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“It’s Basically No Risk”: So Why Isn’t Italy’s Dolce Visa More Popular? · IMI Podcasts

• 0:00
  SPEAKER_00: European programs have had an eventful couple of years.
• 0:03
  SPEAKER_00: Portugal underwent a makeover, Greece changed regulations, and Spain's golden visa program recently shut its doors, hence, demand for alternatives is rising.
• 0:12
  SPEAKER_00: At IMI Connect Athens, Krista Victorio, managing partner at Orients, shared her take on where the EU golden visa market is heading and why U.S.
• 0:22
  SPEAKER_00: investors are poised to continue dominating demand.
• 0:25
  SPEAKER_00: Even post-Trump, Victorio said that, since Trump took office, Americans have been leading the charge for EU golden visas, adding that 25% of recent applicants to Italy's investor visa program are U.S.
• 0:42
  SPEAKER_00: citizens, and that 50% of her firm's clients are American.
• 0:47
  SPEAKER_00: She explained that the COVID-19 pandemic was a wake-up call for many Americans, and their realization that they can't just pack up and move to Europe anytime has not gone away.
• 0:59
  SPEAKER_00: She said the 2024 U.S.
• 1:01
  SPEAKER_00: elections only added to the uncertainty, revealing that even wealthy Trump supporters are looking for backup plans, and that, quote, they're worried about what might happen when the administration changes, end quote.
• 1:14
  SPEAKER_00: She explained that at its core, U.S.
• 1:17
  SPEAKER_00: demand is about diversification, and it is about having options.
• 1:22
  SPEAKER_00: She said more Americans are embracing the idea that the world doesn't revolve around the United States, representing a narrative shift from earlier generations.
• 1:31
  SPEAKER_00: Spain closed its golden visa program earlier this year.
• 1:35
  SPEAKER_00: Victorio said this decision has left a noticeable gap in the market, explaining that Spain stood out because of its straightforward real estate investment route, which consistently attracted a steady stream of clients.
• 1:48
  SPEAKER_00: Now that the popular program is gone, she expects demand to shift to other programs, but whether Italy, Greece, or Portugal will benefit most remains to be seen.
• 1:58
  SPEAKER_00: Italy has always been in the game, but Spain overshadowed it, she explained, adding that Italy now has a good opportunity to grab some of that market share.
• 2:06
  SPEAKER_00: Italy's Dolce Visa did not start out strong, but reforms in 2020 made the program more financially competitive.
• 2:14
  SPEAKER_00: These changes halved the minimum investment thresholds and scrapped Italian language requirements.
• 2:19
  SPEAKER_00: Victorio said a popular feature is Italy's unique visa first, invest after model, which allows applicants to secure pre-approval before committing any capital.
• 2:31
  SPEAKER_00: It's basically no risk.
• 2:34
  SPEAKER_00: She believes the biggest drawback for Italy's Dolce Visa is the lack of a direct real estate option.
• 2:39
  SPEAKER_00: Instead, the Dolce Visa offers hybrid investment models, mixing startups with the real estate elements.
• 2:46
  SPEAKER_00: But she says it's yet to hit the sweet spot.
• 2:48
  SPEAKER_00: The program is still waiting for a killer app, she said, implying Italy's need to offer a standout product that could make it a serious competitor to Greece or Portugal.
• 2:58
  SPEAKER_00: While Italy tries to find its footing, Greece and Portugal have had successful runs.
• 3:02
  SPEAKER_00: Greece continues to produce strong numbers.
• 3:05
  SPEAKER_00: In 2024, it received 9,289 applications and had a 50,000 application backlog, which the government is cutting down by decentralizing processing.
• 3:16
  SPEAKER_00: Portugal, on the other hand, has managed to stay competitive, even after removing its real estate route.
• 3:22
  SPEAKER_00: Victorio highlights alternative investment options at attractive price points, such as investment in urban regeneration and cultural projects that start at 200,000 euros, which have broadened its appeal.
• 3:35
  SPEAKER_00: Cultural investments under the Golden Visa grew 165% in 2024.
• 3:42
  SPEAKER_00: She added that Italy could learn from Portugal's approach in marketing non-traditional investment options, noting that Portugal has paved the way for creative real estate adjacent products, and I think that bodes well for Italy.
• 3:55
  SPEAKER_00: Italy is also preparing for a key vote.
• 3:58
  SPEAKER_00: In February, Italy's Constitutional Court approved a referendum to reduce the naturalization timeline for foreigners from 10 to 5 years.
• 4:08
  SPEAKER_00: But Victorio doesn't see it going through.
• 4:11
  SPEAKER_00: She notes that early polling shows it's unlikely to pass, pointing to opposition from conservative political groups.
• 4:19
  SPEAKER_00: Even if it does pass, La Dolce Visa will still require applicants to reside as tax residents, six months per year, in Italy to qualify for citizenship.
• 4:29
  SPEAKER_00: Victorio revealed that many investors find this strict residency requirement difficult compared to other EU programs, where you can just invest and eventually qualify without having to reside there.
• 4:43
  SPEAKER_00: She says that across all programs, investors' priorities remain the same: simplicity, security, and tangible returns.
• 4:51
  SPEAKER_00: She noted that motivations vary, depending on the applicant's origin.
• 4:56
  SPEAKER_00: For Americans, it's often about lifestyle and political diversification.
• 5:02
  SPEAKER_00: For others, access to health care, education, or tax benefits takes precedence.
• 5:08
  SPEAKER_00: The wheel is always turning, she said.
• 5:11
  SPEAKER_00: As much as some people want to move somewhere, there are always others looking to leave.
• 5:35
  SPEAKER_01: Noting that I think 25% of applicants were already coming from the US anyway.
• 5:38
  SPEAKER_01: So coupling that with what's going on in the world geopolitically, we are very bullish in the Italian program.
• 5:44
  SPEAKER_01: It is the only European program right now that is visa first and invest after.
• 5:48
  SPEAKER_01: It's basically no risk, right?
• 5:50
  SPEAKER_01: The Italian government gives you a new La Osta and says, okay, you're pre-approved.
• 5:53
  SPEAKER_01: You then do all the procedures to get the visa and residence permit, and only then do you have to complete the investment.
• 5:58
  SPEAKER_01: I think that's fantastic for both clients and service providers.
• 6:02
  SPEAKER_01: In addition to that, the processing times are not long at all, right?
• 6:05
  SPEAKER_01: So depending on how fast you can gather your documents, you could get your new La Osta within 30 days.
• 6:09
  SPEAKER_01: Italy doesn't exactly have a direct real estate option, but we know that clients like real estate.
• 6:14
  SPEAKER_01: Also, in our experience, although there are a myriad of options you can choose from, clients typically like to pick the most economical one, shall we say?
• 6:21
  SPEAKER_01: So we were able to design a product that was compatible with a 250 innovative startup option, with still an underlying asset in real estate.
• 6:29
  SPEAKER_01: Clients love that because it gives them the security of an asset that already exists and is generating income, but also is at half the price of some of the other, let's say, options that are available in the market right now.
• 6:40
  SPEAKER_01: With Spain having a direct real estate option, it competed directly with Italy in terms of the, let's say, the client profile.
• 6:47
  SPEAKER_01: Now that that's gone away, I do think that that demand has to go somewhere else, right?
• 6:50
  SPEAKER_01: So Italy, as I mentioned, has been there for a very long time, but let's say suffered or was a little bit handicapped by the fact that it didn't have a direct real estate option like Greece and Spain.
• 6:59
  SPEAKER_01: Portugal, I think, has paved the way to open our minds to products that are not real estate directly, but real estate adjacent or based.
• 7:07
  SPEAKER_01: And I do think that that bodes really well for Italy.
• 7:09
  SPEAKER_01: Demand from the US looking for options outside has never been stronger.
• 7:13
  SPEAKER_01: And we do not expect that wheel to stop going anytime soon.
• 7:17
  SPEAKER_01: There's a lot of articles now going mainstream about golden visas, gold cards.
• 7:20
  SPEAKER_01: You know, Trump is doing our marketing for us.
• 7:22
  SPEAKER_01: The more he talks, the more people talk about our industry.
• 7:25
  SPEAKER_01: So whichever way you lean politically, the demand is there.
• 7:29
  SPEAKER_01: Absolutely.
• 7:33
  SPEAKER_00: This episode first appeared as an article by Mustafa Daily on IMIDaily.com.
• 7:38
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