A guide to moving to one of the most beautiful countries in Europe.
Are you thinking of moving away from your home country but don’t know where to choose? This can be a daunting task, but it doesn’t have to be. Have you considered Italy? Italy is a picturesque country with great food and culture, and some of the most attractive real estate prices in Europe, which will come in handy when you choose to move to this beautiful country.
In terms of financial planning, expatriating can be a lucrative step in a fiscally responsible retirement. The cost of living, tax benefits, and quality of life are all reasons to spend your retirement years abroad.
Let us dive into how an individual can transform their life by moving to Italy. When you are ready to make a move, or if you are curious about whether or not Italy is right for you, contact Alpen Partners below!
This guide cannot act as complete guidance. For everything that you need to know, contact our expert team today!
The most common way of living in Italy is by gaining a residence permit or Permesso di Soggiorno. This is for any non-EU national who plans on living in the country for more than three months and must be applied for eight days after entering the country. To live in the country for up to five years, individuals will apply for a permanent residence card.
Other ways to live in the country is through applying for student visas, work visas, and family visas.
Residency by Investment
Many investors use their foreign investment to acquire residency in a new country. With residency, you may gain visa-free travel through the country and, in some cases, visa-free travel to other countries as well. If you are looking to gain residency in Italy, there is a way to obtain a permit through an investment. The Investor Visa for Italy program was introduced in 2017 and applied to citizens of non-European Union member states.
There are a few different options for investors. They must meet one of the following requirements:
- Invest €2 million in government bonds
- Invest €1 million as a loan to an Italian limited company
- Make a €1 million charitable donation
- Invest € 500,000 into an innovative startup
To gain residency, the investor will also have to prove they have an annual income of at least €100,000 or €35,000 if the applicant makes a substantial property investment of around €300,000 to €500,000.
Dual citizenship can open up a world of opportunity, from lower tax responsibility to accessible travel. Don’t hold yourself with just one passport.
For years, Italy has been heralded as one of the easiest ways to gain dual citizenship in the world. If an individual is looking for inexpensive dual citizenship or second passport, Italy offers citizenship to those whose ancestors were born in the country.
The process of gaining dual citizenship in Italy will involve presenting records proving ancestry and going through the naturalization process.
Investing in Italy
Small and medium businesses back Italy’s economy; a significant fraction of which, are in the manufacturing or service sectors. There has been steady growth in the country in the last few years, and investment flow increased to $30 billion (€ 26.5 billion) in 2016. That made Italy the 15th largest foreign direct investment recipient in the world. In 2017, Italy was named the 3rd largest Eurozone economy. A lot of this is thanks to foreign investors.
The most attractive investments for foreigners are in real estate, tourism, and the food industry. The Italian government has created several tax incentives for foreign investors, including tax deductions for investments in research and development. The deduction can reach up to 50% of income tax.
Other tax incentives include tax deductions for creating companies that employ local workers, the creation of intellectual property, and investing in a startup or innovative companies. According to a report at the end of 2018, transactions are increasing, and prices continue to go down.
Move to Italy with Alpen Partners
With a partnership with respected law firms in various regions of the world, Alpen Partners is advising its clients on every step of the expatriation journey. There is increasing tax pressure globally and professional mobility, expatriation has become one of the most efficient tools for asset protection and estate planning. Dual citizenship clearly has its benefits, so what are you waiting for?
Some benefits can affect your taxes, your investment portfolio, cost of living, and your lifestyle altogether. As the cost of traveling becomes less expensive, the benefits of expatriation for financial reasons are more easily obtained.
Taking the leap and leaving your home country can be a big decision with tons of personal and legal steps. The hassle of navigating the legal process of expatriation can be reduced with the guidance of Alpen Partners. Each step requires assistance, including getting the passport, making sure everything is completed correctly regarding taxes, acquiring work permits, making investments, and more.
Our expatriation and relocation services take your goals and current situation to handcraft a unique plan for you.