Here are the facts you need to know about the Golden Visa for Italy if you wish to explore a new lifestyle in this alluring country.
Italy is well known for its culinary delights, gorgeous landscapes, and incredible climate. The country is also a land of opportunity for entrepreneurs and professionals who want to unlock lucrative financial growth. Moreover, it offers one of the best lifestyles you can dream of. Not surprisingly, a growing number of Americans and Brits consider Italy as a top destination to start afresh abroad. Many look for second citizenship for their retirement years, while countless young families want to move there to experience a taste of European life.
The best thing about Italian immigration is that you have multiple routes open for moving to this dream destination. You can explore options like citizenship by descent or marriage if circumstances permit. But you need not worry if you don’t have roots in the country or are married to an Italian. You have the Golden Visa for Italy option that lets you live and work in Italy via the investment route. This route is ideal for wealthy individuals or those who wish to make the move as seamless as possible. Here are the facts you need to know about the Golden Visa for Italy if you wish to explore a new lifestyle in this alluring country
Know The Investment Requirements
The Golden Visa for Italy is a two-year renewable visa for people who want to make an investment in the country. It could be a direct investment in an Italian business or a donation for a philanthropic purpose. You may even invest with the government through bonds. In any case, you will need to hold the investment in place to stay eligible in order to stay in the country. Here are the investment options you can explore:
- Existing innovative startup – €250,000
- Local Italian business – €500,000
- Philanthropic donations for education, culture, research, etc – €1 million
- Government Bonds – €2 million
Furthermore, the eligibility essentials require the applicant to be over 18 years of age, be in a good state of health, and have no criminal record. This program suits those who can buy residency, even without qualifying through administrative routes. But the best thing about the Golden Visa for Italy program is that you have to invest only after you get the visa.
Understand The Benefits of The Golden Visa for Italy
The high standards of living in Italy will probably be on top of your mind when you apply for a Golden Visa. But you must have more tangible valid reasons for making such an investment in another country. Let us explain the value of the Golden Visa for Italy program for Italy for new-age entrepreneurs and investors:
- You become a part of the EU union. Technically, you can move across European countries without any restrictions as visa-free travel comes as a plus. The benefit extends to your family, and they need not make an additional investment to get a visa for themselves.
- Italy is renowned for its excellent education and healthcare systems, and a Golden visa gives you access to both. It is a worthy investment for retirees and young families as they require healthcare and educational facilities respectively.
- You also get the advantage of a flat tax system, which saves your wealth from going down the tax drain. With this system, you have to pay a maximum annual tax cap of €100,000 on foreign-earned income.
- The Golden visa for Italy is your first step towards citizenship by naturalization. While there is a long way to go, the country offers a favourable environment for investors. You can grow and thrive during your residency period here and enjoy an excellent lifestyle as well.
Get Started With the Process
Now that you know about the eligibility norms and benefits of the Golden Visa for Italy option, you will be keen to get started. Like any other immigration route, you can expect a series of steps with this one too. You can click here for a detailed guide on the process, and we will also explain it briefly to give you a fair idea. It makes sense to understand it before you begin so that you have clear expectations of the tasks and timelines. Let us explain the steps to get a Golden Visa for Italy. Basically, the application moves forward in two phases:
- Online application for a Nulla Osta (no-impediment certificate)
- Visa application at the Italian Consulate or Embassy
Application for the Nulla Osta: A Nulla Osta refers to a no-impediment certificate that validates your status as a potential investor. It is free, fast, and online, so you need not worry about spending a lot of money and time. As long as you have the relevant documentation in place, you can get your Nulla Osta in thirty days. Documents include valid proof of ownership of funds from investment sourced legally. You will also need to give a declaration stating that you will invest the requisite amount in the country once you get the visa. The following steps take you ahead in obtaining the certificate.
- Apply online on the official website by filling up a series of forms
- Submit the scanned copies of the required documents via the same website
- Download the Final Declaration from the sure, sign it electronically, and submit it
- The Investor Visa Committee Secretariat will assess the paperwork and ask for additional documents if needed
- If everything is in place, they will clear the application, and you get a decision within 30 days
Application for investor visa: After you get the Nulla Osta, you can apply for a visa at your local Italian Embassy or Consulate. Since the validity period of the certificate is six months, you must apply within this timeline. You will have to gather the documents and Nulla Osta along with additional documents if asked for. These include proof of Italian accommodation, such as a hotel booking. You must also have income statements from the previous year. They must show that you can support yourself and your family members financially while you stay in Italy. All of these must be at hand as hard copies. Once you get your visa, it will be valid for two years, and you can proceed accordingly.
After arrival in Italy: The next stage of the process is when you arrive in Italy with a valid investor visa. You will have to visit the local Questura (Police Headquarters) and request an Investor Visa Residence Permit. It requires submission of your photographs and ID proofs, and you get a Residence Permit valid for two years, starting from the date you entered Italy. You have to make the committed investment or donation in full within three months of getting the Residence Permit. Failure to do it will lead to the revocation of the visa. Additionally, you must maintain your investment throughout your time in Italy if you want to renew and retain your visa.
Renewal of Golden Visa for Italy
Since the Residence Permit for investors is valid for two years, you need to ensure renewal before expiry. You must apply at least 60 days before expiry to get things sorted and avoid any problems. The subsequent renewal is another three years, provided you maintain your investment or donation in the country. After completing five years of regular residency in Italy, you can apply for a long-term residency the next time. Once you complete ten years in the country, you can apply for citizenship by naturalization. It is a long-term process, but Golden Visa for Italy gives you a great start. You can live and work here and enjoy a good lifestyle as a resident.
Legal Assistance for Golden Visa of Italy Program
While the Golden Visa for Italy program is an excellent option to start your life in Italy, it involves a long process. You require an in-depth understanding of the investment options to choose the one that works for you. Additionally, documentation is always the trickiest part of the immigration process. Missing out on the smallest element can land you in a fix, which is the last thing you will want to happen. Renewal is complicated, and so is the application for citizenship by naturalization.
But having the assistance of Golden Visa experts gives you an advantage on all these fronts. These legal experts know the ins and outs of the process, paperwork, and investment options. Having them around gives you peace of mind that you will never go wrong. They ensure that your process does not lose pace due to missing paperwork or discrepancies. Also, you can rely on them for long-term assistance if you want to avail the citizenship opportunity at a later stage. The Golden Visa for Italy opens the doors to an Italian life, which can be a wonderful beginning for you and your family.
You even have the chance to get citizenship years later if you plan to settle in the country for good. But make sure you know your facts and have realistic expectations before moving ahead. Also, seek the assistance of Golden Visa experts if you want to be more confident about your investment and the timely completion of the process.