- 暂停新的意大利投资者居留权接收，并立即启动客户分类工作流程；仅通过官方渠道验证状态。
- 欧盟范围内对“黄金签证/护照”模式的压力正在增加，西班牙决定取消其计划以及欧盟法院裁定马耳他投资入籍计划无效，都证明了这一点，这增加了欧洲储备银行的政策风险。
- 更新所有面向意大利的授权的费用、退款和风险披露；在官方指导明确之前，避免做出时间表或资格承诺。
- 制定替代管辖途径和排序计划（欧盟和非欧盟），并主动与客户沟通。
欧盟的投资者居留计划持续面临政治和法律压力，意大利的投资者签证框架也极易受到突发变化的影响。在此背景下，律师事务所需要一套切实可行、站得住脚的应急预案，既能保护客户利益，又能保障自身业务，同时等待官方立场明朗化。
目录
我们对意大利投资者居留权和政策信号的了解
意大利的投资签证（visto per investitori）历来允许非欧盟公民通过投资指定资产（例如意大利政府债券、公司或创新型初创企业）获得居留权，投资门槛通常为250,000万欧元至2万欧元不等，具体取决于投资选项。该项目的官方门户网站证实，2023年年中，意大利根据欧盟制裁政策暂停了俄罗斯和白俄罗斯公民的签证申请——这显然是针对特定目标暂停签证申请的先例。
虽然国家层面、项目层面的措施需要通过官方出版物或项目门户网站进行核实，但意大利投资者签证仍然是一条意义重大（尽管较为小众）的投资途径。2022年，意大利批准了79份投资者签证（共收到92份申请），承诺投资总额达32.3万欧元，这表明确实存在规模不大的资本流入，但政策变化可能会对其造成干扰。
欧盟背景：对印度储备银行和中央银行的审查日益严格
意大利的做法不能孤立地看待。欧盟层面的政治和司法政策正在重塑投资居留权（RBI）和投资入籍（CBI）的风险状况：
- 西班牙宣布计划在 2024 年取消所有类别的“黄金签证”，这标志着欧盟一个主要市场政策的重大转变。
- 2025 年 4 月，欧盟法院裁定马耳他的投资入籍（黄金护照）计划无效，凸显了投资入籍制度面临的法律阻力。
- 欧洲议会敦促加强对投资者公民/居留计划的控制，并可能逐步取消这些计划，原因是存在安全、洗钱和诚信方面的问题。
这些发展加剧了欧盟储备银行模型的政策波动性，并证明了在客户入职、披露和渠道管理方面采取保守态度的合理性。
客户紧急分诊：意大利管道运输清单
使用以下分类来保护客户和实践，同时通过节目渠道或国家公报验证意大利官方指导。
| 操作 | 所有者 | 目标 |
|---|---|---|
| 暂停接收新的意大利投资者居留许可；标记所有有效的意大利授权 | 招生团队 | 即时 |
| 仅通过官方门户网站和主管部门验证状态 | 研究/法律 | 同一天；每日检查 |
| 向客户发出持有声明；安排一对一电话联系高价值文件 | 客户经理 | 24-48小时 |
| 审查约定书、费用分期付款以及因不可抗力/政策变更而触发的退款 | 计费/法律 | 完成。 |
| 绘制替代管辖权场景和排序（欧盟和非欧盟） | 策略台 | 完成。 |
操作步骤
- 在意大利投资者签证门户网站或通过正式法令/通知确认其官方身份之前，暂停新的意大利投资者居留权委托。
- 审计管道：按阶段对文件进行分类（预聘、KYC 完成、投资承诺、备案准备、已备案）。
- 冻结与意大利途径相关的资本部署，除非并直到合法资格得到确认。
- 记录所有客户沟通并在通话后提供书面摘要。
- 准备与管辖权无关的替代方案并注明优点/缺点，但不保证时间表或结果。
沟通与披露更新
鉴于欧盟的趋势线以及意大利此前针对受制裁国民的定向暂停政策，风险披露应当明确：
- 指出欧盟储备银行/中央银行计划容易受到政策突变的影响，并以西班牙取消该计划的决定和欧盟法院对马耳他的裁决为例来说明这种波动性。
- 在意大利官方指导发布之前，避免对处理时间、资格或祖父条款做出承诺。
- 明确因政策原因无法实现或目的受挫时的费用和退款情况。将极端情况上报给合作伙伴，以获得酌情的善意解决方案。
作为更广泛客户策略的一部分，可以考虑向客户介绍非欧盟途径，这些途径同样可以满足生活方式或商业目标，包括风险较低的居留权基础和公司主导的流动性规划。例如，切实可行的替代方案包括在欧盟以外建立稳健的商业机构和居留权，并密切关注税务、银行和跨境合规事宜。
替代管辖方案（不夸大其词）
构建针对特定客户的情景树，分散欧盟、欧洲经济区和非欧盟选项的司法管辖风险。鉴于欧盟的政策方向，至少应包含一条不依赖于欧盟投资者居留计划的路径。可考虑的示例模式：
- 在法律法规明确的稳定司法管辖区，提供公司设立以及经理/所有者居住途径。客户通常会将此与精心策划的投资或房地产配置相结合，以契合其个人目标。
- 专业人士、学生或数字游民式签证可作为跳板，前提是符合客户情况和风险承受能力。
- 通过普通居住而非投资来实现入籍的长期目标。
对于所有替代方案，保持保守的预期：避免预测批准几率或处理时间，并记录政策变化风险确认。
针对欧盟相关实践的监测和后续步骤
指定一名监控负责人来跟踪：
- 意大利投资签证门户网站上的官方通知。
- 欧盟其他成员国的政策信号（例如西班牙的退出）表明欧盟范围内的政策收紧势头。
- 影响投资地位的欧盟层面法律发展，包括法院裁决和欧洲议会立场。
对内，每周对合作伙伴进行一次与意大利相关的文件审查，直至问题明晰。对外，发布谨慎的客户咨询报告，其中参考官方消息来源和欧盟背景，确保信息传递与证据一致。
结语
鉴于欧盟储备银行面临日益严格的审查，且意大利的投资签证框架也面临政策变化的风险，唯一可行的策略是迅速对客户进行初步筛选，严格依赖官方渠道，并制定多元化的司法管辖区规划。务必将意大利黄金签证暂停的风险视为真实存在的风险，及时向客户通报情况，并在准备可靠的替代方案时避免做出过度承诺。
常见问题解答
我应该在哪里查询意大利投资者居留计划的最新状态？
请访问意大利投资签证项目的官方网站，查看权威的最新信息和资格要求通知。申请时切勿依赖二手资料。
意大利投资签证是什么？哪些人从中受益？
意大利的投资签证允许非欧盟国民通过投资特定资产（例如政府债券、公司或创新型初创企业）获得居留权，投资门槛通常在 250,000 万欧元至 2 万欧元之间，具体取决于投资途径。
在近期政策转变之前，意大利的投资签证有多活跃？
2022 年，意大利批准了 92 名申请人中的 79 份投资者签证，承诺投资总额达 32.3 万欧元。
欧盟层面的哪些发展正在影响RBI/CBI项目的前景？
西班牙宣布计划于2024年取消其黄金签证项目；2025年，欧盟法院裁定马耳他的投资入籍计划无效；欧洲议会也呼吁加强监管。这些举措共同表明，欧盟层面对于投资入籍途径的质疑情绪日益高涨。
意大利此前是否限制过投资者签证？
是的。2023年年中，意大利政府根据欧盟制裁措施，暂停了俄罗斯和白俄罗斯公民的投资签证申请。这为有针对性的项目终止开创了先例。
一目了然
- Italy’s investor visa (Visto per Investitori) is active and accepting applications in 2026 — the program has not been suspended for general applicants.
- Spain terminated its golden visa in April 2025 and Malta’s citizenship-by-investment was struck down by the EU Court of Justice, making Italy one of the few remaining EU investor residency options.
- Investment thresholds range from EUR 250,000 (innovative startups) to EUR 2,000,000 (government bonds), with a 2024 expansion now including qualifying venture capital funds.
- Russian and Belarusian nationals remain barred from applying under the program since mid-2023.
- For investors exploring alternatives, Armenia’s residence-by-investment pathway offers a streamlined route with a clear path to citizenship.
Italy’s investor visa: current status in 2026
Despite the headline fears that once surrounded this program, Italy’s investor visa remains fully operational. The official portal continues to accept new applications, and no legislative action has been introduced to suspend or terminate the program for general applicants.
The legal basis is Article 26-bis of Legislative Decree 286/1998 (the Consolidated Immigration Act). In December 2024, Law No. 193 broadened the scope of the EUR 500,000 investment route to include capital instruments of qualifying venture capital funds constituted and operating in Italy — a signal that the government is expanding, not restricting, the program.
Application volumes have been steadily growing. According to official data from the Italian Ministry of Enterprises and Made in Italy (MIMIT), the program received 116 applications in 2023 and 128 in 2024. While these numbers are modest compared to programs in Portugal or Greece, they reflect an upward trend as other EU pathways close.
The one significant restriction remains the suspension of applications from Russian and Belarusian nationals (including dual nationals), which has been in effect since mid-2023 in line with EU Recommendation C(2022)2028.
Investment options and requirements
Italy offers four investment categories, each with a different minimum threshold. These amounts have remained stable since the program’s inception, with the 2024 VC fund expansion being the only modification.
| 投资类型 | 最低金额 | 持有期 |
|---|---|---|
| 意大利政府债券 | EUR 2,000,000 | 2 年 |
| Italian companies or qualifying VC funds | EUR 500,000 | 2 年 |
| 创新型初创企业 | EUR 250,000 | 2 年 |
| 慈善捐款 | EUR 1,000,000 | 无 |
The innovative startup route at EUR 250,000 is the lowest entry point and has attracted the most interest from individual investors. For those with larger portfolios, the government bond route offers a straightforward, low-risk option.
申请流程和时间表
The application begins with a request for a Nulla Osta (clearance certificate) from the Investor Visa Committee, which reviews investment plans, identity verification, criminal background, and AML compliance. This stage typically takes 25 to 35 days.
Once the Nulla Osta is granted, the applicant has six months to apply for the investor visa at the Italian consulate in their country of residence. After arriving in Italy, they apply for a two-year residence permit, which is renewable. There is no minimum physical presence requirement during the permit period.
Family members — including spouses, minor children, and dependent adult children — can apply for family reunification, receiving their own residence permits on the same timeline.
The long-term pathway is clear: after five years of continuous legal residence, investors become eligible for EU permanent residency. After ten years, they may apply for Italian citizenship by naturalization, subject to standard requirements including language proficiency and tax compliance.
EU residency by investment: what changed in 2025–2026
The EU investor residency landscape shifted dramatically in 2025. Two major programs were eliminated, and several others tightened their requirements. These changes have made Italy’s continued openness increasingly significant for investors seeking EU access.
Spain (terminated). Spain’s golden visa program was formally terminated by Organic Law 1/2025, effective April 3, 2025. The relevant investor-visa articles were left without content in the statute. Existing permit holders are grandfathered and may renew under the rules applicable at the time of their original grant.
Malta citizenship-by-investment (terminated). On April 29, 2025, the Court of Justice of the EU ruled in Case C-181/23 that Malta’s citizenship-by-investment scheme violated EU law, invoking both Article 20 TFEU (EU citizenship) and Article 4(3) TEU (sincere cooperation). Malta complied by enacting Act XXI of 2025, terminating the program. Malta’s separate residency program (MPRP) remains active.
Greece (thresholds increased). Law 5100/2024 raised minimum real estate investment thresholds to EUR 800,000 in prime areas and EUR 400,000 in other regions — a significant increase from previous levels. The EUR 250,000 entry point now applies only to conversion of commercial properties or restoration of listed buildings.
Portugal (real estate route ended). Following Law 56/2023, Portugal eliminated its popular real estate investment route. Remaining pathways include job creation, research contributions (EUR 500,000), cultural heritage (EUR 250,000), and qualifying investment funds (EUR 500,000).
At the EU level, the 2024 AML Regulation introduced binding due-diligence obligations specifically targeting residency-by-investment programs, signaling that the regulatory environment will continue tightening even where programs remain technically open.
Active EU investor residency programs in 2026
Despite the closures, several EU and EEA countries continue to offer investor residency pathways. Here is a summary of the programs that remain open as of 2026.
| 国家 | 节目类型 | 最小化的投资 | 状态 |
|---|---|---|---|
| 意大利 | 投资者签证 | 起价 250,000 万欧元 | 有效 |
| 葡萄牙 | Golden visa (non-RE) | 起价 250,000 万欧元 | Active (RE route ended) |
| 希腊 | Golden visa (real estate) | 400,000–800,000 欧元 | Active (thresholds raised) |
| 匈牙利 | Guest investor permit | EUR 250,000 (RE funds) | Active (new in 2024) |
| 马耳他 | MPRP (residency only) | EUR 375,000 (purchase) or EUR 14,000/yr (rent) + contributions | Active (CBI terminated) |
| 塞浦路斯 | 永久居留 | 起价 300,000 万欧元 | Active (EU, not Schengen) |
| 保加利亚 | 投资者许可证 | BGN 1,000,000 (~EUR 512,000) | 有效 |
| 拉脱维亚 | Company/investment permit | From EUR 50,000 + state fee | 有效 |
Thresholds and program terms are subject to change. Always verify current requirements with official government sources before making investment decisions.
Alternative pathways beyond the EU
For investors who want to diversify beyond EU programs — or who need faster timelines and lower thresholds — several non-EU jurisdictions offer compelling alternatives.
亚美尼亚。 亚美尼亚 投资居留计划 provides a streamlined pathway for investors, with a clear route from temporary to permanent residency and eligibility for 国籍. The process is handled through a single government agency, and processing times are among the fastest in the region. For entrepreneurs, 亚美尼亚商业注册 can be completed in a matter of days, and the country’s flat tax structure and growing tech ecosystem make it an attractive base for internationally mobile professionals.
Company formation plus residence. Several jurisdictions allow business owners to obtain residency through company formation and active management. This approach works well for entrepreneurs who want their investment to serve a genuine business purpose. Countries like Estonia (through its e-Residency and entrepreneur permit program), Latvia, and Lithuania offer director-level residence permits tied to company operations.
Digital nomad visas as stepping stones. For those not yet ready to commit to a full investment, 数字游牧签证 offer a way to experience a country before making a long-term decision. However, time spent on a digital nomad visa typically does not count toward permanent residency or citizenship eligibility, so this should be viewed as an exploratory step rather than a pathway.
Risk management for EU-focused investors
The closures of Spain and Malta’s programs demonstrate that EU investor residency frameworks can change abruptly. Investors should approach any EU program with a realistic understanding of policy risk.
First, diversify across jurisdictions. Relying on a single EU program creates concentration risk. Consider pairing an EU application with a non-EU alternative — for instance, combining an Italy investor visa application with an 亚美尼亚居留权 作为备份。
Second, monitor regulatory developments. The EU’s 2024 AML Regulation has introduced enhanced due-diligence requirements for RBI programs across all member states. Future restrictions are possible, and investors should stay informed through official government channels rather than secondary commentary.
Third, work with qualified legal counsel. The interaction between investment immigration, tax obligations, and cross-border compliance is complex. Professional guidance helps ensure that investments are structured correctly from the outset and that clients are prepared for regulatory changes.
