Italian Investor Visa
In 2017, Italy introduced a new kind of visa, called "Italian Investor Visa".
Why investing in Italy can be life-changing. The Ministry of Economic Development listed 10 reasons why investing in Italy:
1. ONE OF THE WORLD’S TOP ECONOMICS AND MARKETS
2. A STRATEGIC LOGISTICS HUB CONNECTING GLOBAL MARKETS
3. A KEY GLOBAL PLAYER IN MANUFACTURING AND EXPORT
4. A HIGHLY-COMPETITIVE MACHINERY SECTOR AND A STRONG ‘MADE IN ITALY’ BRAND
5. EXCELLENCE IN R&D AND INNOVATION
6. A SKILLED AND COMPETITIVE WORKFORCE
7. AN UNPARALLELED CULTURAL OFFER AND COUNTRY BRAND
8. A STRONG SET OF POLICIES AND INCENTIVES TO IMPROVE COMPETITIVENESS
9. A REFORM-MINDED ADMINISTRATION, PRO-BUSINESS, AND PRO-GROWTH
10. A COUNTRY OPEN TO FOREIGN INVESTMENT
This allows the applicant, after 10 years of continuous residence in Italy he could apply for citizenship. Obtaining Italian Citizenship, therefore a passport is a long process unless there are specific situations. Italy allowed double or multiple citizenships for each individual. However, after just 5 years a permanent Visa is given to the applicant. This will allow straight away the free entrance to the whole Schengen Area. The Italian Passport has been ranked by the International Firm Henley & Partners as the 4th in the global passport chart, with free visa access to 187 countries.
A FAST PROCEDURE VISA
They made the procedure to request it faster and easier than usual. The commission will decide the request within 30 days from the filing of the application.
The visa will last 2 years and is conditional to maintain the investment made within 3 months from the entrance of the candidate in Italy. After 2 years it can be renewed for further 3 years. After the five years are passed, before it expires, an unlimited permit of stay can be requested. It is important to have the investment in place for all the duration of the visa, otherwise the Authority could decide to revoke it. During the first 2 years, the applicant is required to stay in Italy for at least more than 12 months. This will allow renewal.
To make the application for this visa the applicant need to show interest to the Authorities that he wish to invest for a minimum period of two years, in Italy, alternatively in:
- An investment of at least 2 million Euros in securities issued by the Italian Government;
- An investment of at least 1 million Euros in assets of an Italian company;
- An investment of at least 500.000 Euro in an innovative Italian startup;
- A philanthropic donation of at least 1 million Euros to support a project or an initiative of public interest.
Foreigners wishing to obtain this type of Visa must:
- Demonstrate the effective ownership of the needed amounts for the investment or the donation;
- Commit to making these investments;
- Demonstrate they have sufficient financial resources for their livelihood during their stay in Italy.
SPECIAL TAX REGIME
Italy’s Budget Law for 2017 has introduced several measures aimed at bolstering the attractiveness of the country for human and financial capital from abroad. One of them is particularly relevant for anyone interested in an Investor Visa for Italy: a special tax regime targeted at new residents holding substantial sources of income abroad.
Article 24-bis of Italy’s Tax Code (TUIR) provides for an optional tax regime that allows new residents to substitute regular taxation on their entire income generated outside Italian territory by paying, once a year, a €100,000 lump sum:
- The new regime is applicable, upon request, to anybody who is willing to move their tax residence to Italy, under the condition that he or she has not been resident in the country for at least 9 out of the last 10 years.
- The person concerned may request a probationary ruling by the Italian Revenue Agency.
- The €100,000 substitute tax is to be paid in one instalment by 30 June of each year.
- the scheme may also cover family members paying an additional €25,000 for each dependent.
- Once granted, the regime is valid for 15 years, and the taxpayer can opt-out at any time.
- The status automatically lapses in the event of failure to pay the annual lump sum, partly or in full.
- The special regime also applies to inheritance tax – which only covers assets located in Italy – and to transfers of foreign assets from abroad, which are not taxed. Applicants can also decide to opt-out of the special regime on income and gains made in selected foreign countries, in which case ordinary legislation will apply.
- The status is compatible with employment and other professional activities carried out in Italy and taxable according to ordinary provisions in force.
Please Contact Us should you need any assistance with this or other kinds of Visas.