Many countries around the world, such as Greece and Portugal, have started to offer many residency by investment programs to capitalize on foreign investment and to take advantage of the number of persons around the globe looking to start a new life in another country.
In Portugal, the demand for new realtors that can speak English or other languages, have been skyrocketing the last decade. But what about other European countries?
One country that has been gaining worldwide attention thanks to its second passport golden visa program is Italy. Because of the newly announced changes to Portugal’s Golden Visa, we expect Italy to be the new haven for retirees and foreigners looking for a second passport.
Italy’s Golden Visa or Investor Visa is a two year visa given to foreigners who invest in Italy. You can also give a large donation to a previously approved industry or corporation. This two year visa can be approved every two years.
In order to qualify for Italy’s Golden Visa you must be born outside of the European Union and have all of your legal and financial documents in order. After all of this is approved, you must then make a large donation or investment in a selected area inside the country.
The following is a list of the types of donations or investments you have to do in Italy in order to qualify for the Golden Visa. The list changes all the time so make sure to contact us and we will happily tell you where to invest or donate your money.
- Invest €500,000 in a company currently operating in Italy
- Invest €250,000 in an approved startup
- Invest in a Government Bond
- Make a donation in one of the specific fields being promoted by the government at the moment
The price to purchase a government bond varies depending on the type of bond you buy. You can expect to invest somewhere between €1,000,000 – €2,000,000. This is the safest citizenship by investment pathway into the country, and once everything is settled your money can be returned to you with extra dividends.
If you are planning to make a donation in Italy, then you should prepare yourself to spend at least €1,000,000. Like I said, the place where you make a donation varies, but the process remains the same.
Another way to obtain residency in Italy is to make a large investment in real estate. The real estate that you purchase must be around €300,000 – €500,000 and must also be pre approved by an expert in the matter. If you want to become an Italian resident via this path then you must also demonstrate an annual income of €100,000 via bank statements. If the real estate that you purchase inside the country is of high value, then the requirement can be reduced to €35,000.
Just like the Golden Visa, if everything goes well with your application and your investment is approved then you can become a permanent resident of Italy for a period of two years. You must renew your application every two years if you wish to continue living in Italy.
You can become a citizen in Italy after 10 years of renewing your visa. The process can be a little challenging if you compare it to different countries offering the same program, but you can end up with a second passport from Italy if you follow the guidelines and keep renewing your visa.