This article is written by Marco Mazzeschi and contributed to our publication on Medium.com.
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- Starting from January 1st 2021, UK citizens are no longer EU citizens. Which visas can they apply for?
- Which are the visa options for Brits who want to work, set up a business or retire in Italy?
Elective residence visa (ERV)
This visa is for those who want to live in Italy without working. ERV requires the applicant to show a minimum passive income (i.e. not deriving from work or salary) of not less than € 31,000/year and to have a suitable accommodation.
To prove your income, submit proof of steady income (e.g. pension, property, business) and financial means (bank letters, account balances, pension slips, tax returns).
Do I need to purchase a property? Accommodation can be rented, no need to purchase a property but if the property is of value, it will surely help the application. Consulate will however focus its review on the applicant’s income that must be steady and the ability of proving it with trustable documents.
Can I bring my family? The spouse and children up to 18 are entitled to a family visa, but applicant will need to prove a higher income (+20% for the spouse and +5% for each child).
Can I work remotely? No, applicants cannot work and are not permitted to work from home, blog for payment, or otherwise dodge this restriction.
Investor Visa
The Investors’ Visa can be obtained by: (i) purchasing € two million in Italian government bonds (to be kept for a period of at least two years); or (ii) investing € 500,000 in a company or € 250,000 in a “innovative start-up”; or (iii) donating € one million in philanthropic projects of public interest.
When do I need to make the investment? Within three months from the date of entry, the applicant must provide documented evidence of having carried out the investment proposed in the application.
How long is the visa for? The investors visa holder shall receive a two years valid investors’ residence permit (permesso di soggiorno “per investitori”), renewable for an additional three years further to proving that the investment is still in place.
Can I change my investment? Changes will be deemed admissible only in exceptional circumstances, assessed by the Committee on a case by case basis.
Is this visa subject to quota limitations? No
Start-up visa
This visa is for non-EU nationals intending to set up an innovative start-up business. The applicant must (ii) prove the availability of at least € 50,000 to be used for the sole purpose of establishing and operating the start-up (ii) submit a detailed business plan.
A start-up is innovative if it meets at least one of these:
- Owns a patent or registered software.
- 15% of costs or turnover go to R&D.
- Workforce includes 1/3 PhDs or 2/3 Master’s holders.
Does a start-up need to operate in ITC sector only? this definition is sector-neutral: a company that meets the requirements set out above may operate in any economic sector and still be registered as an innovative startup.
Is this visa subject to quota limitations? Yes
Start your own business
If you do not qualify for a start-up visa but you still intend to carry out some activities in Italy, you can register an ordinary company. With few exceptions, Italy allows foreigners to register a new company entirely owned by foreign individuals or companies. A self-employee visa as company’s director can however be obtained only when a company has been in activity for at least 3 years and issuance is subject to quotas.
Can I hire non EU workers with a Newco? If adequately funded, a company can immediately hire non-EU workers under a Blue Card, without hiring locals. Workers must be highly skilled with a 3-year degree and earn at least €25,000/year.
What are the conditions and limitations? There are no fixed limits, but the Immigration Office assesses the company’s financial ability to run the business and cover all worker-related costs.
Accordingly, it is always advisable to start a new business with adequate and substantial funds, in addition to the minimum € 10,000 capital. The law allows permits for foreign workers to be annulled or revoked if the company was created solely to facilitate immigration.
Is this visa subject to quota limitations? No, for Blue Card permits — Yes, for self-employee permits.
Favourable flat-tax regime for new residents
Individuals transferring their tax residency in Italy can apply for a special yearly flat tax of € 100,000. To qualify for the option the applicant must not have been resident in Italy for at least nine tax years during the previous 10 years.
Any other options?
There could be other visa options for enterpreneurs and investors, for a complete overview you can check our articles and also our contribution published in the TUSCANY REGION website.
Disclaimer: This article (i) does not constitute legal advice; (ii) is for general informational purposes and may not reflect the most current legal developments; (iii) may contain links to third-party websites for reader convenience only; (iv) readers should consult an attorney for advice on specific legal matters.
