Italy’s stock market is attracting growing interest from international investors for reasons that go beyond attractive valuations and generous dividend yields.

For some non-EU investors, buying shares in Italian companies can also provide a pathway to obtaining Italy’s Investor Visa, often referred to as the country’s Golden Visa, allowing them to relocate to Italy.

According to Michele Capecchi, Italian Immigration, Real Estate & Relocation Attorney at Capecchi Legal, a law firm
which specializes in advising international clients relocating to Italy, the visa program has become an increasingly important consideration for wealthy foreign investors.

Speaking to Money.it, Capecchi said that, alongside investment opportunities, the possibility of legally living in Italy is a significant factor driving interest in the Italian stock market.

Based on his firm’s experience, many international families are investing not only with the expectation of growing their portfolios, but also because they want to build a life in Italy, country that continues to enjoy a unique global reputation for its lifestyle, culture and quality of life.

“One of the most significant drivers of foreign investment into Italian listed companies is not necessarily the search for market outperformance, but the Italian Investor Visa, also known as GOLDEN VISA”, Capecchi said.

His law firm sees this trend firsthand while assisting international investors with their relocation to Italy.

“For many international families, this is not simply an investment decision, it is also a mobility and lifestyle decision, allowing them to live in Italy, travel freely within the Schengen Area, and establish a long-term presence in Europe”.

Capecchi added that “for an international investor who must allocate €500,000 to qualify for the visa, preserving capital is often just as important as seeking returns. The regulated nature of the public market, together with the availability of extensive financial information, makes listed companies a preferred option for many applicants”.

What Is Italy’s Investor Visa (Golden Visa)?

Italy’s Investor Visa program was introduced under the 2017 Budget Law and is administered by the Ministry of Enterprises and Made in Italy.

It allows non-EU citizens to obtain a renewable two-year residence visa by making one of the following qualifying investments:

  • €500,000 in an Italian company;
  • €250,000 in an innovative Italian startup;
  • €2 million in Italian government bonds;
  • €1 million in a philanthropic initiative serving the public interest.

According to the Ministry, the investment must be completed within three months of entering Italy, following approval of the visa application.

There are also other important conditions attached to the program.

Applicants can qualify through only one eligible investment. In addition, the original investment must be maintained throughout the validity of the residence permit.

Selling or materially changing the investment before the end of the two-year period may result in the permit being revoked.

The legislation allows investments in Italian companies, whether publicly listed or privately held.

Why Many Investors Prefer Publicly Listed Companies

Although the Investor Visa also allows investments in innovative startups, Capecchi says many foreign investors increasingly prefer publicly traded Italian companies.

“From our experience, many clients ultimately prefer investing in listed Italian companies rather than innovative start-ups”, he said.

The decision is driven less by the expectation of higher returns than by greater transparency. This makes it easier to assess risk objectively before committing significant amounts of capital.

“The reason is not that they expect higher returns, but because listed companies generally offer a higher degree of transparency. Investors have access to years of publicly available financial information, market capitalization data, historical performance, corporate governance disclosures and dividend history, allowing them—and their independent financial advisors—to assess the risk profile more objectively before committing substantial capital”..

More Than an Investment: A Lifestyle Choice

Capecchi believes Italy is becoming increasingly competitive in attracting international wealth, thanks not only to its capital markets but also to the Investor Visa program.

For high-net-worth individuals (HNWIs), Italy offers the opportunity to diversify their portfolios through investments in an established European capital market while simultaneously accessing one of Europe’s most attractive residency-by-investment programs.

“I can say that Italy is increasingly competing internationally by making it possible for international HNWI to diversify their investment portfolio by accessing a sophisticated capital market with one of Europe’s most attractive residence-by-investment frameworks, that is in fact known as GOLDEN VISA”, he observed, adding that “for many foreign investors, the investment itself is only part of the equation, while the opportunity to establish themselves legally in Italy and enjoy the benefits of living in Europe is sometimes even more valuable”.

In his view, Italy’s Investor Visa is strengthening the country’s appeal among international investors.

For some wealthy individuals, investing in Italian companies is not simply about financial returns—it is also a gateway to living in Italy and gaining access to the wider Schengen Area. It is this combination of investment opportunity and quality of life that is making Italy’s Golden Visa an increasingly attractive option for global investors.