Question: What is an Italian Visa Bond and how do I get it?
Answer: In Italian, the term “Italian Visa Bond” is Fideiussione. The Italian Visa Bond is a financial guarantee normally issued by a bank or an insurance company. When a bank or insurance company issues the Visa Bond, it is guaranteeing that it will provide the applicant with money should there be an urgent financial need while in Italy. For certain Italian Visa applications, the Italian Consulate requires the applicant to provide evidence of sufficient financial means. The financial requirement is to show that the applicant will be able to afford to live in Italy during the period of the Visa. One way to fulfill this requirement is the applicant can provide a Visa Bond.
An Italian Visa Bond might be required, for example, when applying for a Tourist Visa, an Employment Visa, a Student Visa, a Religious Visa, a Business Visa, a Family Visa, an Entertainment Visa or a Medical Treatment Visa.
Concretely, the Italian Visa Bond is a three-way contract between the following parties:
- Bond Applicant: an Italian citizen or a foreign citizen legally living in Italy who buys the bond from the bank or the insurance company;
- Beneficiary: the Visa applicant who would receive the money from the bank or insurance company, should it be needed;
- Issuer: Financial institution (typically a bank or an insurance company).
The Italian Visa bond provides financial coverage of approximately EUR 30 per day. The cost of an Italian Visa Bond is proportional to the duration of the stay. In general, banks ask the Bond Applicant to leave a specific amount of money with them, as a security deposit, for the same amount to be covered by the bond. Also, banks charge a small commission for their service.
Insurance companies usually do not ask for any deposit and often offer competitive Italian Visa Bond products that can be issued within 48 hours. In our experience we have seen many options available on the market, depending on the country of the Visa applicant, the type of Visa, the duration, etc.
You can get an Italian Visa Bond for as little as EUR 100 for up to 30 days, EUR 125 for up to 90 days, and EUR 375 for up to a year (360 days). Also, some financial institutions offer special reduced rates for groups and families. For example, group bonds are offered by some companies at incremental rates of EUR 50 for each additional beneficiary. Families might be able to get a bond valid for a total of three family members for EUR 100 for up to 90 days.
We offer comprehensive Italian Visa Services which include assistance in procuring the Italian Visa Bond for individuals, groups and families, for all types of Italian Visas.