been advised to immediately suspend these programs for Russians and Belarusians, 'without harming' those citizens who wish to enter the EU for 'humanitarian or international protection reasons.'