Italy has suspended its golden visa programme for Russian and Belarusian citizens, the country’s Business Ministry has announced on its website.
Italian media reports that it made the decision in mid-July - more than a year after the European Commission recommended the move following Russia’s invasion of Ukraine.
Investor visa programmes or ‘golden visas’ offer people the opportunity to obtain a residency permit by purchasing a house, investing significant amounts of money or making a donation.
For EU nations, this also often means gaining access to the benefits of being a resident of the bloc - including free movement between countries.
The Italian programme offers a two-year residency permit (which can be extended for three years) in exchange for a €2 million investment in Italian government bonds, a €500,000 investment in an Italian limited company, a €250,000 investment in an Italian innovative startup or a €1 million donation to a philanthropic initiative in Italy.
It can be extended for three years and after 10 years you may be eligible for citizenship.
In March 2022, the European Commission called on all EU member states to suspend their investor visa programmes for Russian and Belarusian nationals.
It warned that those “who are subject to sanctions or significantly supporting the war in Ukraine” may have acquired EU citizenship or privileged access to the EU - including freedom of movement in the Schengen area - under these schemes.
Italian magazine Altreconomia reports that Italy issued at least 32 Russian citizens with two-year "investor" visas out of 36 applications last year, based on data provided by the Business Ministry. This was more than the number issued to investors from the UK, the US and another 23 non-EU countries combined.
There was no data to show how many had been issued so far this year.
Italy is one of just a handful of EU countries that still have golden visa schemes.
The European Commission has previously said that programmes like this are a risk to security, transparency and the values of the European Union.
Earlier this year, Ireland axed its Immigrant Investor Programme - which offered Irish residence in return for a €500,000 donation or a three-year annual €1 million investment in the country.
Portugal too has put an end to its residence by investment scheme to tackle rising property and rent prices.
The website maxtravelz.com is an aggregator of news from open sources. The source is indicated at the beginning and at the end of the announcement. You can send a complaint on the news if you find it unreliable.
The Royal Thai Government led by Prime Minister H.E. Mr. Srettha Thavisin has announced the temporary tourist visa exemption scheme to passport holders of the People’s Republic of China and Republic of Kazakhstan effective from 25 September 2023 to 29 February 2024, to achieve this year’s tourism revenue target of 2.38 trillion Baht. Chinese and Kazakhstani nationals will be granted a temporary visa exemption for a 30-day stay on tourism purpose in Thailand during the five-month visa exemption period.
The three-day TGTM 2023 is set as a centre stage for Thai golf businesses to network and discuss business opportunities with overseas golf-holiday specialists.
Jack Ieronimo was one of the people on a United Airlines flight from Newark, New Jersey, to Rome, Italy, that made headlines after passengers said they were stuck onboard for seven hours without taking off.
Born in Southern California and then lured back after college, I've spent more than a decade here — first southeast of Los Angeles and now northeast. I've traveled all across the region, down to the border of Mexico and up to San Francisco, journeying through our deserts, forests, beaches, and mountains.
Being ranked among the top 10 of the largest U.S. airports is no small feat, but it’s something that Dallas-Fort Worth International Airport has done repeatedly.
It’s not often that travelers have something to look forward to at Newark Liberty International Airport. The new $2.7 billion Terminal A will open in December, the latest in a series of major airport projects opening around the U.S. this year.