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Italy: new investor visa program

In December 2016, the Italian government presented a new program for obtaining a residence permit for investment. Acceptance of documents for a new visa is scheduled to begin in autumn 2017.

According to its conditions, foreigners have several investment options:

from 500 thousand euros to local “innovative start-ups”;
from 1 million euros to the authorized capital of Italian companies or socially significant projects;
from 2 million euros to government bonds in Italy.
When submitting an application, investors need to be ready to confirm:

availability of the required amount;
the legality of the source of income;
that investments will be made in the Italian economy no later than three months after they enter the country;
permanent income, which exceeds the minimum fee for exemption from health care contributions (about 8.5 thousand euros per year);
According to preliminary data, the visa is issued to the applicant for a two-year period (during which the investor is obliged to retain the acquired asset) with the possibility of extension for another three years (provided that the investment will be saved). After five years, the investor may apply for permanent residence, and after 10 years of residence in the country – apply for Italian citizenship.

If the applicant does not plan to become a tax resident of Italy, then his Italian income will be taxed according to the established rules: from 23 to 43%, depending on the size of the income received.

If the investor plans to spend more than 183 days a year in the country, and his family members live here or have a business, then he can become a tax resident of Italy. Then the investor will have to pay tax on all world income at a progressive rate. However, in December 2016, the Italian government introduced a “special” tax regime for new residents:

Now investors can pay a fixed tax of 100 thousand euros for themselves and 25 thousand euros for each family member annually, exempting themselves from the tax on profits earned outside Italy.

Gift and inheritance taxes will apply only to Italian assets.

Preferential terms will be available to those applicants who were not tax residents of Italy in the previous 9 out of 10 years and previously received permission from the local tax inspectorate Agenzia delle Entrate. Validity of such benefits – 15 years.

According to experts, the new conditions are beneficial for investors, whose income abroad exceeds 250 thousand euros.

Italy offered interesting investment immigration options for foreign investors. For those who want to live in the country, there is an opportunity to take advantage of an attractive tax regime, which has already been called an alternative to Switzerland. Italy’s chord tax is significantly lower than in Switzerland, especially if we are talking about family. This tax regime allows you to bring into the country not only the spouses and children of the applicant, but also parents, brothers, sisters.

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