Italy’s Investor Visa includes a €250,000 route through investment in a registered and certified Italian innovative company. One structure described in the source links that investment to a tokenized co-ownership stake in a Venetian hotel renovation project, combining Italian residency eligibility with exposure to an underlying hospitality asset.
Italy Investor Visa overview
Italy’s Investor Visa was introduced under the Italian government’s Decreto Internazionalizzazione.
The visa grants a two-year initial residence permit to non-EU nationals who make a qualifying investment in Italy.
One qualifying route is a €250,000 investment into a registered and certified Italian innovative company.
A key feature of the Italian Investor Visa is its visa-first sequencing. The investor receives pre-approval, known as the Nulla Osta, before committing capital. The investment takes place only after pre-approval is obtained.
This differs from programs where the investor must commit capital before knowing whether the immigration application will be approved.
Project Garibaldi structure
The investment vehicle described in the source is an Italian innovative company established to tokenize real estate investments and deploy capital into selected Italian hotel renovation projects.
The flagship project is Project Garibaldi, a renovation and upgrade of an existing hotel asset in Venice.
The project structure is:
- 24 investors;
- €250,000 contribution per investor;
- €6 million total investment;
- renovation scheduled to begin in Q4 2025;
- completion targeted for Q1 2027;
- hotel operation by Soho Boutique, which has more than 5,000 rooms across 50 or more properties in Southern Europe.
The investment offers a guaranteed annual yield of 3%, paid through the investor’s token from the point of investment.
Why Venice is central to the investment case
The source presents Venice as a structurally constrained hospitality market.
The main factors identified are:
- high international tourist demand;
- a visitor profile weighted toward high-spending tourists from North America, Asia, and the Gulf;
- limited supply due to UNESCO-protected heritage restrictions;
- restricted new hotel construction;
- market growth mainly through renovation and upgrading of existing assets.
The investment is therefore positioned as a renovation and upgrade of an existing hotel, rather than a new construction project.
How the tokenized investment works
The investor contributes €250,000 into the Italian innovative company, which is intended to qualify for the Italian Investor Visa.
In return, the investor receives an Asset-Backed Corporate Bond in the form of a digital token.
The token is backed by the hotel asset itself. According to the source, this means the investor’s capital is supported by real collateral rather than only a claim on the company’s balance sheet.
The 3% annual yield is paid on the token from the date of investment.
The investment also forms the basis for the Italian Investor Visa and subsequent Italian residence permit.
Exit options
The structure includes three defined exit routes.
The first is the natural exit at Year 10, when the hotel is sold. Investors who keep their tokens until that point receive their full capital back plus a prorated share of 60% of the capital appreciation on the hotel sale.
The second is sale of the token on an exchange before Year 10. This is subject to market pricing at the time and may provide liquidity before the scheduled hotel sale.
The third is an early buyback from Year 5 onward. The company will buy back the token at scheduled prices:
| Year | Buyback amount |
|---|---|
| Year 5 | €125,000 |
| Year 6 | €150,000 |
| Year 7 | €175,000 |
| Year 8 | €200,000 |
The early buyback amounts are discounted compared with the original €250,000 investment. Investors who exit early give up the potential upside from the full hotel sale.
Residency pathway
The Italian Investor Visa process begins with online submission of application documents.
The sequence described is:
- submit application documents online;
- receive Nulla Osta pre-approval from the Italian government;
- attend the Italian consulate in the country of residence to obtain the Investor Visa;
- travel to Italy;
- complete the residence permit process;
- complete the investment.
The initial Italian residence permit is valid for two years and is renewable.
Italy is a Schengen member. The source states that an Italian residence permit provides the holder with the right to live and travel across the Schengen zone, access Italy’s healthcare and education systems, and build toward Italian citizenship.
Future projects
Project Garibaldi is described as the first in a planned series.
The broader program is targeting €100 million in total investment across similar projects over the next 12 months.
Project Firenze and Project Milano are described as being in active development.
Key risks and caveats
The source notes that investment involves risk.
Prospective investors should review the full investment documentation and take independent financial and legal advice before committing capital.
Important points to assess include:
- whether the Italian innovative company investment qualifies under the Investor Visa rules;
- the terms and enforceability of the tokenized Asset-Backed Corporate Bond;
- hotel renovation and completion risk;
- operating risk after completion;
- liquidity risk if selling the token before Year 10;
- the discounted nature of the early buyback route;
- immigration renewal requirements after the initial two-year residence permit;
- tax, legal, and residency implications in Italy and the investor’s current country of residence.
Source article: knightsbridge.ae
