Famai Gastaldi
August 17, 2023
Explore your visa options for the Italy investor visa and Italy Golden Visa to obtain Italian residency through the Italy Golden Visa program in 2023.
Italy’s captivating allure lies in its tranquil and picturesque cities, delectable culinary offerings, efficient transportation networks, reasonable cost of living, and alluring tax incentives. It presents an irresistible proposition for investment and relocation. What could surpass the appeal of gaining access to EU advantages, embracing retirement in the Italian embrace, extending hospitality to your loved ones, and more?
How to Obtain Residency in Italy with an Investor Visa?
Italy offers a multitude of enticing visa avenues for Non-EU nationals, enabling them to establish roots in the country through investments or by demonstrating a stable passive income.
To qualify for residency status through investment in Italy, candidates have the option to explore either of the following two program pathways:
The Italy Golden Visa
Introduced in 2017, the Golden Visa caters to high-net-worth individuals capable of making substantial contributions to Italy’s economy and society. It places strong emphasis on prioritizing Italy’s Golden Visa, ensuring the prompt acquisition of Italian residency within a matter of months.
Who Is Eligible for an Italy Investor Visa (Golden Visa)?
Nationals of non-EU member states or Schengen Area countries.
An unblemished criminal record.
What Are the Investment Options for the Italy Golden Visa?
€2,000,000 invested in government bonds.
€1,000,000 philanthropic donation for cultural, educational, immigration, scientific research, and cultural/natural heritage preservation purposes.
€500,000 channeled into an Italian limited company.
€250,000 directed towards an innovative startup venture.
Benefits of the Italy Golden Visa Program:
Visa-free travel to Europe’s Schengen Area.
Option to apply for permanent residency after 5 years and pursue citizenship after a specific time of residing in Italy.
No mandatory continuous stay in Italy.
Access to top-tier healthcare and education facilities.
Unrestricted employment opportunities, either as an employee or a self-employed professional.
Equal privileges for your family members.
Potential to adopt a special tax regime with a fixed annual payment of €100,000, regardless of overseas income or assets.
The Italy Golden Visa: FAQs
What is the process to apply for an Italy investor visa?
Initiating your journey involves obtaining a Nulla Osta (certificate of no impediment), which is the initial step for any Italian visa application. Fortunately, for the Italy Golden Visa, this can be efficiently done online. Subsequently, within six months of acquiring your Nulla Osta, you can apply for the Golden Visa at the nearest Italian Embassy or Consulate.
What to do after entering Italy with an Italian golden visa?
Upon arriving in Italy, you have an 8-day window to apply for a residence permit. This entails visiting the Ufficio Immigrazione (Immigration Office) of the Questura (Police Headquarters) to request the permit.
The granted residence permit remains valid for 2 years, commencing from your entry date. Should you maintain your initial investment, renewal for an additional 3 years is possible through the Investor Visa portal.
The application for renewal should be lodged at least 60 days before the permit’s expiration. The investment must be sustained to retain your visa.
After an uninterrupted 5-year stay in Italy with the Italy Investor Visa, you can seek permanent residency and relinquish the investment obligation.
Is the Golden Visa citizenship by investment?
The INVESTOR VISA affords residency, not citizenship. However, after fulfilling residency duration requirements, you can apply for Italian citizenship and a passport.
The Italy Elective Residence Program
If you possess verifiable and consistent passive income, the elective visa option might align with your preferences. This income should not originate from active employment during your stay in Italy, but rather from your personal savings, investments, or pension.
The elective residence path, known as “residenza elettiva” in Italian, welcomes foreign nationals who aspire to make Italy their permanent home, sustaining themselves financially. However, it’s important to note that engaging in work within Italy is not permitted under this program.
Who is Eligible for an Elective Residence Visa?
To be eligible for an elective residence visa, certain primary criteria must be met:
Proof of a passive income, excluding earnings from employment, of at least €31,159.29 per year for individuals or €38,000 per year for married couples, along with documented accommodation in Italy (either property ownership or a leased apartment).
Special emphasis is placed on demonstrating a stable and substantial income unrelated to work (consulates typically expect an income exceeding the legally defined amount) and showcasing a genuine intention to establish permanent residency in Italy.
Holders of an elective residence permit (permesso di soggiorno per residenza elettiva) are restricted from engaging in employment.
Benefits of the Italy Elective Visa Program
Access to Free Education: When relocating with family members, children are entitled to free public education.
Enrollment in National Health Care: Visa holders can voluntarily join the Italian National Healthcare System, gaining access to comprehensive medical care, including specialist consultations, tests, hospital admissions, and minimal or no fees.
Path to Permanent Residency: After five years of lawful stay, elective residence permit holders can apply for the Permanent Permit of Stay (Permanent Card) for long-term residents, contingent on registration and tax compliance.
Potential for Italian Citizenship: With a decade of uninterrupted legal residency, individuals can become eligible to apply for Italian citizenship, necessitating resident registration and tax filing.
Tax Advantages: High-income or family applicants can explore the Italian Flax Tax Lump Sum Regime, offering a fixed tax amount irrespective of income or assets.
No Quota Limits: Unlike other visa categories, there are no yearly limits on the number of applications or relocations to Italy.
How Long Can You Stay in Italy with the Elective Residence Visa?
When considering the Elective Residence Visa for Italy, it’s important to understand the duration of your stay. Initially granted for one year, this visa offers the opportunity for an extended presence in the country, and you have the option to renew it for two additional years.
How Can You Renew the Elective Residence Visa?
The Elective Residence Visa for Italy is like a key to staying longer. After the first year, you can ask for more time – up to two more years. This means you can enjoy the benefits of the program and experience Italy for a total of three years.
Can You Obtain Italian Citizenship with the Elective Residence Visa?
Even though the Elective Residence Visa doesn’t directly grant you Italian citizenship, it’s an important step if you’re considering becoming one later. This visa allows you to live in Italy for an extended period, which is one of the requirements if you intend to apply for Italian citizenship in the future. So, while it doesn’t provide immediate citizenship, it can bring you closer to achieving that goal.
What Are the Step-by-Step Procedures for Applying for the Elective Residence Visa?
To initiate the visa application process, you will need to submit a well-prepared application to the relevant Italian Consulate, aligned with your current place of residence. It’s crucial to meticulously compile and provide all necessary documents, demonstrating your passive income that meets the specified financial threshold, as well as evidence of your accommodation arrangements within Italy.
FAQs: Italy Investor Visa and Residence Permit
1. Is it hard to obtain a residence permit in Italy?
In 2022, approximately 12.7% of visa applications for Italy were not approved, indicating that while it may not be incredibly easy, it is certainly achievable. By strategizing your approach and adhering to the stipulated regulations, you can enhance your prospects of successfully obtaining the required permit. Long-term visas can also be more complicated than short-term visas, so seek professional guidance to avoid visa rejections. Book a FREE 10 minute discovery call with us!
2. How can you achieve permanent residence status in Italy?
Gaining permanent residence in Italy involves a multi-step process. Acquiring an investor visa through programs like the Italian Investor Visa Program is one viable route. Upon successful entry and investment within the country, individuals have the opportunity to establish themselves as long-term residents. The process typically entails demonstrating commitment and compliance with residency requirements over a specific period, often several years.
3. What is the special tax regime in Italy?
Italy offers a special tax regime for certain categories of residents, which can be particularly advantageous for Italy investor visa holders. This regime may provide tax incentives and benefits for those relocating to Italy, including reduced taxation on foreign income and assets. It’s advisable to consult with legal and financial experts to fully understand and navigate this tax regime.
4. Are there alternatives to the investor visa program?
Indeed, aside from the Italy investor visa program, there exist alternative pathways to securing residence in Italy. These may include specialized work visas, family reunification options, study visas, or entrepreneurial routes. Exploring these alternatives can offer a comprehensive perspective on the various avenues available to individuals seeking to establish themselves in Italy. Visit here for more information.
Are you considering applying for visas or residence permits to relocate to Italy? Our team of immigration experts, along with a group of experienced Italian lawyers, has been instrumental in assisting clients with successful moves to Italy, guiding them through the process and helping them submit their applications. Book a FREE 10-minute discovery call with us today!
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