Today we’re going to have a look at a residency by investment scheme in one of the jewels of Europe, Italy. For many of us, a visit to the Colosseum or a trip on a gondola in Venice is on our bucket list, but it’s quite likely you haven’t given Italy much consideration for relocation. With these programs becoming increasingly common in nations across almost all continents, moving across borders is more accessible than ever, so why not make 2022 your year and dive into relocation.
The internationally renowned boot-shaped country occupying its space in the Mediterranean Sea, Italy, is not just known for the amazingly wide range of cities and towns to visit, but also the incredible cuisine and rich history on offer to anyone lucky enough to find themselves within the country. There’s perfection to be sought by any potential investor, whether in the Alps mountains in the north for those who love to ski, or for those who prefer a relaxed lifestyle in the sun, Sardinia is calling your name!
Over the last 75 years, the Italian economy has gone from strength to strength, developing ties across the globe and being advanced by its engineering industry. This means that in terms of relocation, you should have more peace of mind storing your assets locally, avoiding any extra unnecessary stress.
This all sounds good, but practically speaking, let’s compare Italy with the United Kingdom just for some extra reference. The cost of living in Italy is roughly 3.43% lower than the UK, meaning as a benchmark, Italy is not ridiculously expensive, and your money can go further there than other countries in Europe!
How does the process work?
For this you have three options:
1. €2,000,000 in government bonds
2. €500,000 in Italian company shares
3. €1,000,000 investment into public interest projects
It’s clear that this investment is not cheap, but none of these programs are, and when we get onto some of the additional benefits to getting involved in the scheme, it becomes clear why residency by investment in Italy is worth it!
In case you’re wondering, the third option in the above list covers projects relating to culture, education etc. and essentially means your money goes on to assist with the development of Italian sectors to further enrich the nation. Regardless of whether you choose this option, they all come with a two-year visa which can be renewed for three more years so long as you don’t refund your investment.
One factor which has us all interested in these programs is the time frame, and after completing your investment and providing any requested documentation, you have to wait 3-4 months before being accepted, quite a short waiting time considering the time you’ll get to spend in Italy in the long-term!
So, what are the benefits to me?
As we mentioned, Italy is a vastly diverse nation in terms of landscape, cuisine and history, meaning the opportunity to immerse yourself for 5 years before being allowed to apply for permanent residency and stay even longer on your pathway to citizenship gives you all the time in the world to take in every aspect. Also, should you ever need to return to your home country, there is no minimum time you need to spend in Italy to keep your visa, so trips home are not forbidden!
Obviously, you will be needing a place to stay during your time in Italy, and so to go back to our comparison earlier with the UK, renting in Italy is, on average, 36.19% lower. This is huge and means you can not only get more for your money, but also have more disposable income to spend on adventuring!
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