Italy Golden Visa Program: A Brief Overview
Investment programs are a modern way to grow your business while expanding into new markets. It isn’t easy to evaluate other opportunities that are available to participants. This is because countries offer their solutions for immigrants and prepare additional privileges.
For example, the Italian authorities have created an option to attract investments. The country offers to exchange capital for the status of a temporary resident. But the investor retains the first citizenship, and the visa can be extended on simple terms. Italy Golden Visa Program is distinguished by other aspects, which are worth mentioning in detail.
Italy Golden Visa Features
Those who intend to move to Italy for permanent residence should pay attention to the visa for wealthy entrepreneurs. Having a temporary permit will simplify re-registration and will allow you to apply for citizenship in the future. It is necessary to maintain investments in the country throughout the term to do this
The applicant gets the right for movement with his family. You must prepare a proof of your financial responsibility for it. In addition to minor children, brothers or sisters can obtain authorization. They must also be dependent on the principal applicant and unmarried.
Another feature emphasized by expert Vladlena Baranova (Immigrant Invest agency) is visa renewal. The investor must renew the permit every three years and maintain the investment. This way, it will be possible to meet the current criteria and obtain citizenship.
It is often necessary to purchase real estate in the country to participate in the program. However, in the case of Italy, it is not necessary to do so. Wealthy immigrants can refuse such an investment in favor of other options offered. It is one of Italy’s golden visa benefits.
Direct investment will bring the expected result at the following costs:
- from 250 thousand euros – support for Italian startups;
- from 500 thousand euros – purchase of shares in an Italian company;
- from 1 million euros – a charitable contribution to a state project;
- from 2 million euros – purchase of government bonds.
Additional costs include fees for processing the application, issuance of documents, and other accompanying operations. The decision is made within 60 days after the papers are submitted. After approval, the investor has some time to complete the transaction of funds.
Advantages for Investor
It is necessary to mention the primary benefits to evaluate the advantages of Italian golden visa correctly. An applicant who has completed the paperwork and received official status can:
- Use the local taxation system. During the first 15 years, the resident pays a fixed amount of taxes. It means that there are no limits on capital gains and no need to allocate more funds to cover debts.
- Obtain citizenship. As already mentioned, a foreigner who has retained his invest sum can easily extend his permit. In the future, it will not be difficult to switch to the category of local population and stay in Italy forever.
- Receive services. Health care, education system, and banking services are available with temporary authorization. This right applies not only to the principal applicant but also to other family members.
Travel will be no less critical. Having a permit from Italy allows you to travel to 156 countries with a minimum package of documents. Registration is done upon arrival, which significantly saves time.
Tips for Successful Application
Successful participation in the golden visa program is completed by obtaining a permit for the applicant and the persons included. To reach this goal, it is worth using the help of professionals. Accredited agents will fulfill part of the investor’s responsibilities and prepare the necessary paperwork.
It is also worth making sure that the requested authorizations are in place. Fulfilling the requirements will allow you to complete the registration procedure and move to Italy quickly. The preparation of the following documents deserves special attention:
- bank statement to confirm financial independence;
- criminal record information to confirm trustworthiness;
- results of medical examination to exclude danger to permanent residents.
Conditions and requirements are presented on the website of consulates. You can contact a lawyer or agent to avoid wasting time. Specialists will help you prepare the paperwork, fulfill the conditions, and obtain a permit.
The numerous advantages of Italy residence stimulate the supply demand. Comparing the immigration program with other options will allow you to make sure that it meets your requirements. Maltese permanent residence is Italy’s main competitor.
Maltese passport or residence permit opens access to Liechtenstein, USA, Canada, and other Schengen countries. In addition, the government does not levy taxes on capital gains and does not require contributions to the treasury for inheritance.
The conditions of the program and the cost of living in the countries are also worth considering before making an application. This way, you will be able to accept the most favorable offer available.
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