Yes, the investor is bound to give evidence when the first two-year period expires that he/she still owns the investment if he/she expect the residence permit to be renewed for three years further. After the renewal, the investor is free to dispose of his/her investment. At the end of the renewal period he/she is entitled to apply for the five-year residence permit for longstanding residents. After 10 years the investor is allowed to apply for citizenship.
How can I dispose of the government bonds I purchased for the Italian investors’ visa after the two-year maintaining period?
If I purchase Italian government bonds and get my investors visa, do I have to keep the investment to renew my visa for another three years? If I keep the bond, renew my visa but liquidate the bonds at the end of the third year of the investment, will my renewed investors visa be withdrawn? Will the disposal of investment impact my ability to apply for permanent residency after five years?
The applicant shall be required to submit a specific final declaration of commitment, in which he must represent that: 1) He is the owner of the financial resources used, that said resources are available and transferable to Italy, and that they originate from sources that are licit according to Italian law; 2) that he undertakes to make the investment within three months of entering Italy; 3) The precise sum in Euro destined for the investment; 4) That he is aware that the authorization to remain in Italy will be revoked if the investment is not made within said term, or withdrawn or abandoned within the two years after issuance of the visa. Furthermore, the investor visa holder must maintain the investment for the entire validity period of the residence permit, failing which it will be revoked and cannot be renewed. The holder must maintain their original investment. Even if already in possession of the permit, the holder may not alter the destination of the investment under any circumstances, failing which the permit will be revoked and cannot be renewed. A foreign national who intends to execute a new investment to replace the previous one must submit an application for a new investor visa.
If you keep the bond and then renew your visa but liquidate the bonds at the end of the third year of the investment, your renewed investors visa will not be withdrawn, even though for sure this will impact your ability to apply for permanent residency after five years.