Italian Blood, Spanish Gold, And One Lone Certainty

The Kingdom of Italy was created on March 17, 1861, and up until a few days ago anyone who could prove they had an Italian ancestor dating from that auspicious day or later could lay claim to Italian citizenship.

The number of people eligible under those rules was estimated to be between 60 and 80 million.

But, as I often remind you, dear reader, rules change. And rarely to make matters easier.

A few weeks back, the Italian government introduced Decree Law No. 36 which set strict generational limits on those seeking Italian citizenship through the jus sanguinis (right of blood) route.

Previously, foreign-born descendants could trace their Italian roots all the way back to whatever relative they could find from 1861 on, but, with the stroke of a pen this automatic recognition of citizenship was restricted to just two generations.

So, if you were born outside of Italy and have at least one parent or grandparent who was born in Italy, you may still qualify for citizenship by descent but that’s no longer the only criteria…
Gaining Italian citizenship will now also require applicants to maintain an effective bond (vincolo effettivo) with Italy which could include residence or direct family ties. Plus, dual nationals risk losing their Italian citizenship if they don’t engage with Italy by means such as paying taxes or voting.

While the amended law does not affect the 60,000 Italian citizenship by descent applications currently pending review, it does mean that if you were planning to secure an Italian passport through a distant relative you’re out of luck.

Elsewhere in Europe, Spain’s Golden Visa Program, once a straightforward means to gaining residency in the country and setting yourself on the path to Spanish citizenship, has been scrapped.
Launched in 2013, the program permitted non-EU nationals to invest in Spain in exchange for residency.

Over its 12-year run, a total of 14,576 golden visas were issued, the vast majority of which were through the program’s real estate investment option which came with a price tag of 500,000 euros.

Then, last year, with rising house prices an increasing problem, Spain’s Congress of Deputies began the process of terminating the program and as of April 3, it’s no longer an option.

In this case, a flurry of applications were made in the program’s final months but there isn’t always a warning shot. Indeed, back in 2023, Ireland’s Immigrant Investor Programme (IIP) was shut down overnight.

The moral of the story?

When opportunity knocks at your door, make sure you’re ready to answer.

Whether you’re pursuing a second passport, a home overseas, investment options abroad, a bank account, offshore trust… whatever it may be… Don’t wait.

Markets will rise and fall… Governments will make decisions that don’t suit you and sometimes ones that do… Programs will open and close…

The only certainty is change. Far better for you to be the one instigating that change no matter what external forces are at play.

If you decide to wait it out for a “better” time or a “better” opportunity, chances are you’ll wait forever.

Lief Simon
Editor, Offshore Living Letter