Recently there have been some articles posted on the web, mostly targeted to South African citizens, publicizing the possibility of obtaining citizenship by investing in Umbria, a region in the centre of the country. The articles allege:
“a new programme created by the Italian Revenue Agency (Agenzia delle Entrate) to encourage economically active people to immigrate to Italy now offers South Africans a relatively inexpensive way to gain residence in that country, followed by citizenship and an Italian passport, in less than a year.”
“The main program under which foreign citizens can obtain permanent residence followed by citizenship by investment in Italy is called the Investor Visa Scheme”
“the costs attached to the new Italian initiative are just €100,000 (R1.7 million) for the main applicant to obtain residency followed by citizenship and a passport”
Don’t believe it!
Check the information available on the website of the Ministry of Foreign Affairs on how to acquire Italian citizenship by residency. You can find out that such options are not listed.
As a general rule, for non-EU foreigners, legal residence on the territory of the Italian State for at least 10 years is required, but there are many cases for which the period of residence required is lower:
Residency by investment
Actually, Italy has indeed an Investor Visa but:
The official source for information about the Investor Visa is the website of the Ministry of Economic Development (MISE)
Any information different from those provided in Government websites and official sources that you read in articles, blogs, etc. it is a fake news and potentially a fraud.
Do not confuse possible tax benefits offered to new residents with residency/citizenship rights
Some people think that applying for a tax incentive scheme will automatically grant a resident visa, but this is not correct.
Italy offers some favourable tax schemes for new residents:
Yearly flat tax (€ 100,000)
Individuals transferring their tax residency in Italy can apply for a special yearly flat tax of € 100,000. To qualify for the option the applicant must not have been resident in Italy for at least nine tax years during the previous 10 years.
Special regime for foreign retirees (7% tax)
Foreign retirees who move their fiscal residence from abroad in the small Municipalities of Southern Italy (Sicily, Calabria, Sardinia, Campania, Basilicata, Abruzzo, Molise and Puglia) with population not exceeding 20 thousand inhabitants,
can benefit from a substitute tax of 7% to be applied to any category of income produced abroad. The option is valid for 5 years.
.. But applicants will still need to obtain a Visa to live in the country
Applying to such schemes, in fact, does not automatically grant a visa to the applicants. Available visa options are:
Disclaimer: The information provided on this article (i) does not, and is not intended to, constitute legal advice; (ii) are for general informational purposes only and may not constitute the most up-to-date legal or other information (iii) this website may contain links to other third-party websites. Such links are only for the convenience of the reader; (iv) readers should contact their attorney to obtain advice with respect to any particular legal or tax matter.
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