Is there anything unusual or special about Italy that private clients considering relocation should know?
Italy has recently passed a new set of laws around a new investment immigration program, designed to aid the establishment and development of innovative start-up companies and the repatriation of highly-skilled
Italian workers currently abroad.
The new investment immigration program provides an ‘investor visa’ for qualifying foreign nationals intending to reside in Italy. They are not subject to non – EU immigrant quota restrictions under the following conditions:
• Investment of a minimum of 2 million euros in bonds issued by the Italian government, retaining the investment for at least 2 years;
• Investment of a minimum of 1 million euros in shares issued by Italian companies, retaining the investment for at least two years;
• Investment of a minimum of 1 million euros in the form of a charitable gift to sustain a project of public interest.
The Investor Visa will grant a residence permit of two years, renewable upon expiration for an additional maximum three-year period provided that the investment is not withdrawn. Family members of the foreign investor can obtain family permits allowing them to remain in Italy.
As for the establishment and development of innovative start-up companies, several incentives are provided by the new regulation.
These include; tax incentives for startups, corporate benefits and exceptions to bankruptcy law provisions, cost reductions for the setting up of a new company and employment rules separated from general labour law.