The process for the obtainment of an investor visa entails different steps, the first of which is the application for the obtainment of the certificate of no impediment (nulla osta). If the secretary or the Investor Visa Commitee deems that your application is not acceptable because it does not satisfy the requirements set forth by the law, they will reject it and you will need to submit a new application providing additional and new elements. If after the obtainment of the certificate of no impediment (nulla osta) you are denied your visa by the Italian embassy/consulate competent for the visa stamping, you shall appeal the decision in front of the Italian courts. Common reasons for denial can be: insufficient documentation; funds to be used for the investment not sufficiently proved as available; existance of criminal records of the applicant.
The applicant is allowed to appeal a case of visa rejection before the competent court in Rome within 60 days. The most common reasons for the rejection are related to: failing to give evidence of the funds or that they come form a legitimate source; money laudering checks; and missing mandatory documentation.