Skip to content
Edit post

Italy suspends 'golden visas' for Russians, Belarusians

by Martin Fornusek August 8, 2023 10:27 PM 2 min read
This audio is created with AI assistance

Support independent journalism in Ukraine. Join us in this fight.

Become a member Support us just once

Italy has suspended the Investor Visa program for Russian and Belarusian citizens, the country's Business Ministry announced on its website.

The Italian magazine Altreconomia reported on Aug. 8 that the Italian government made the decision in mid-July, more than a year after the European Commission recommended this measure after Russia's full-scale invasion of Ukraine.

Altreconomia said that the Italian authorities issued at least 32 Russian citizens with two-year "investor" visas out of 36 applications, based on data provided by the business ministry.

This means that the "golden visas" issued to Russian citizens outnumbered those awarded to the U.S. (12) and the U.K. (12) nationals, the outlet commented.

The data obtained by Altreconomia did not reveal the number of "investor visas" issued for Belarusians and Russians in 2023.

The European Commission called on the EU members in March 2022 to suspend their investor visa programs for Russian and Belarusian nationals.

"Some Russian or Belarusian nationals who are subject to sanctions or are significantly supporting the war in Ukraine might have acquired EU citizenship or privileged access to the EU, including to travel freely in the Schengen area, under these schemes," the European Commission said.

Italy launched its Golden Visa program in 2017 to bolster the country's economic growth. The state offers a two-year visa for applicants and their families, as well as a special tax regime, according to ShengenVisaInfo.

After ten years, it becomes possible for the Golden Visa holders to apply for citizenship.

Foreigners can access the scheme if they invest at least 500,000 euros ($540,000) in an Italian joint-stock company, donate 1 million euros ($1.1 million) to an organization involved in a specific field such as culture or landscape heritage, or invest in government securities in the amount of 2 million euros ($2.17 million).

NYT: Russian oligarchs enjoy luxury life in UK under sanctions exemptions
Sanctioned Russian oligarchs spend hundreds of thousands of dollars on luxury life in the U.K. thanks to numerous sanction exemptions, the New York Times reported on July 27.
Support independent journalism in Ukraine. Join us in this fight.
Freedom can be costly. Both Ukraine and its journalists are paying a high price for their independence. Support independent journalism in its darkest hour. Support us for as little as $1, and it only takes a minute.
visa masterCard americanExpress

News Feed

Ukraine Daily
News from Ukraine in your inbox
Ukraine news
Please, enter correct email address
9:56 AM

Russia launched counterspace weapon into orbit, US says.

Wood described the move as "troubling." Pentagon spokesperson Brigadier General Pat Ryder separately said on May 21 the U.S. was monitoring the situation and had a "responsibility to be ready to protect and defend… the space domain."
MORE NEWS

Editors' Picks

Enter your email to subscribe
Please, enter correct email address
Subscribe
* indicates required
* indicates required
Subscribe
* indicates required
* indicates required
Subscribe
* indicates required

Subscribe

* indicates required
Subscribe
* indicates required

Subscribe

* indicates required
Subscribe
* indicates required

Subscribe

* indicates required
Successfuly subscribed
Thank you for signing up for this newsletter. We’ve sent you a confirmation email.