However, if companies want to take advantage of these circumstances, they must comply with other regulations and standards set by the government. For example, if you are a foreign national and wish to immigrate to Italy for investment purposes, you should try to obtain citizenship through investment, i.e. a Gold Visa for Italy.

Let’s understand this important aspect surrounding the Italian citizenship policy.

This is a program launched by the Italian government to attract foreign investment. In this case, foreign nationals can choose permanent residence. Despite targeting non-EU citizens, the idea is to attract higher net worth investors who might be able to contribute to the Italian economy and community.

While you have some restrictions that you have to comply with, the following are the main ways to enter the country through investment objectives. Let us see below.

There are various ways to enter the country through investment. You can choose the Investor Visa Program (also known as the golden visa for Italy) and the StartUp Program (This is further divided into Italy Startup Visa and StartUp Hub).

Apart from that, you can also look for cheaper options, such as an entrepreneur visa, or an entrepreneurial residence permit. Since every visa has its fair share of ups and downs, it’s better to choose Italian citizenship assistance to avoid legal trouble afterwards. However, since the best option to enter Italy for business purposes is to get a Golden Visa, let’s understand the ins and outs of this policy.

But wait! The good news is that the Italian government recently stopped the requirement to apply for this visa.

So, what’s changed? Let’s find out now!

With the world being hit by the wave of Covid, the country decided to lower investment requirements for the Gold Visa Program. Do you know the ins and outs of these changes? Keep reading, and you will learn about the changed policy.

According to SK-UU no. 34, the minimum amount is reduced by 50% for foreign investors. These changes occur taking into account urgent health measures, economic changes amid the COVID-19 pandemic. So, this is what you must have if you want to apply for the program.

• For an innovative start-up – € 250,000

• For companies already operating in Italy – € 500,000

• Government Bonds – € 2 million

• Philanthropic donations for culture, education, research, etc. – € 1 million (minimum).

Apart from the amount, you must also comply with the following-

• You must be at least 18 years of age at the start of the application procedure.

• You must be clean of criminal records and in good health (you must add the necessary documents to prove it.

Note- Application processing time is approximately 30 days. Declaration of use of funds is more than sufficient when applying for the program. So you don’t have to invest until you get final approval or rejection.

If you wish to apply for this program, you must first apply for a certificate without a hitch (also known as Nulla Osta). You can apply online and submit the same application to IV41 (Italian committee) for free.

Once you are done with that, you are asked to do so visit the Italian embassy in your country and apply for a 2 year visa (residence permit). You can extend your age for 3 years or more and also include your family or children for the same.

But according to immigration law, if you belong to these countries you don’t need any visa. Apart from EU citizens, people from the following countries do not need to apply for any gold visas. This includes:

• Norway

• Iceland

• San Marino

• Monaco

• Vatican City

• Switzerland

The procedure might feel like a bit longer if you don’t have all the documents ready. Apart from Nulla Osta (obtained at least 6 months before entering the country), you must have a valid passport, investment-related documents through a checking account, along with proof of whether the money obtained came from the correct source.

If you are thinking of bringing the family too, you should keep their information on too. But keep in mind that when applying for Italian citizenship through investment, you cannot combine two assets which should have different objectives to achieve the minimum investment requirements.

The Investor Visa Committee for Italy oversees all visa applications and ensures they comply with regulations set by the government. The committee is composed of people with expertise in the migration, financial and business aspects of investment. The committee is chaired by the Director General of Industrial Policy under the Ministry of Economic Development.

After we understand the prerequisites for obtaining citizenship through investment, next is the tax package offered in this program.

If you move to Italy (this is mainly for investors investing around 100 000 euros) you will increase your tax exposure regardless of income earned outside of Italy. You can include your family members as well by paying around 25,000 euros per person a year.

In fact, as per Italian law, Italian investments are exempt from income tax (IRES or IRAP), which is around 3.9%. So, this is the ideal tax regime for foreign funds.

But the Tax Bill is set to see some changes for FY 2021. As per the proposed guidelines, the bill will waive dividend payments and capital gains if it comes below:

But, what about the domicile package?

Based on this, there will be a fixed tax on all foreign income for people who become Italian citizens after 9 years living in another country. This will be paid annually for a period of 15 years.

In the end, it all comes down to one thing:

2017 was the year when Italy first announced citizenship through investment. This simplifies the process for foreign investors. Various programs have attracted the attention of Russian, Middle Eastern, Chinese and Brazilian investors. It is all thanks to the competitiveness compared to residency schemes in other European countries.

In addition, Italy is the third strongest European country in terms of voting dual nationality according to the Henley visa index. Other than that:

• It has a flat tax rate of 0% if you retire there.

• Its GDP is more than 2 trillion dollars.

• It is the second largest manufacturing economy after Germany.

• It has more than 20 universities that are included in the top 500 academies worldwide.

• It offers a market with more than 500 million consumers.

However, the complexity and level of bureaucracy may take a little time. So, it is always a better idea to seek professional help.

If you are thinking of expanding your reach into the European market, Italy is the best place to start. And “Golden Visa” is a great way to explore the market for further investment purposes.

In addition to the usual documentation, you must provide the authorities with:

It started operating in mid-December. However, you must indicate where you want it to finish when processing your application. After the Nulla Osta is issued, investors have about 6 months to apply for a visa.

In addition, you must inform the authorities when they will apply for a residence permit. It must be done within 8 days of entering the country. You can renew your residence permit for three more years if you can maintain that amount while staying for those several years. You will also have to prove whether your extension is worthy.

If you don’t go this route, other people can choose Italian citizenship based on ancestry or marriage. And choose dual citizenship.

I hope these points have helped you simplify the application process. If not, you can also seek help to save your time and energy.