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Thinking about moving to Italy and want to know your options!

There are 2 different ways to gain residency in Italy for non-European citizens, the first is elective residency for property investment and the other is an Investment visa for those who are looking to gain entry for themselves and their primary family in order to obtain permanent residence. In the following paragraphs I will explain how to go about this.

 

 

INVESTORS VISA AND PERMANENT RESIDENCY – ‘ THE GOLDEN VISA’

The Italian government has recently introduced a specific discipline within immigration law, the so-called “Investors Visa”. The new Investors visa allows the entry and residence in Italy, outside of the entry quotas established annually by the government, to foreigners who wish to do one of the following:

  • invest at least € 2 million in securities issued by the Italian government, to be held for at least 2 years;
  • invest at least € 1 million in equity instruments of a company incorporated and operating in Italy, to be held for at least 2 years;
  • invest at least € 500.000 into an existing Italian innovative start-up company;
  • make a philanthropic donation of at least € 1 million to support a public interest project, in the fields of culture, education, immigration management, scientific research, recovery of cultural and landscape assets.

Procedure

The Minister for Economic Development, in cooperation with the Minister of Internal Affairs and the Minister for Foreign Affairs and International Cooperation, adopted on July 21st 2017, a decree implementing the provisions of article 26-bis of TUI. The implementing provisions clarify that the issuance of the visa and the relevant residence permit are subject to verification of an actual investment or donation, provided that it is kept for at least for two years. The issuance and the validity of the Investor Visa are also subject to verification of the lawful source of the investment.

The implementing decree grants the power to issue the Investor Visa to an ad hoc Interministerial Committee. The decisions of this Committee will be approved by a majority of the members, except those concerning the release of the certificate of no impediment (nulla osta) to entry in Italy which will be approved in the absence of opposing votes.

Documents required

The foreign applicant shall submit to the Committee:

  • Copy of a passport valid at least 3 months beyond the visa validity;
  • documentation proving the beneficial ownership of the sums used for the investments and that these sums are available and can be readily transferred in Italy;
  • A certification proving the lawful source of the funds, which consists in (a) a self-declaration of the applicant and (b) a copy of the applicant’s criminal records that show the lack of criminal convictions and pending charges in the ten years prior to the application;
  • A declaration by which the applicant commits to make, within three months from entrance in Italy, the investment and to keep it for at least two years. The declaration must also include a description of the recipient and the characteristics of the investment.

The Committee will render a decision within 30 days from the submission of the application.

In case of a favorable decision, the Inter-ministerial Committee will send the clearance to the relevant consulate that will issue the Investor Visa.

The Investor Visa holder shall receive a 2 years valid investor residence permit, renewable for further 3 years, subject to verification of the maintenance of the investment in Italy. Indeed, the issuance of the permit is subject to the verification that the investment has effectively been completed within 3 months of entry in the country. The permit can be revoked even before its expiration date, if it is ascertained that the investment has been withdrawn before the 2-year term (or 3-year term in case of renewal).

Permanent residence permit

As per the current law provisions, after 5 years of legal stay in Italy, the holder of an Investor Visa can request a permanent residence permit (i.e. EC residence permit for long term residents).

The permanent residence permit has no expiry date, must not be renewed but only updated, assigns the foreigner the right to enter Italy without a visa, and is not related to any investment or donation made in the past. The permanent residence permit may be requested by foreigners who:

  • are legally residing in Italy for at least 5 years;
  • are holders of a valid temporary residence permit;
  • have an annual income from legitimate sources equal, at least, to the amount established yearly by governmental authorities (€824,91 for 2017);
  • pass an Italian language test.

NATIONAL ENTRY VISA FOR ELECTIVE RESIDENCE

Entry visa for foreign nationals intending to come to Italy to inspect properties for purchase

An Elective Residence Visa allows entry into Italy for residence purposes, to foreign nationals intending to settle in the country, who have the financial resources to support themselves independently, without active employment. The Visa is issued only if all requirements have been met and all documents attesting to their reliability have been produced. It will be valid for 6 months, for short stays up to 90 days (valid throughout the Schengen area).

Having obtained an Elective Residence Visa and made entry into the country, the foreign national can, within 8 days and with all the indispensable guarantees, convert his Entry Visa into a Elective Residence Permit.

An Elective Residence Permit can also be extended to a cohabiting spouse, underage children and adult children both cohabiting and dependent, on condition that the above mentioned financial resources are also considered adequate and applicable to them. Financial resources are around € 31.000,00 per person per annum.

The task of assessing the adequacy of the foreign national’s financial means to support him/herself and family members is referred to the competent Police Authority.

Duration, Renewal and Cancellation

The Visa is issued for 1 year and is renewable in Italy by the Police Authorities with territorial jurisdiction on condition that all the original requirements continue to be met over time.

The residence permit cannot be renewed or extended if the foreign national has interrupted their stay in Italy for a continuous period of over six months, unless the interruption was due to military service obligations or other serious and substantiated reasons.

After 5 years, it is possible to apply for a long-term Residence Card valid for 5 years.

After 10 years it is possible to apply for Italian Citizenship.

LONG TERM SCHENGEN TOURIST VISA (V.S.U.) (5 YEARS)

Long term multi-entry tourist visa for a person investing in Italian real estate.

Anyone wishing to make a real estate investment in Italy who does not intend to transfer residence can obtain a long term Schengen visa (5 years), if the requirements of their stay in the country do not exceed 90 days every 6 months. The requirements needed to apply for this type of visa are the same as those needed to obtain a normal tourist entry visa, in addition to proof of having completed the purchase of a property in Italy.

The holder of this type of visa is allowed to travel freely throughout all the countries in the Schengen area.

Schengen Area

The Schengen Convention allows European Citizens from member states to travel freely through the 26 countries within the Schengen Area with a simple id card.

The area is made up of 22 EU member states:

Belgium, France, Germany, Luxembourg, Netherlands, Portugal, Spain, Italy, Austria, Greece, Denmark, Sweden, Finland, Czech Republic, Estonia, Hungary, Lithuania, Latvia, Malta, Poland, Slovakia and Slovenia

and four participating countries (i.e. non EU member states):

Iceland, Norway, Switzerland and Liechtenstein

(Bulgaria, Cyprus, Ireland, Romania and the United Kingdom are part of the EU but have not adhered to the Schengen Agreement – the United Kingdom will be leaving on the 29th March 2019)

Foreign nationals already resident in a Schengen State and holding a residence permit, do not require visas for stays not exceeding 3 months, on condition that entry into Italy does not occur for reasons of subordinate employment, salaried employment, self-employment or training.

If you should be interested in more information on any of the solutions aforementioned please do not hesitate to contact us at –  info@dreamhomes.it

 

 


Lake Iseo is a place that retains an authentic charm: a slow destination that offers many opportunities to discover the wonders of the area all year round.

This month of February if you happen to be in the area watch out for and not to be missed is:-

The infamous 1000 mile experience existing from 1927 is the endurance race for vintage cars that takes them from northern Italy, Brescia to be exact to the capital of Rome. All participating cars have to be produced before 1958.  For all those motor enthusiasts it’s a real treat to see car models such as: Targa Florio, Carrera Panamericana, Alfa Romeo, BMW, Ferrari, Masserati, Mercedes and Porsche. If your really lucky you might even get to see an authentic Bugatti.  The race takes place on the 1st February and ends on the 31st May. The most beautiful race in the world starts soon…. don’t miss out…

 

 

For all those lovers out there don’t forget Valentine’s day and if you really want to do something special then book your love one a trip on the romantic love train… where you can wonder at scrummy dishes prepared by professional chef’s and get a taste of the real Italian romantic experience . Fella’s get the ring’s ready and ladies the tissues!!  Leaving from Iseo train station on the 14th February at 19.15 with return on the 22.30…. direction to Pisogne so plenty of time to flavour the moment…… For information contact: Treni di Sapore or consult the following link-https://www.visitlakeiseo.info/it/esperienze/1883-treno-sapori

 

 

If you’re in the mood for some classical music then why not treat yourself and go and see the classical pianist Daniele Martinelli  playing at Castel Oldofredo in Iseo town center…. Concert to be held on the 3rd February. Entrance is free

 

 

Well if you’re really in a party mood then you can visit the Carnival to be held in Corte Franca, Franciacorta, on the 23rd February, there will be laughter, parades and lots of animation…….

 

 

 

 

Article by Karl Morgan – 1st February 2019


The  months starts on the 7th, 8th and 9th December  from 19.00 to 23.30 with the return of ‘Iseo Street Food’ to be held in the area of Castello Oldofredi  where you can enjoy and purchase typical food and drink from the area of Brescia and Lake Iseo.

Programme of Events in Iseo town

7th December from 21.00 live music in the castle grounds of ( Castello Oldofredi – Iseo) –

8th December from 21.00 live music in the castle grounds of  ( Castello Oldofredi – Iseo )

9th December from 21.00 live DJ with 60’s music in the castle grounds of (Castello Oldofredi -Iseo)

The 8th and 9th December in the town of Paratico situated on the lake front will be the Christmas markets to be held from 9am until 7pm.

Next we are kicking  off with a lovely traditional Lake Iseo festival called ” Natale con Gusto” ( A taste of Christmas) held in the town of Iseo,  this will be its 16th year and is to be held on the weekends of the 9th and 10th December and the 16th and 17th December with magical Christmas stalls and concerts for all. The traditional ‘Casette di Natale’ (Christmas chests)  will be held in the old city centre where candy floss and snacks will be handed out free from 9am till 8pm on these weekends. Saturdays there will be traditional dancers from the area of Val Trompia in the main square and on the Sunday there will be an art display by the street artists of Brescia. Sunday the 10th there will be a lovely Jazz concert by Cosimo Pignataro and the hot coals from Milan.

14th December at 17.30 at Castello Oldofredi, Iseo a classical concert with the ‘Trio Carducci’  ( piano, violin and cello )

16th December in the civic hall of  Castello Oldofreddi, Iseo there will be a a children’s pantomime ‘ Fiocco di neve’.

17th December the piazza of Iseo will be filled with musical groups, kicking off at 15.30 with lyrical music and later on at 17.00 with the group the Civic Jazz Band from Milan with the Giulia Malaspina quartet.

24th December the farmers market will be held in Viale Repubblica, Iseo.

26th December the antiques markets will be held in the town centre of Iseo

 

 

 

6th January in the town centre of Iseo there will be the traditional parade of the three wise men through the streets of the town and the lake.


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