Italy Investor Visa Through a €250,000 Startup Investment

Background: why Michael needed EU residence

Michael spent 17 years building a Boston-based technology company that developed predictive maintenance software for industrial manufacturers.

The platform collected equipment data and identified possible failures before they disrupted production. The company worked with clients in the US, Canada, and Germany.

In 2025, Michael sold his remaining 18% stake to a strategic investor for $7.4 million. The transaction gave him enough liquidity to reduce his day-to-day involvement in business and reconsider where he wanted to live.

Michael and his wife, Laura, 49, had spent most of their adult lives in Massachusetts. Laura worked as an independent documentary editor and could continue managing selected projects remotely.

The couple did not want to retire. Their goal was to replace the pace of Boston with a quieter daily routine while remaining close to European cities, universities, founders, and investors.

Short visits did not solve the problem. US citizens may stay in the Schengen states without a visa for short trips of up to 90 days, but this does not provide a legal basis for permanent relocation. Stays exceeding 90 days follow Italy’s national visa and residence procedures.

Michael saw Italy as more than a destination for occasional trips: it was to become the couple’s permanent European base. He and Laura planned to settle in a quiet area, build a new daily routine, and secure residence together. At the same time, the move would allow Michael to put part of the proceeds from the startup sale back into technology, support promising founders as an angel investor, and explore further opportunities in Italy.

Comparison of European Golden Visa programs

Passportivity lawyers suggested comparing Italy, Greece, Cyprus, Latvia and Portugal before Michael made the final decision.

The couple assessed the programs against the same criteria: investment type, connection to technology, intended country of residence, and family procedure.

Michael compared European residence programs that allowed him to invest in a startup or establish a local business. The main differences concerned the amount of capital, job-creation obligations, and the investor’s required involvement in the company.

Golden Visa options for tech entrepreneurs

Country	Minimum in startup or business option	Main conditions	Fit for Michael
Italy	€250,000 Investment in an innovative startup	The startup must qualify under Italian law.	🎯Best fit — direct startup investment matched his experience
Greece	€250,000 Investment in a registered Greek startup	Maximum 33% ownership; the company must create 2 jobs within a year and maintain the increased headcount for 5 years.	Suitable, but involved employment obligations
Portugal	€500,000 Establish or capitalise a Portuguese company	The company must create 5 permanent jobs, or maintain at least 5 jobs for 3 years.	More suitable for an active business owner
Cyprus	€300,000 Investment in a Cyprus company	The company must operate in Cyprus, maintain a physical presence, and employ at least 5 people.	Required a larger operating structure
Latvia	€50,000 Establish or invest in a Latvian company	The lower threshold applies to a small company.	Lower entry cost, but less relevant to his relocation plans

Why the Italy Investor Visa matched Michael’s plans

Investor Visa for Italy is a 2-year residence permit for non-EU citizens who invest in assets considered strategic for the Italian economy or society.

The qualifying options include:

• €250,000 in an Italian innovative startup;
• €500,000 in an Italian limited company;
• €2,000,000 in Italian government bonds;
• €1,000,000 in a qualifying philanthropic initiative.

The €250,000 startup option matched his experience in industrial technology. It also allowed him to assess the investment as a founder rather than as a purely financial investor.

Innovative startup selection 

Passportivity worked with Italian corporate lawyers and financial specialists to review potential investments. Local advisers were essential for analysing company documents, confirming registration status, and preparing the transaction under Italian law.

The initial search covered startups in Tuscany and Northern Italy, with a focus on technology companies relevant to Michael’s experience. Three businesses passed the first review.

Michael selected a Florence-based company that developed software for monitoring energy use and equipment performance at industrial plants. 

The product was familiar enough for Michael to assess, but the company served a market that differed from his former US business.

Local legal and financial checks

The Italian lawyers and financial advisers examined:

• registration in the official innovative startup register;
• incorporation and tax documents;
• shareholder structure;
• intellectual property ownership;
• existing investment agreements;
• financial statements and cash flow;
• founder backgrounds;
• pending litigation;
• intended use of Michael’s capital;
• shareholder rights attached to the new investment.

An investment under the €250,000 route must go to a company that meets Italy’s legal definition of an innovative startup. The official register is administered by the Italian Chambers of Commerce and updated regularly.

Michael negotiated a minority equity stake and information rights. He did not take an operational role in the company.

The investment remained exposed to normal startup risks. Neither the program nor Passportivity guaranteed dividends, company growth, an exit, or repayment of the invested capital. However, the investment may be recovered after obtaining permanent residence. The investor may apply for this status after 5 years of living in Italy.

Investment timing under the Italy Investor Visa process

Investments made before the investor visa application do not qualify. The applicant must also select one qualifying investment rather than divide the minimum amount among several unrelated companies.

Michael therefore signed a conditional investment agreement but did not transfer the €250,000 at that stage.

The agreement confirmed that the company accepted the proposed investment, while completion depended on Michael obtaining the Investor Visa and entering Italy.

After Michael arrived, the lawyers completed the corporate formalities and arranged the transfer within the required 3-month period.

Why the couple chose Tuscany

Tuscany offered a more suitable balance. The couple could live outside a major city while keeping access to Florence, Pisa, Siena, airports, and business events.

Rome offered access to national institutions, large companies, and political and business networks. Michael, however, was not looking for another capital-city routine.

Tuscany also had a credible connection to Michael’s professional background. Invest in Tuscany identifies Digital and ICT, smart industry, mobility, life sciences, and aerospace among the region’s main investment sectors.

Its technology ecosystem connects companies with universities and research centres in Florence, Pisa, and Siena. Regional ICT activity covers areas such as data processing, telecommunications, robotics, photonics, software, and electronic systems.

How Michael proved the source of funds

The sale of Michael’s startup stake took place shortly before the Investor Visa application. His bank statements therefore showed a recent multimillion-dollar transfer.

Passportivity prepared a source-of-funds file that included:

• share purchase agreement;
• closing statements;
• Michael’s historic shareholder documents;
• bank statements;
• US tax records;
• confirmation from the transaction lawyer;
• independent accountant’s report.

Italy requires applicants to prove ownership, availability, transferability, and lawful origin of the investment funds.

When funds have not remained in the applicant’s account for the entire preceding 3-month period, the authorities may require additional documents and an independent legal or accounting assessment of their origin.

Expenses on obtaining Italy residence

Michael’s total case budget was €265,950, including the investment:

1. Investment in an innovative startup — €250,000.
2. Italian legal and corporate Due Diligence — €7,500.
3. Translations, apostilles, and notarisation €2,300.
4. Visa and residence permit expenses for the couple — €1,500.
5. Medical insurance — €1,750.
6. Tax and relocation consultations — €2,900.

The calculation did not include rent, the security deposit for the house, daily living expenses, or Michael’s future investments.

Relocation to Tuscany and further investment plans

Michael and Laura rented a house in the hills near Florence. They selected the property for its quiet location, outdoor space, and access to the city rather than for investment purposes.

The residence permits gave the couple a legal basis to make Italy their main European home. They could also take short trips to other Schengen countries under the applicable 90-days-in-180 rule.

Michael began meeting founders and investors in Florence and Pisa. His original €250,000 investment remained the qualifying asset for the Investor Visa.

He also reviewed smaller angel investments in Italian software and manufacturing projects. These additional transactions formed part of his private investment strategy but did not replace the original qualifying investment.

Passportivity continued supporting the couple after approval. The company and its Italian partners:

• monitored the status of the investment;
• maintained a calendar for renewal deadlines;
• collected updated corporate documents from the startup;
• coordinated communication with the local lawyer;
• helped arrange insurance and relocation services;
• referred the couple to advisers specialising in US and Italian taxation;
• advised Laura on documents required for renewing her family permit.

The initial investor residence permit is valid for 2 years. An investor who maintains the qualifying investment may apply for a 3-year renewal and obtain a new Nulla Osta from the Investor Visa for Italy Committee. The renewal procedure starts at least 60 days before the existing permit expires.

The Italy Investor Visa allowed Michael to combine three objectives in one plan: long-term residence in Tuscany, family relocation, and continued involvement in technology after his startup exit.