This report covers Italian efforts to attract investors with new permit process.
In December 2017 Italy made available a new permit of stay specifically for investors. This new permit, known as permesso di soggiorno per investitori, is aimed at high-net worth individuals who want to invest in Italy in strategic sectors of the Italian economy.
The Italian authorities seek to boost investments in Italy by creating a streamlined, online permit application and issuance process.
The new permit simplifies the permits process to attract foreign investors. It can be used together with other measures such the “flat tax” regime for new residents in Italy. The permit for investors is intended to be a special kind of self-employed permit, regulated by article 26.1
Through a dedicated web portal: https://investorvisa.mise.gov.it/index.php/it/, interested parties can obtain a Nulla Osta (work permit) and the related permit of stay for investors (permesso di soggiorno per investitori).2
Highlights of the new permit include:
The chosen investment must be made within three months of entering Italy and kept for at least two years.
Nulla Osta (work permit)
The new process allows the Investor to enter Italy ready to request the permit and to invest. In addition to the usual documentation, the authorities must be provided with:
The new portal that became operational in mid-December makes it possible to request the Nulla Osta (work permit) online and have it delivered to the competent Italian Consulate. Note that it is mandatory to indicate the place where the Investor is going to settle (to inform the competent territorial immigration authorities)
Once the Nulla Osta (work permit) is issued, it is sent to the competent consulate. The investor has six months to go the Consulate to apply for the visa.
Permit of stay
Before entering Italy, the investor must communicate to the competent authorities the day that the investor will go to the competent immigration office at the police to apply for the permit of stay. The application must be done within eight working days after entering Italy.
The permit of stay can be renewed for three more years, if the same investment is held for this additional time. Proof justifying the extension of the investment on the same conditions must be provided. If another investment to replace the current is planned, it will be linked to a new Nulla Osta (work permit).
1 Introduced in the 2017 Budget Law, it is regulated by article 26-bis, Law n.286/1998 (known as Testo Unico sull’Immigrazione).
2 Investor Visa for Italy - Manuale Operativo..Decreto Interministeriale del 21 luglio 2017
The information contained in this newsletter was submitted by the KPMG International member firm in Italy.
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