ITALY: IMMIGRATION FOR FINANCIALLY INDEPENDENT INDIVIDUALS

ITALY: ADVANTAGES

Italy is one of the most beautiful countries in the world. Just thinking about the landscape and cities like Florence, Rome, Venice, Milan Turin as well as the azure waves of Mediterranean and Adriatic seas, or even small countries nested inside such as Saint Marino and Vatican, can make one pumped with excitement… In the last few years, the number of foreign citizens relocating there through a residence permit has increased dramatically not only because of these natural attractions but also because of its great quality of life.

This program designed by the Italian government for wealthy individuals comes with many more advantages than you may actually know:

1. 1. 1. If you become a citizen of Italy, the Italian passport means visa free and visa-on-arrival entry to 186 countries on the world, ranking as the 3rd best nationality for travel freedom;
      2. Freedom of movement in many countries in Europe: it includes studying, residing, and working, in all members of Schengen agreement;
      3. Accelerated and simplified visa application for the United States, Canada, Australia, New Zealand, and more;
      4. A comprehensive health care system applicable all around Europe;
      5. An excellent education system – some of the world’s most prestigious schools are located in Italy;
      6. A relatively low living cost, such as housing, daily expenses, and transportation, especially compared to many developed urban areas around the world;
      7. Italy is a country of immigrants, so you will not be an odd one out. There are special programs that help you integrate with minimal costs;
      8. A diverse migrant base: you will surely find others from your home country so you will never feel alone, and there are always restaurants and supermarkets that offer your favorite home amenities;
      9. A first-hand experience for the famous Italian gastronomy, the best in the world in many eyes;
      10. Warm locals: the Italians care about family and friendship just as much as food, so you will definitely be welcomed with open arms;
      11. Italy is known for its comfortable weather: the beautiful Mediterranean sea brings sun more often than any other European region;
      12. Natural gifts: from sandy islands to snow-capped Alps, Italy has them all.

ITALY: REQUIREMENTS

The Italian Elective Residence Visa is designed for retired couples and persons with high self-sustaining incomes as well as financial assets. This program is especially attractive to those who love Italy and its relaxed lifestyle, and would like to choose Italy as the location of their permanent residence. One of the most important requirements is to be able to support yourself financially without having to rely on employment while being in Italy. You cannot finance your residence in Italy through any type of work in Italy.

Here are the general requirements to apply for an Elective Residence in Italy:

1. 1. 1. Bank documents confirming a saving above the minimum amount required, in any currency, equivalent to:
         i. €31,000 for a single applicant;
         ii. €38,000 for an applicant with spouse;
         iii. Additional €6,200 for each dependent child;
      2. Prove your ability to generate sufficient income to reside in Italy through passive means. That includes pensions, property rental income, corporate dividends, royalties, investment certificates, significant savings or other sources. The local Questura, or Police Delegation of the area you wish to reside in, will determine if the provided means is sufficient.
      3. Have an accommodation in Italy: a rented or purchased property;
      4. Have a fully comprehensive medical insurance that is valid for at least 1 year and covers Italy and all European Union member states. The annual cover must be at least €30,000 per person.

ITALY: DOCUMENTS

Here is a list of documents to be submitted to your local Italian consulate for your application for an Elective Residence visa. Please note, however, that the necessary documents may not be limited to these items, as we customize each client’s case base on the situation and demands:

1. 1. 1. Your local Italian consulate’s application form, one for each member of your family;
      2. The notarized applicant’s signature letter where he/she specifies the reason for his/her stay in Italy, length of stay, place of residence in Italy, name of persons accompanying the applicant such as spouse and children;
      3. Two recent colour ID photos, passport size;
      4. Present and previous (if applicable) passports plus copy of all pages;
      5. Certificate of birth and marriage (if applicable);
      6. Health insurance: an applicant for Italian Elective Resident Visa must have health insurance with duration of 1 year, coverage of at least EUR 30,000 and applicable in all countries of European Union;
      7. Documents that show solid and sufficient financial resources to live in Italy: bank certificate with the balance of at least EUR 31,000 (or the equivalent in another currency) if you are a single applicant. If you apply with your spouse, the balance must be at least EUR 38,000 and  you have to demonstrate an additional amount of EUR 6,200 for each dependent child;
      8. The bank statement covering the last 6 months stating current available funds, the type of account, the transactions and monthly earnings;
      9. Documents that demonstrate appropriate passive income or any other source that shows a set monthly additional financial income. Such as all types of pension, property ownership, lease agreements, business ownership and related documentation. For example, a single applicant must have a monthly income above EUR 2,596;
      10. Proof of accommodation in Italy: a property ownership deed or a signed lease contract for a house or apartment in Italy;
      11. A signed engagement letter confirming that you will not work in Italy or seek employment;
      12. A purchased ticket to Italy, or an intended day of arrival.

Within 8 days upon arrival in Italy, your Inimex Italy agent will help you with the registration process at the local police department (called Questura) in order to obtain the “Declaration of Stay” (Permesso di Soggiorno), which is the only legal document that legitimizes your stay in the country.

ITALY: PROCESS

For many wealthy individuals who wish to immigrate to Italy and obtain the Italian Elective Residency Visa, the real challenge is not the decision of relocation, living in Italy on their own income sources, or being accepted for the visa; the real challenge is dealing with official Italian immigration and administration authorities, which is the most stress-inducing part of the process. To soothe such headaches, we always propose to go through all the immigration steps with you, always at your disposal to answer all your questions and requests, and complete all the hard work so that you won’t have any reason to worry.

This is a typical procedure that you will go through from the beginning of your decision to your final acquisition of Italian long stay residence status with Inimex. Please note, however, sometimes the process may change due to policy, law, and other reasons, so this list is for your reference only:

1. 1. 1. You decide to start a new life in Italy, and sign an agreement with us;
      2. We will carry out a preliminary consultation in which we will inform you in detail of all matters relating to Italian administration, the education system, the health care system, as well as other aspects associated with your move to Italy;
      3. We set up an appointment with the Italian consulate in your country (we recommend doing this early as many consulates have a backlog so it may take months);
      4. You come to Italy to rent/purchase an ideal Italian home with our real estate team, or we can represent you as a proxy if you do not wish to come;
      5. You prepare and formalize all necessary documents and send them to us;
      6. Our sworn translators translate all documents into Italian;
      7. We help you purchase a comprehensive health insurance for Italy;
      8. On the day of the appointment, you submit your application package at the consulate;
      9. The visa is issued within 2-7 weeks, but usually faster;
      10. Once you obtain your visa, valid for one year, you should come to Italy as soon as possible;
      11. Within 8 days of arriving in Italy, we will assist you in applying for a Permit to Stay (Permesso di Soggiorno, your residence card) at your local authority;
      12. Your Permit to Stay is issued within a few months;
      13. Your Permit to Stay is valid for 1 year for the first 5 years, and we will help you renew annually;
      14. We help you apply for a long status (Carta di Soggiorno, valid for 5 years), once you have lived in Italy for at least 5 years.

ITALY: LAWS AND REGULATION

At Inimex, we strictly follow the rules and regulations stipulated by Italian authorities, with the utmost respect for your privacy. As a result, we have provided the relevant immigration law pertaining to Elective Residence in Italy for transparency, should you wish to investigate further into the details:

Law n.128 of 28 November 2013 on the Regulation for the application of the single text for immigration.

ITALY: APPLICANT’S FAMILY MEMBERS

Your family (spouse and any children under the age of 18 years) can be included in the application of Elective Residence in Italy, as long as the financial requirement is met for the increased thresholds for added family members.

ITALY: CITIZENSHIP

Once you have acquired your legal residence in Italy, after certain amount of time, you can apply for citizenship. This time varies depending on where you come from:

1. 1. 1. EU member states: 4 years;
      2. Non-EU member states: 10 years.

ITALY: OUR SERVICES

1. 1. 1. Residence permit in Italy for wealthy individual;
      2. Residence permit in Italy for investors;
      3. Set up a company, business and financial plans;
      4. Assistance in: open a bank account in Italy, medical insurance coverage, school registration for children, exchange of driver’s license, etc.;
      5. Legal service in corporate, banking, immigration and administration law;
      6. Renting / buying a property in Italy;
      7. Renewal of residence permits in Italy;
      8. Application for permanent residency in Italy;
      9. Application for Citizenship of Italy.