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Italy Golden Visa Applications Double in Two Years

Italy's investor visa applications doubled in the past two years, and one CEO believes that 1,000 applications annually is a real possibility.

Ahmad Abbas

IMI
• Amman

Italy’s Investor Visa program received 209 applications through December 1, 2025, marking the most complete application data authorities have released since launch. The figure represents a compound annual growth rate of 62.6% from just seven applications in 2018.

Applications contracted just once across the seven-year period, declining 14.3% between 2018 and 2019. Every subsequent year delivered expansion, with post-2022 growth averaging 33% annually.

Dario Montagnese, Founder and CEO of Ariete Capital, anticipates demand could reach 1,000 requests next year.

He attributes the growth to “processing times in Portugal and Greece, and also the uncertainty caused by all this political drama in Portugal.”

Mean application volume increased nearly fifteenfold between periods. Early years from 2018 through 2020 averaged eight applications annually, while 2021 through 2025 produced 118 per year.

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Montagnese notes that demand has grown “constantly from the beginning of the year,” with many requests flowing through online channels. His firm sees requests coming primarily from the US, Canada, UK, and Turkey, with the €500,000 share investment and €250,000 startup options attracting the most interest.

The program offers four investment pathways:

  • €2 million in government bonds
  • €500,000 in Italian shares
  • €250,000 in innovative startups
  • €1 million in philanthropic contributions.

Authorities typically complete processing within one to two months, requiring no physical presence during the initial visa period.

Growth moderated in 2024, climbing just 6.7% to 128 applications. The slowdown proved temporary, however, as 2025 rebounded with 63.3% expansion, exceeding 2023’s 29% growth rate.

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Montagnese reports the committee continues delivering decisions within 30 days of application submission, noting “we didn’t see any delays, even if the volumes are growing.” He says processing remains smooth as of today, though he acknowledges uncertainty about whether future volume increases could strain timelines.

Dario Montagnese at IMI Connect Rome

He observes that industry demand is “driven by agents and providers of investment solutions.” Before recent market activity, “the Italian program wasn’t really pushed by anyone” and attracted no real interest from agents or structured product offerings.

He notes that “since Ariete Capital and other operators are actively pushing offerings, the demand is growing.”

Montagnese acknowledges that current volumes of “200 is not a lot,” yet projects that the program “is going to be the main residency program in Europe for next year.”

IMI Pros who can help with Italian residency


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