Information about elective residence visas and long-term tourist visas (5 years) in the case of residential real estate investments in Italy.
According to current Italian legislation (Decree of Ministry of Foreign Affairs N. 850/2011, Art. 13, Annex A), it is possible to issue National Elective Residence Visas and long-term multiple-entry tourist visas (5 years) for those applicants who are willing to transfer their residence to Italy and are able to financially support themselves without working .
1) to be a foreigner willing to settle in Italy;
2) to be able to financially support yourself without working;
3) to provide appropriate and documented guarantees about the availability of a dwelling in Italy to reside in;
4) to provide appropriate and documented guarantees about having an independent, stable and regular income, whose continuity in the future can be reasonably assumed. These financial resources, in the amount of no less than 31.000 euros per year, must originate from sizeable incomes (pensions, life annuities), ownership of real estate (properties), ownership of stable economic/commercial activities or from any other sources. Income deriving from employment cannot be taken into consideration.
Obtaining an Italian residence permit implies the right of free movement within the Schengen Area, that is, most of the territory of currently 22 EU countries and seven associated non-EU countries that have adopted a common visa policy and do not enforce border controls on their mutual borders.
This includes the whole European Union with the following exceptions; the United Kingdom, the Republic of Ireland, Cyprus, Bulgaria, Romania and Croatia (the three latter of which are scheduled to join by the end of 2015) as well as the four member states of the European Free Trade Agreement, Switzerland, Norway, Iceland and Liechtenstein, and the micro-states of Monaco, San Marino and the Vatican.
Magaraggia Law Firm is able to offer a complete package of advice and assistance for those wishing to participate in this program. We will guide you from the very first considerations through all legal and commercial aspects of acquiring property and applying for the program, up to fulfilling all requisite requirements for permanent residence and/or citizenship.
As part of our Golden Visa Package Service, we offer to accompany, guide and advise you along every step of the way.
While the program is quite straightforward, there are several pitfalls throughout all the complicated Italian bureaucracy that we can help you to avoid. Magaraggia Law Firm will prevent you from wasting time and assisting you in this path and taking care of each step:
– managing the acquisition of the property, providing a whole legal assistance which would include an accurate due diligence, making sure the property you would like to buy can be transferred without any problem or risk
– applying for the residence permit and its renewals, making sure that you fulfill every requirements and provide any document and paperwork that is compulsory under Italian authorities
– organizing the required annual visits and making sure that these are properly documented
– management of your property, including rental legal advice and tax obligations
– competent, comprehensive legal advice on all questions and issues that might arise
If you are interested in our Golden Visa Package and how we can help you take advantage of the Golden Visa Plan, please do not hesitate to contact us.