The Italian Ministry of Business announced the suspension of the golden visa program for citizens of Russia and Belarus
Citizens of Russia and Belarus will no longer be able to get Italian golden visas
This decision has been made in mid-July, almost a year after the recommendation of the European Commission to suspend such programs.
What are golden visas?
"Golden visas" or visa programs for investors offer the opportunity to obtain a residence permit in the country, based on investment or purchase of real estate. Holders of these visas can also enjoy the benefits of resident status, including free movement within the countries of the European Union.
The Italian Golden Visa Program
In Italy, the program offers a two-year residence permit, which can be extended for three years. To obtain this status, you must invest 2 million euros in Italian government bonds or invest 500,000 euros in an Italian limited liability company. You can also invest 250,000 euros in an Italian innovation company or make a donation of 1 million euros to a charity initiative in Italy.
So, the Italian Golden Visa program for citizens of Russia and Belarus is suspended. Holders of such visas will no longer be able to obtain a residence permit in Italy by investment. Individual European Union countries are also considering suspending such programs.