INVESTOR VISA FOR ITALY
A LOOK INTO THIS INVESTMENT PROGRAM FOR WEALTHY FOREIGNERS THAT IS ALSO IN FORCE DURING THE PANDEMIC
“INVESTOR VISA FOR ITALY” or “ITALIAN GOLDEN VISA” are programs for attracting investments from abroad. They started in 2018 and were partly updated by the recent Relaunch Decree, which Italy has also adopted.
Article by Law Firm Bertaggia
INVESTOR VISA FOR ITALY
What does this mean?
In practice, it is a visa, valid for two years, aimed at non-EU citizens who choose to invest large sums of money in a series of activities deemed to be of high strategic interest for the Italian economy.
Finally our government has taken a step forward by promoting this investment program in Italy abroad, so much so that Golden Visa Italy is one of the best programs in the world. It boasts an exponentially increasing number of requests and which brings benefits also at the fiscal level.
The program offers the possibility of having a residence in Italy as an investor, similar to what happens in Portugal, Spain and Malta, with a strategy called ‘risk free’; a different strategy from previous programs which provides for the feasibility of the investment only after the approval of your application and not before as in the past.
Where is the benefit? The investment will not be lost if the visa is not approved.
From a tax point of view, “the investor can, at his choice, opt for the ‘flat tax’ regime for new residents, if the applicant also wishes to move his tax residence to Italy. In this case, the person applying for a visa would have to pay a fixed amount of 100,000 euros to the tax authorities as taxes for all the worldwide income possessed ”.
In other words, the choice made by Ronaldo upon his transfer to the Juventus Football Club.
The Golden Visa Italy provides for investments for startups, Italian companies, philanthropic donations or public bonds. It is therefore a program with multiple destinations and not only in the real estate sector.
The website of the Ministry of Economic Development demonstrates that you can invest in 4 different types of assets:
1- 2 million in government bonds (such as BTP and similar);
2 – 500,000 euros in an Italian joint-stock company (amount lowered with the Relaunch Decree compared to the previous million);
3- 250,000 in an innovative Italian startup (reduced to 500,000 euros);
4- 1 million in a philanthropic initiative.
It should be borne in mind and of particular importance, given the times of the pandemic, the fact that the investor is not obliged to physically remain in Italy during the period of validity of the residence permit, except for reasons relating to its renewal and to fulfill administrative obligations.
Since the validity of the visa is two years, there is concretely the possibility, also based on the restrictions for travel in time of Covid-19, to be able to move physically and therefore be able to take advantage of it.
Furthermore, the global market crisis linked to this period is considered by many investors as a great opportunity to enter the Italian market at much lower prices.
Relevant in recent months is the increase in requests and interest in the program set out in the Relaunch Decree. The uncertainty of the outcome of the US elections has also prompted many US millionaire investors to take an interest in Golden Visa Italy.