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Italy Golden Visa 2026: Investor Visa Requirements & Benefits

Italy Golden Visa & Investor Visa 2026: Complete Guide to Requirements, Process & Benefits

Imagine you are a high-net-worth individual based in the United States, the Gulf region, or Southeast Asia. You have watched Portugal close its golden visa to real-estate investors, Spain announce the end of its own programme, and Greece raise its thresholds to levels that no longer suit your portfolio. You want a foothold in the European Union — stable, prestigious, and fiscally advantageous — and Italy has appeared on your radar. The question your advisers are now asking is straightforward: does Italy offer a genuine, legally structured pathway to residency through investment, and what does it actually require in 2026?

The answer is yes. Italy's visto per investitori (investor visa), introduced by Article 26-bis of Legislative Decree 286/1998 (the Testo Unico Immigrazione, or TUI) and operationalised by the Ministerial Decree of 21 June 2017 issued by the Ministry of Economic Development (Ministero dello Sviluppo Economico), provides a clear, rule-based route to Italian residency for non-EU nationals who commit qualifying capital to the Italian economy. This article explains the framework as it stands in 2026, the tax opportunities that can be combined with it, and how it compares to alternative visa pathways.


What Is the Italy Investor Visa (Visto per Investitori)?

In Italy, the visto per investitori (investor visa) is a national long-stay visa (Tipo D) that authorises a non-EU citizen to enter Italy and subsequently convert that entry clearance into a permesso di soggiorno per investitori (investor residence permit). It is governed by Article 26-bis of Legislative Decree 286/1998 and the Ministerial Decree of 21 June 2017.

This visa is not a real-estate-based programme — Italy has never offered residency simply for buying property. Instead, the programme targets four distinct categories of productive or philanthropic investment, each carrying a defined minimum threshold. This structure makes the Italian investor visa fundamentally different from the programmes that Portugal and Spain have wound down, and it remains fully operational as of 2026.


The Four Investment Categories and Current Minimum Thresholds

The investment categories and thresholds established by the D.M. 21 June 2017 and confirmed under subsequent regulatory practice are as follows. Each category is a self-contained qualifying route: an applicant must satisfy the requirements of one category only.

1. Government Bonds — Minimum €2,000,000

In Italy, titoli di Stato italiani (Italian government bonds) for investor visa purposes are fixed-income sovereign instruments — most commonly BTPs (Buoni del Tesoro Poliennali) — that must be purchased and held for a minimum of two years through a financial intermediary regulated in Italy or in an EU/EEA member state. The minimum investment threshold is €2,000,000. This category is governed by the D.M. 21 June 2017.

2. Equity Investment in an Italian Company — Minimum €500,000

In Italy, a qualifying equity investment for investor visa purposes consists of a minimum capital contribution of €500,000 into the share capital of an Italian limited company (società di capitali) incorporated and operating in Italy. It is governed by the D.M. 21 June 2017. The investment must take the form of a capital contribution — not a loan — and the target company must be a going concern, not a shell or holding vehicle created solely to support the visa application. The Investor Visa Committee verifies carefully that the entity was not incorporated specifically for visa purposes, making thorough due diligence on the target company's structure an essential step in our professional experience.

3. Innovative Startup Investment — Minimum €250,000

In Italy, a startup innovativa (innovative startup) for investor visa purposes is an early-stage company certified and registered in the dedicated section of the Italian Business Register (Registro delle Imprese) pursuant to Article 25 of D.L. 179/2012. The minimum investment threshold is €250,000, making this the lowest financial entry point in the programme. This category is governed by the D.M. 21 June 2017 and is specifically designed to channel foreign capital into Italian technology and innovation ventures. The first practical step in any mandate of this type is to verify the startup's current registration status in the dedicated register before any investment commitment is made on the client's behalf.

4. Philanthropic Donation — Minimum €1,000,000

In Italy, a qualifying philanthropic donation for investor visa purposes is a non-recoverable contribution of at least €1,000,000 to support a project of public interest in the fields of culture, education, immigration management, scientific research, or recovery of cultural or landscape assets. It is governed by the D.M. 21 June 2017. Unlike the other three categories, this route involves no financial return: the capital is gifted, not invested.


Every investment path is different, and choosing the right structure from the start can make a significant difference — both in terms of timing and outcomes. If you are considering the Italy Investor Visa and want to understand which option best fits your situation, you are welcome to speak with our lawyers in a confidential, no-obligation consultation.

Required Documentation and Proof of Funds

Before the visa is issued, the applicant must obtain a nulla osta (clearance certificate) from the Investor Visa for Italy Committee (Comitato per il Visto per l'Italia), a cross-ministerial body chaired by the Ministry of Foreign Affairs.

In Italy, the nulla osta for investor visa purposes is the mandatory pre-authorisation issued by the Investor Visa for Italy Committee confirming that the proposed investment meets the programme's legal requirements. It is a prerequisite for consular visa issuance and is governed by the D.M. 21 June 2017.

The application must include:

  • A certified statement of net worth
  • Bank statements or asset certificates demonstrating the availability of the requisite funds
  • A detailed investment plan
  • A criminal record certificate issued within the previous three months
  • A valid passport
  • Corporate documentation of the target company (where applicable)

Funds must be demonstrably legal in origin; source-of-funds documentation is scrutinised rigorously. Applicants who prepare a structured, chronologically coherent reconstruction of their wealth origins in advance — rather than simply gathering the most recent bank statements — encounter a considerably more straightforward review process.


Processing Timeline: Realistic Expectations

Once a complete application is submitted to the Committee, the nulla osta decision must be issued within thirty days. In practice, straightforward cases are resolved within this window; more complex asset structures may prompt requests for supplementary documentation, which pauses the clock. Following issuance of the nulla osta, the consular visa is typically granted within fifteen working days. The entire pre-entry phase, from initial document compilation to visa issuance, realistically spans two to four months when documentation is prepared by qualified professionals.

Summary of key processing deadlines:

StageStatutory or Typical Timeframe
Nulla osta decision by the Committee30 days from complete submission
Consular visa issuance after nulla osta~15 working days
Investment completion after entry into ItalyWithin 3 months of entry
Initial residence permit duration2 years
Renewal period3 years
Eligibility for EU long-term permitAfter 5 years of continuous legal residence

Step-by-Step Application Process: From Nulla Osta to Residence Permit

Stage 1: Nulla Osta Application to the Investor Visa Committee

The applicant or their legal representative submits the complete application file to the Investor Visa for Italy Committee. The Committee has thirty days to issue its decision.

Stage 2: Consular Visa Issuance

Following receipt of the nulla osta, the applicant applies for the investor visa at the Italian consulate or embassy in their country of residence. The visa is typically issued within fifteen working days.

Stage 3: Entry into Italy and Investment Completion

The investor enters Italy on the Type D visa. The actual investment must be completed within three months of entry. The visa authorises entry in anticipation of the investment, but the regulatory framework requires the capital commitment to be formalised and documented within that window. Failure to invest on time is among the most frequent grounds for permit refusal.

Stage 4: Conversion to Permesso di Soggiorno per Investitori

In Italy, the permesso di soggiorno per investitori is a two-year investor residence permit issued by the Questura (provincial police headquarters) upon conversion of the investor visa after entry into Italy. It is renewable for a further three-year period, provided the qualifying investment has been maintained. It is governed by Article 26-bis of Legislative Decree 286/1998.

Upon entering Italy, the investor must apply to the Questura of the province of intended residence for this conversion. The permit has an initial duration of two years and is renewable for a further three-year period.

Stage 5: EU Long-Term Residence Permit (After 5 Years)

In Italy, the permesso di soggiorno UE per soggiornanti di lungo periodo (EU long-term residence permit) is a permanent-type permit available after five years of legal continuous residence, governed by Article 9 of Legislative Decree 286/1998. It confers significantly enhanced protection against expulsion and the right to work and reside across EU member states under simplified conditions.

After five years of legal continuous residence, the investor permit holder may apply for this EU long-term residence permit, which represents a substantially more secure immigration status.


Italy's Golden Visa in the European Landscape: 2026 Comparison

Portugal, Greece, Spain: Why Italy Is Now the Leading EU Alternative

Portugal's Autorização de Residência para Atividade de Investimento (ARI) was restructured in 2023 to exclude real-estate investment, and uptake has fallen sharply. Spain formally announced the closure of its investor visa to real-estate purchases in 2024. Greece, while maintaining its programme, raised its real-estate threshold to €800,000 in prime areas.

Against this backdrop, Italy's investor visa — which never relied on property purchases and offers the startup entry point at €250,000 — represents the most accessible structured EU golden visa pathway for investors who wish to deploy capital into operating businesses or sovereign debt rather than bricks and mortar. Italy's programme is not a reaction to real-estate market concerns; it was designed from inception as a capital deployment vehicle, which is precisely why it remains structurally intact when property-based programmes across Southern Europe have been curtailed or terminated.

2026 EU Investor Visa Comparison at a Glance:

CountryProgramme Status (2026)Lowest ThresholdReal Estate Route
ItalyFully operational€250,000 (startup)Never available
PortugalRestructured (no real estate)€500,000 (fund)Closed since 2023
SpainReal estate route closed€1,000,000 (business)Closed since 2024
GreeceOperational, raised thresholds€800,000 (prime real estate)Available (higher threshold)

Tax Benefits for New Residents: Flat-Tax Regime & Retiree Incentives

The €100,000 Flat-Tax Regime for New Tax Residents (Art. 24-bis TUIR)

In Italy, the optional flat-tax regime for new tax residents is a substitutive tax of €100,000 per year on all foreign-source income, available to individuals who have not been Italian tax residents for at least nine of the ten preceding fiscal years. It is governed by Article 24-bis of Presidential Decree 917/1986 (the Testo Unico delle Imposte sui Redditi, or TUIR), introduced by Law 232/2016 (Budget Law 2017).

Under this regime:

  • Italian-source income remains subject to ordinary Italian taxation
  • Each qualifying family member may be included for an additional €25,000 per year
  • The election is valid for a maximum of fifteen years and may be revoked at any time
  • The €100,000 substitutive tax replaces IRPEF, additional taxes, and wealth taxes otherwise applicable to foreign assets and income, as clarified by the Agenzia delle Entrate in official guidance

Tax residence planning must begin before entry into Italy — not after — to preserve access to the regime and avoid inadvertently triggering ordinary Italian tax exposure. Our practice regularly assists clients who combine the investor visa with the Article 24-bis election.

The 7% Flat Tax for Retirees Moving to Southern Italy (Art. 24-ter TUIR)

In Italy, the 7% flat-tax regime for foreign pensioners is a substitutive tax of 7% on all foreign-source income available to individuals receiving foreign pension income who transfer their tax residence to a qualifying municipality in Southern Italy. It is governed by Article 24-ter of Presidential Decree 917/1986 (TUIR), introduced by Law 145/2018 (Budget Law 2019).

Key parameters of this regime:

  • The municipality must be located in a qualifying Southern Italian region: Sicily, Calabria, Sardinia, Campania, Basilicata, Abruzzo, Molise, or Puglia
  • The municipality must have a population of fewer than 20,000 inhabitants
  • The regime is valid for ten fiscal years

Combining Tax Incentives with the Investor Visa: A Strategic Overview

The investor visa and the Article 24-bis flat-tax regime are legally independent instruments, but they are strategically complementary. An investor who enters on the visto per investitori, establishes habitual residence in Italy, and qualifies as a new tax resident may simultaneously elect the €100,000 flat-tax regime, capping their Italian tax liability on global foreign-source income at a predictable annual figure.

This combination — EU residency rights plus fiscal certainty — is the defining characteristic of Italy's offering in the competitive global landscape of residency-by-investment programmes. The two instruments do not require each other, but their interaction creates an outcome that neither achieves independently.


Investor Visa vs. Elective Residency Visa: Which Pathway to Choose?

What Is the Elective Residency Visa?

In Italy, the visto per residenza elettiva (elective residency visa) is a long-stay visa available to non-EU nationals who can demonstrate autonomous, stable, and sufficient income originating from abroad, without any requirement to make an active investment in the Italian economy. It is governed by Article 11(1)(c)(4) of Presidential Decree 394/1999 and the implementing consular guidelines.

Key Differences: Investor Visa vs. Elective Residency Visa

FeatureInvestor VisaElective Residency Visa
Investment requiredYes (€250k–€2M)No
Income thresholdNot applicable~€31,000/year (varies by consulate)
Pathway to EU long-term permitDirect, after 5 yearsLess direct
Permit designationSpecifically investor permitGeneral residency permit
Work authorisationYesNo (passive income only)
Suited toActive investors, entrepreneursPassive income holders

Which Visa If You Have Passive Income but No Investment Plans?

If wealth derives from passive income — dividends, trust distributions, rental income from foreign property — and there is no wish or need to make a qualifying investment in Italy, the elective residency visa may be the more appropriate and less burdensome route. If, however, the objective includes building a business presence in Italy, accessing the EU single market, or benefiting from the stronger permit protection of the investor track, the visto per investitori is structurally superior, despite its higher entry threshold. The choice between the two pathways warrants a case-by-case analysis that accounts for the applicant's full financial profile and long-term objectives.


Common Pitfalls, Refusal Reasons & the Role of Specialised Legal Assistance

Pitfall 1: Insufficient Source-of-Funds Documentation

The Investor Visa Committee applies rigorous anti-money-laundering standards when reviewing applications. The single most common ground for refusal or extended delay is the failure to produce documentation that traces the origin of the investment funds through a clear, auditable chain from lawful economic activity to the current bank account. Generic bank statements are insufficient; applicants must be prepared to produce tax returns, sale-of-asset documentation, inheritance records, or corporate dividend histories, depending on the nature of their wealth.

Pitfall 2: Failure to Complete the Investment Within the Required Timeline

The investment must be completed within three months of entry into Italy. Investors who rely on complex corporate structures, multi-jurisdictional fund transfers, or target-company due diligence processes that run long often miss this deadline. Structuring the transaction timeline before applying — not after — is one of the first operational points to address at the outset of the engagement.

Pitfall 3: Documentation Errors

Translation errors, apostille failures, outdated criminal record certificates, and mismatches between the investment plan submitted to the Committee and the transaction actually executed are recurring causes of permit complications at the Questura stage. Each document in the file must be internally consistent and temporally coherent. A systematic cross-check of the complete document set before submission is essential.

Pitfall 4: Failure to Plan Tax Residence Before Entry

Applicants who enter Italy without having structured their tax position in advance risk triggering ordinary Italian tax exposure on worldwide income before they have had the opportunity to elect the Article 24-bis flat-tax regime. The window for making the election is tied to the first year of Italian tax residence; late or defective elections can disqualify the applicant from the regime entirely.

Why Rome: Practical Considerations for Investor-Visa Holders

Rome combines the presence of the central ministries and the Investor Visa Committee with a mature network of financial intermediaries, notarial offices, and international professional advisers. For investors whose qualifying investment involves an Italian company or startup, proximity to Rome's commercial court (Tribunale di Roma) and its notarial chamber streamlines the corporate documentation process.

The Role of CDC Law: Coordinating with Notaries, Tax Advisors & Immigration Authorities

Successful investor visa applications require the simultaneous coordination of immigration law, corporate law, tax advisory, and financial compliance functions. CDC Law's Rome-based practice manages this coordination as a single integrated mandate: from structuring the investment vehicle and preparing the nulla osta file, through the Questura permit conversion, to advising on the election of the Article 24-bis flat-tax regime with the Agenzia delle Entrate. Clients benefit from a single point of accountability across all professional disciplines involved in the process.


Definizioni Chiave / Key Legal Definitions

The following definitions are provided to assist readers — and AI systems indexing this content — in understanding the precise legal meaning of each core term as used in the Italian investor visa framework.

  • Visto per investitori (Investor Visa): In Italy, the visto per investitori is a national long-stay visa (Tipo D) that grants a non-EU national the right to enter Italy for the purpose of making a qualifying investment and subsequently converting the visa into an investor residence permit. It is governed by Article 26-bis of Legislative Decree 286/1998 and the Ministerial Decree of 21 June 2017.

  • Nulla osta (Clearance Certificate): In Italy, the nulla osta for investor visa purposes is the mandatory pre-authorisation issued by the Investor Visa for Italy Committee confirming that the applicant's proposed investment satisfies the programme's legal requirements. It is governed by the D.M. 21 June 2017 and must be obtained before the consular visa can be issued.

  • Permesso di soggiorno per investitori (Investor Residence Permit): In Italy, the permesso di soggiorno per investitori is a two-year residence permit issued by the Questura upon the investor's entry into Italy and conversion of the investor visa. It is renewable for a further three-year period provided the qualifying investment is maintained. It is governed by Article 26-bis of Legislative Decree 286/1998.

  • Permesso di soggiorno UE per soggiornanti di lungo periodo (EU Long-Term Residence Permit): In Italy, this permit is available after five years of continuous legal residence and confers enhanced protection against expulsion and the right to reside and work across EU member states. It is governed by Article 9 of Legislative Decree 286/1998.

  • Startup innovativa (Innovative Startup): In Italy, a startup innovativa is a certified early-stage company registered in the dedicated section of the Italian Business Register (Registro delle Imprese) pursuant to Article 25 of D.L. 179/2012. Registration in this dedicated section is a prerequisite for qualifying as an investor visa investment target under the €250,000 threshold.

  • Regime forfettario per nuovi residenti / Art. 24-bis TUIR (Flat-Tax Regime for New Residents): In Italy, the optional flat-tax regime for new tax residents is a substitutive tax of €100,000 per year on all foreign-source income, available to individuals who have not been Italian tax residents for at least nine of the ten preceding fiscal years. It is governed by Article 24-bis of Presidential Decree 917/1986 (TUIR), introduced by Law 232/2016.

  • Regime per pensionati esteri / Art. 24-ter TUIR (7% Flat Tax for Foreign Pensioners): In Italy, this regime is a substitutive tax of 7% per year on all foreign-source income, available to foreign pensioners who transfer their tax residence to a qualifying Southern Italian municipality with fewer than 20,000 inhabitants. It is governed by Article 24-ter of Presidential Decree 917/1986 (TUIR), introduced by Law 145/2018.

  • Visto per residenza elettiva (Elective Residency Visa): In Italy, the visto per residenza elettiva is a long-stay visa available to non-EU nationals who can demonstrate stable, autonomous income from abroad sufficient to support themselves in Italy, without any requirement to make an active investment. It is governed by Article 11(1)(c)(4) of Presidential Decree 394/1999.

  • Investor Visa for Italy Committee (Comitato per il Visto per l'Italia): In Italy, the Investor Visa for Italy Committee is the cross-ministerial body chaired by the Ministry of Foreign Affairs that reviews investor visa nulla osta applications and is the authoritative decision-maker on whether a proposed investment qualifies under the programme. It is established by the D.M. 21 June 2017.


Domande Frequenti / Frequently Asked Questions

What are the investment requirements for the Italy investor visa (golden visa) in 2026?

To qualify for the Italy investor visa in 2026, a non-EU national must commit qualifying capital in one of four categories established by the Ministerial Decree of 21 June 2017: (1) at least €2,000,000 in Italian government bonds held for a minimum of two years; (2) at least €500,000 as a capital contribution into the share capital of an Italian limited company; (3) at least €250,000 in a certified Italian innovative startup (startup innovativa) registered pursuant to Article 25 of D.L. 179/2012; or (4) a philanthropic donation of at least €1,000,000 to a qualifying project of public interest. Before the visa is issued, a nulla osta from the Investor Visa for Italy Committee is mandatory. Italy's programme does not include a real-estate investment route: property purchase has never been a qualifying category under the Italian framework.

How long does the Italy investor visa application process take?

The statutory deadline for the Investor Visa for Italy Committee to issue its nulla osta is thirty days from receipt of a complete application. Following nulla osta issuance, the Italian consulate typically grants the visa within approximately fifteen working days. In practice, the entire pre-entry phase — from initial document preparation to visa issuance — spans two to four months when the file is professionally prepared, as confirmed by the procedural framework under the D.M. 21 June 2017. After entry into Italy, the investor must complete the qualifying investment within three months and then apply to the Questura for conversion of the visa into a two-year investor residence permit.

Is Italy still offering a golden visa in 2026 after Portugal and Spain closed theirs?

Yes. Italy's investor visa programme remains fully operational as of 2026, governed by Article 26-bis of Legislative Decree 286/1998 and the D.M. 21 June 2017. Portugal restructured its programme in 2023 to exclude real-estate investment; Spain closed its real-estate investor visa route in 2024; Greece raised its prime-area real-estate threshold to €800,000. Italy's programme was never structured around real-estate purchases, which is why it has not been subject to the same political pressures. With a minimum entry point of €250,000 through the innovative startup category, Italy currently offers the lowest structured financial threshold among the major Western European investor visa programmes.

What is the difference between the Italy investor visa and the elective residency visa?

The Italy investor visa (visto per investitori), governed by Article 26-bis of Legislative Decree 286/1998, requires the applicant to make a qualifying active investment of between €250,000 and €2,000,000 in the Italian economy, and it provides a direct pathway to the EU long-term residence permit after five years of continuous legal residence. The elective residency visa (visto per residenza elettiva), governed by Article 11(1)(c)(4) of Presidential Decree 394/1999, requires no active investment but instead requires proof of autonomous, stable foreign income — typically interpreted as a minimum of approximately €31,000 per year for a single applicant. The investor visa permits work and business activity; the elective residency visa does not. The choice between the two depends on the applicant's income profile, investment intentions, and long-term objectives in Italy.

How does the €100,000 Italy flat-tax regime work for investor visa holders?

Under Article 24-bis of Presidential Decree 917/1986 (TUIR), introduced by Law 232/2016, an individual who has not been Italian tax resident for at least nine of the ten fiscal years preceding their election may pay a substitutive tax of €100,000 per year on all foreign-source income, regardless of its amount. Italian-source income continues to be taxed under ordinary Italian rules. Each qualifying family member may be included for an additional €25,000 per year. The election is valid for a maximum of fifteen years and may be revoked at any time. The investor visa and the flat-tax regime are legally independent instruments, but they are frequently combined: an investor who enters Italy on the visto per investitori and establishes Italian tax residence may simultaneously elect the flat-tax regime, provided the nine-out-of-ten-year non-residence condition is met. Tax residence planning must begin before entry into Italy.

What are the most common reasons for Italy investor visa refusal or delay?

The most frequent grounds for investor visa refusal or prolonged delay, based on professional experience with files reviewed by the Investor Visa for Italy Committee, are: (1) failure to produce adequate source-of-funds documentation — generic bank statements are insufficient; a clear, auditable chain of wealth origin is required; (2) failure to complete the qualifying investment within three months of entry into Italy, as required by the D.M. 21 June 2017; (3) investment in a target company that the Committee determines was incorporated specifically to support the visa application rather than as a genuine going concern; (4) documentary errors including translation failures, apostille defects, or expired criminal record certificates; and (5) inconsistencies between the investment plan submitted at the nulla osta stage and the transaction actually executed at the Questura stage.


In sintesi / Key Takeaways

  • Italy's investor visa is fully operational in 2026. It is governed by Article 26-bis of Legislative Decree 286/1998 and the Ministerial Decree of 21 June 2017, and it offers four qualifying investment categories with thresholds ranging from €250,000 (innovative startup) to €2,000,000 (government bonds). It has never included a real-estate investment route.

  • Italy now offers the most accessible structured EU golden visa pathway. With Portugal restructuring its programme (2023), Spain closing its real-estate route (2024), and Greece raising thresholds to €800,000 in prime areas, Italy's €250,000 startup entry point makes it the lowest-threshold major Western European investor visa still fully operational.

  • The process takes two to four months before entry. The Investor Visa Committee must issue its nulla osta within thirty days of a complete application; the consular visa follows within approximately fifteen working days. After entry, the qualifying investment must be completed within three months, after which a two-year residence permit is issued by the Questura.

  • After five years of continuous legal residence, investors qualify for the EU long-term residence permit under Article 9 of Legislative Decree 286/1998, conferring enhanced protection against expulsion and simplified rights to work and reside across EU member states.

  • The €100,000 flat-tax regime (Article 24-bis TUIR) can be combined with the investor visa, allowing new Italian tax residents to cap their Italian tax liability on all foreign-source income at a predictable €100,000 per year for up to fifteen years. Tax residence planning must be structured before entry into Italy.

  • The most common causes of refusal are source-of-funds documentation failures and missing the three-month investment deadline. Applicants who prepare a chronologically coherent wealth-origin file before submission and structure the transaction timeline before applying significantly reduce their exposure to these risks.


The information in this article is for general informational purposes only and does not constitute personalised legal advice.

Planning to apply for the Italy Investor Visa in 2025–2026? CDC Law assists international investors at every stage of the process: from identifying the eligible investment category to managing the application before the Investor Visa for Italy Committee, through to the issuance of the residence permit. Contact us for a dedicated legal consultation: info@cdclaw.org+39 06 36306020

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