While European countries have discontinued the golden visa and Italy has an easier alternative: European countries are phasing out golden visas due to foreign investment concerns and an overwhelming influx of applications leading to rising property prices.
Countries like Portugal, Ireland, and the UK have removed their golden visa programs for individuals, while other countries, like Greece, have significantly increased the financial requirements for entry.
While European Countries Have Discontinued The Golden Visa And Italy has An Easier Alternative
The Netherlands is one of the latest countries in Europe to announce it would discontinue its golden visa program for individuals starting from January 2024. But Italy has an easier and better alternative.
While it may not be a golden visa, the Representative Office visa of Italy offers an attractive option for those individuals who want to engage in market research, commercial activities, and networking in Italy without requiring a physical presence or a substantial financial investment.
Unlike investment visas, the Representative Office visa of Italy allows foreign companies to establish a non-commercial office in the country for representative purposes.
It means that the office in Italy serves the parent company without engaging in revenue generation.
One of the fantastic features of this visa is its relatively easy eligibility requirements. Unlike golden visas, which often demand significant assets of around €250,000 or more, the Representative Office visa of Italy only requires an annual turnover of about €12,000.
To establish a representative office in Italy, the company must be a limited liability company (LLC) incorporated in a jurisdiction that is a member of the World Trade Organization (WTO).
There are no requirements to buy property, hire employees, or stay in Italy for a specific period.
This lower entry barrier makes the Representative Office visa of Italy more attractive, especially with the dwindling availability of golden visas. Also, this visa provides access to Italy’s healthcare system at no cost.
Applicants only need to show €7,500 in annual income to renew the visa annually. Moreover, after 5 years, permanent residency in the European Union can be received, and after another 5 years, Italian citizenship becomes attainable.
For those persons who want to relocate to Italy with their families, this visa streamlines the process of getting healthcare coverage.
Since the representative office does not engage in revenue-generating activities, it remains non-taxable. However, the immigrants may be subject to American taxes, and consultation with an accountant is advisable to understand the implications.
Another significant benefit of this visa is to convert it into another different type of visa if any circumstances change or other visa options become more suitable.
So, it is all about While European countries have discontinued the golden visa and Italy has an easier alternative.
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Source:- economictimes.indiatimes.com
