Immigration consultant's notes. Italy: visas for investors and self-employed.

For those who want to work, start a business or live in Italy at their own expense, there are several options for obtaining a visa.

It's no secret - Italy is one of the best tourist destinations, known for its design, fashion and lifestyle, as well as the 12th largest economy in the world, 8th by production and 3rd in Europe. Italy is a member of the European Union, a single market and a free customs zone with 500 million consumers. For foreign investors / entrepreneurs, there are many opportunities for organizing activities in the country, as well as various ways of obtaining immigrant visas for residents.

Visa for financially independent persons - Elective Residence Visa (ERV).

Visa for those who want to live in Italy without access to the labor market. ERV requires the applicant to show a minimum passive income of at least 31,000 euro per year and - the availability of suitable housing. Passive income assumes that the source of income is not related to employment / salary.

How to prove income? Applicants must submit documents confirming a substantial and stable passive income (including pensions or annuities) from property, economic / commercial activities or from other sources, plus confirmation of the financial assets available to the applicant at the time of application to the consulate.

Documents are letters from the applicant’s bank indicating the financial condition of the accounts, copies of contracts on the basis of which payments are made, tax returns, and so on.

Do I need to buy real estate? Housing can be rented, but if the property is the property of the applicant, then this will certainly help when considering the application. However, the consulate focuses on the income of the applicant, which must be stable and supported by reliable documents.

How to bring your family to Italy? A spouse and children under the age of 18 are eligible for a family visa with the applicant, however, it is necessary to demonstrate a higher income, increased by 20% for the spouse and 5% for each child.

Can the applicant work remotely? No, applicants cannot work at home or in Internet for a fee or otherwise violate this restriction.

Is this visa subject to quotas? No, there are no quotas for this visa.

Investor Visa.

In 2017, Italy introduced a special visa for investors who want to move to the country, using, as a basis, investments of interest to the Italian economy. An investor visa can be obtained as the result of:

• purchases of Italian government bonds in the amount of 2 million euro (investment period of at least two years);
• investments of 1 million euro in an Italian company;
• or 500,000 euro in an “innovative startup”;
• or by donating 1 million euro to a charity project of public interest.

When should an applicant make an investment? Within three months from the filing date of the application, providing documented evidence that the investment was made.

How long is a visa issued? The visa holder must obtain a two-year valid investor residency permit (permesso di soggiorno "per investitori"), which can be extended for another three years if it is proved that the investment is still valid.

Is there an official list of charitable projects? No, the applicant must conduct a search on its own and contact charitable institutions or local authorities.

Can the applicant change the place of application of his investment? Changes are considered permissible only in exceptional cases, which are considered individually by the immigration authorities. A foreign citizen will be asked to provide an adequate justification for the changed circumstances and the necessary supporting documents.

Is this visa subject to quotas? No.

Create your own Startup company.

An attractive option for those who want to move to Italy and start their own business is the “Start-up visa”, intended for citizens of non-EU countries who has intentions to create an innovative Start-up. New companies must comply with the conditions established by law 221/2012, or the applicant (applicant for a visa) must join the already created / operating company. The applicant must: prove the availability of at least 50,000 euro for use in order to create and develop a startup within the new company; or at least 100,000 euro - “for joining” an existing startup.

The key to obtaining permission from the authorities is the opportunity to present an “innovative” project, and not just the availability of funds. Therefore, a business plan is needed that confirms the feasibility of the applicant’s ambitions.

Investors who intend to join an existing startup can get a work visa, but must convince themselves that the investment in the project is at least 100,000 euro; and also that the applicant will be appointed by the chairman of the board of directors, the general director, a member of the board or an auditor of the company.

In what cases is a startup considered “innovative”? The innovative nature is determined by at least one of the following criteria: 15% of the difference between turnover and annual costs can be attributed to R&D activities; at least one third of the total number of employees are graduate students, candidates of sciences or researchers; or, alternatively, two-thirds of all employees must have a master's degree; the enterprise is the owner or licensee of a registered patent (industrial property) or the owner / author of the original registered software.

Should a startup only relates to IT? No: a company that meets the requirements set forth above can operate in any sector of the economy and at the same time be registered as an innovative startup.

Does this visa qualify for quotas? Yes.

Start your own business.

If you do not have the opportunity to get a Start-up visa, but you still intend to carry out some activities in Italy, you can register an ordinary company, the most common type of which is SRL (limited liability company) with a minimum authorized capital of 10,000 euro. In the vast majority of cases, Italy allows foreigners to register a new company wholly owned by foreign individuals or legal entities. However, a self-employment visa for a director of a company can be obtained only if the company has been operating for at least 3 years; and this visa again falls under quotas.

Can I hire workers from non-EU countries in a new company? If the company is adequately funded, it can immediately hire workers from third countries without the need to attract a certain number of local workers (Blue Card approval). This option is applicable only to highly qualified specialists who have higher education - at least 3 years of study, a university diploma, and who are offered a minimum salary of 25,500 euro per year.

What are the conditions and limitations? The law does not establish any restrictions, such as minimum capital, staff turnover or the number of local workers, but it reserves the right of the Immigration Service at its discretion to evaluate the financial capabilities of the company for doing business and incurring costs associated with employees. Accordingly, it is always advisable to start a new business with sufficient and substantial resources, in addition to a minimum of 10,000 euro of capital. In fact, the law states that any permits to foreign workers can be canceled if the company is created only to facilitate immigration.

Does this visa qualify for quotas? No - for permissions for highly qualified Blue Card specialists. Yes - for self-employment permissions.

Visas for self-employed persons.

This visa is intended for persons who are freelancers (freelancers) and do not have a company that wants / is ready to sponsor their work permit. Visa issuance is carried out in accordance with the Italian quota system, which is established annually, and not all categories of self-employment may be available.

What are the basic requirements? Evidence of suitable housing; confirmation of the availability of financial resources in excess of 8500 euro (in fact, consulates expect that the applicant will be able to prove that he has a much higher income); police permission; permission issued by the Chamber of Commerce or the Professional Association, which governs the activities carried out by the applicant.

What are the main obstacles? This type of visa depends on the availability of quotas, which are usually issued in limited quantities. Most consulates adhere to a very strict policy and are very careful before issuing a visa to persons who cannot guarantee stable operations and income in Italy. Therefore, despite obtaining the necessary permits, many applications are rejected by consulates for a variety of reasons.

Is this visa subject to quota limits? Yes.

Profitable Fixed Tax Regime for New Residents.

Persons moving their tax residency to Italy can apply for a special annual fixed tax of € 100,000. The new regime guarantees full exemption from reporting requirements in relation to financial and non-financial assets abroad and from payment of additional taxes in respect of assets owned by a resident. To qualify for this tax option, the applicant did not have to live in Italy for at least nine tax years for the previous 10 years.

What is the procedure? An individual may apply to the tax authority for approval of a fixed tax for him.

How to investor to become an Italian citizen.

Is it possible to obtain Italian citizenship at the place of residence? Italy does not offer the acquisition of its citizenship as part of investment programs. An applicant may only be entitled to citizenship if he has Italian ancestors or has married a citizen of Italy. But if you invested in Italy and received a residence permit, you can apply for citizenship in ten years (four years for EU citizens).

What are the requirements for obtaining citizenship at the place of residence? The applicant must have a valid registration with the city hall (residence) for a period of at least 10 years and must prove that he received income in Italy and paid the corresponding taxes for at least three years before applying for citizenship.

Do I need to take a language test? Yes, unless the applicant is an holder of an Italian school diploma.