Tag: Italy Elective Residency

Italy Reopens to Travel – Options for Immigration

The End of the Golden Visa?

US Immigration Advisor

It’s yet to be officially approved, but Portugal is about to end its golden visa scheme for foreign investors. This program has been very successful and has attracted many investors from around the world. The scheme, aimed at non-EU nationals ready to invest in Portugal, has attracted 6.8 billion euros since its launch in 2012, with investor choosing real estate investments on the Atlantic coast. Successful applicants were given residency rights and a path to the European citizenship.

The reasons why the Portuguese government might shut down the Portuguese Golden Visa program is mainly related to the country’s house-affordability issue. In fact, the Golden Visa program has led to an increase in property prices, making it difficult for local residents to afford a place where to live. Undoubtedly, shutting down the program would help bring prices back down to a more reasonable level.

However, on a more general picture, despite the fact that the European Commission is trying to limit access to these migration programs, these are in huge demands. A valid and open alternative to the Portuguese program is represented by Italy. The Italian Elective Residence Visa allows non-EU citizens to live in Italy potentially indefinitely, without making any sort of investments. All they need in order to apply for this visa is to prove they have sufficient financial resources – a passive income – to support themselves without working. Passive income usually comes from real estate investments, brokerage accounts, pensions, annuities. Following five years of physical presence in Italy, applicants are eligible for a European permanent residency and, after ten years, EU citizenship. This Italian program targets retirees and high net worth individuals.

Italy is known for its beautiful landscapes, rich history, culture, food, lifestyle, design, and stunning cities like Rome, Milan, Florence, and Venice. Overall, if you meet the eligibility criteria and are looking for a way to experience Italy’s culture, the Italian Elective Residence Visa could be a fantastic option for you.

Davies & Associates works with Italian licensed attorneys (the main office is located in Florence) and has Italian desks in the U.S., India, and Vietnam.

For more information please see the information on our website:

ITALY IMMIGRATION SERVICES

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Italian Immigration Options

Italy Plans “Digital Nomad” Visa to Entice Remote Workers

usimmigrationadvisor

The Italian government has announced that remote workers will soon be able to apply for a “Digital Nomad” Visa, permitting them to work in the country for up to one year. The move is part of a package of measures designed to help Italy recover from Covid-19. The hope is that these professionals will come to the country for the Dolce Vita and spend lots of money in the process.

The details are yet to be released, but it is specifically aimed “highly qualified professionals” who are able to work remotely because of modern “technological tools”. The pandemic has upended working practices around the world. While many companies are trying to tempt people back to the office, or permitting hybrid working practices, others have gone fully remote. This adds to a trend that was already growing before the pandemic, and it is these people Italy is seeking to reach.

It is not clear how Italy plans to define “highly qualified professionals” and what the visa criteria will be. There may be a minimum income requirement, an educational-attainment requirement, and/or a job seniority/experience requirement. We will keep you updated as the rules are set.

The visa will be valid for up to one years and it is not yet clear whether there will be options to extend. However, for anyone who falls for the Italian way of life and wishes to remain longer, there are multiple options for staying on. The Elective Residency Visa is currently our most popular Italian option and offers residency to anyone who can prove funds of €32,000/year earned outside of Italy to support themselves.

Visit our Italy Practice page for full details on all your Italian immigration options.

This article is published for clients, friends and other interested visitors for information purposes only. The contents of the article do not constitute legal advice and do not necessarily reflect the opinions of Davies & Associates or any of its attorneys, staff or clients. External links are not an endorsement of the content.

Business Immigration from the UK to the USA

UK Scraps Investor Visa – What are my options?

usimmigrationadvisor

The US investor visa requires an investment amount five times lower than the UK investor visa

The UK Government has announced it will be scrapping its Tier One Investor Visa program. The program had come under fire for the perception that it provided a legitimate route for illicit wealth to enter the United Kingdom.

The UK Investor Visa program was relatively expensive when compared with other countries’ residency and citizenship by investment programs. The minimum investment requirement started from £2 million – which is around five times as much as the corresponding US program, the EB-5 Immigrant Investment Visa Program. Investors had the option of investing more money to reduce the length of time before they could be granted Indefinite Leave to Remain in the UK and by extension applying for citizenship a year after.

United States EB-5 Investor Visa

The price tag of the UK investor visa meant that it only attracted a few hundred applicants each year. That contrasts starkly with the US EB-5 investor visa, which attracts thousands and regularly meets its annual quota of 10,000 visas – thanks in part to a large backlog of Chinese applicants.

The US program currently has a minimum investment requirement of $500,000, which must create ten jobs. A key aspect of the program – the Regional Center program – is likely to come before Congress in the very near future and the rumor is that the investment amount may increase. This could be to $700,000 or $750,000, but this is only speculation and there are no guarantees.

The popular Regional Center route is currently closed awaiting reauthorization. This could potential occur within the next few weeks if it is included in Congress’s spending legislation. The alternative so-called “Direct EB-5” route is currently open at the minimum $500,000 threshold right now.

Grenada Citizenship by Investment

One of the most cost-effective citizenship or residency programs around the world is offered by Grenada, an island in the Caribbean. Grenadian citizenship starts from just $150,000 for a donation or $220,000 for an investment. Processing times are relatively fast and can take less than three months. Grenada has a relatively strong passport and it hold an E-2 Treaty with the United States. There is no tax on income earned outside of the island’s jurisdiction.

Turkey Citizenship by Investment

You can obtain citizenship of Turkey in around 6 months in exchange for a $250,000 investment in real estate or holding deposits in excess of $500,000 with a Turkish bank for at least three years. Turkey is a global transportation hub and it also holds an E-2 Treaty with the United States. This means that, like Grenada, you could become eligible for the US E-2 Visa by first obtaining Turkish citizenship.

Italy Investor Visa

Italy’s investor visa starts from just €250,000. However, most of our clients prefer the country’s elective residency visa, which allows you to live in Italy provided you have €32,000/year from funds earned outside Italy to support you. The country also offers generous flat tax rates to high-net-worth-individuals.

Contact us to discuss any of the options listed above.

This article is published for clients, friends and other interested visitors for information purposes only. The contents of the article do not constitute legal advice and do not necessarily reflect the opinions of Davies & Associates or any of its attorneys, staff or clients. External links are not an endorsement of the content.