ELECTIVE RESIDENCY VISAS AND LONG TERM VISIT TOURIST VISAS (5 YEARS), IN THE CASE OF REAL ESTATE INVESTMENTS IN ITALY
GOLDEN VISA – RESIDENCE PERMIT
As a consequence of results achieved in other European countries, Italy’s Government is also adopting a policy, within the scope of existing legislation, to facilitate the issue of national, elective residency visas or, in implementing the Schengen Agreement, the issue of multiple-entry, long stay, tourist visas (5 years), to people who can provide proof of their intention to invest in property in Italy. By obtaining an elective residence visa, a foreign or third-country national may request an Elective Residence Permit. The lowering of the minimum investment figure has notably widened the range of investors that can take advantage of this opportunity. For anyone willing to invest, this is indeed a golden opportunity and above all an incentive. Purchasing a property in Italy means obtaining an EU residence permit which is also valid for family members and allows holders to travel freely within the 26 Schengen countries.
Applicable to:
– Non-European citizens intending to buy/rent a property in Italy and take up residence there indefinitely
– Non-European citizens who already own property in Italy
“Turnkey” solutions
In order to request and obtain Elective Residence Visas and Permits, Dream Properties in Italy, in partnership with ITALIAN LUXURY Realty Business has fine-tuned a special Golden Visa Italy (Elective Residence Permit) “turnkey” service, offering complete legal and professional assistance to carry out the entire procedure, both in the applicant’s country of residence and in Italy:
- completion of all formalities at the Italian Consulate in the applicant’s place of residence, complete with all the necessary documentation in Italian.
- completion of all formalities in Italy in order to obtain the National Elective Residence Permit
- conversion of the Visa into an Elective Residence Permit
- Real Estate assistance
- assistance in researching and procuring services in Italy
NATIONAL ENTRY VISA FOR ELECTIVE RESIDENCE
Entry visa for foreign nationals intending to come to Italy to inspect properties for purchase
An Elective Residence Visa allows entry into Italy for residence purposes, to foreign nationals intending to settle in the country, who have the financial resources to support themselves independently, without active employment. The Visa is issued only if all requirements have been met and all documents attesting to their reliability have been produced. It will be valid for 6 months, for short stays up to 90 days (valid throughout the Schengen area).
Having obtained an Elective Residence Visa and made entry into the country, the foreign national can, within 8 days and with all the indispensable guarantees, convert his Entry Visa into a Elective Residence Permit.
An Elective Residence Permit can also be extended to a cohabiting spouse, underage children and adult children both cohabiting and dependant, on condition that the abovementioned financial resources are also considered adequate and applicable to them.
The task of assessing the adequacy of the foreign national’s financial means to support him/herself and family members is referred to the competent Police Authority.
Duration, Renewal and Cancellation
The Visa is issued for 1 year and is renewable in Italy by the Police Authorities with territorial jurisdiction on condition that all the original requirements continue to be met over time.
The residence permit cannot be renewed or extended if the foreign national has interrupted their stay in Italy for a continuous period of over six months, unless the interruption was due to military service obligations or other serious and substantiated reasons.
After 5 years, it is possible to apply for a long-term Residence Card valid for 5 years.
After 10 years it is possible to apply for Italian Citizenship.
LONG TERM SCHENGEN TOURIST VISA (V.S.U.) (5 YEARS)
Long term multi-entry tourist visa for a person investing in Italian real estate.
Anyone wishing to make a real estate investment in Italy who does not intend to transfer residence can obtain a long term Schengen visa (5 years), if the requirements of their stay in the country do not exceed 90 days every 6 months. The requirements needed to apply for this type of visa are the same as those needed to obtain a normal tourist entry visa, in addition to proof of having completed the purchase of a property in Italy.
The holder of this type of visa is allowed to travel freely throughout all the countries in the Schengen area.
Schengen Area
The Schengen Convention allows European Citizens from member states to travel freely through the 26 countries within the Schengen Area with a simple id card.
The area is made up of 22 EU member states:
Belgium, France, Germany, Luxembourg, Netherlands, Portugal, Spain, Italy, Austria, Greece, Denmark, Sweden, Finland, Czech Republic, Estonia, Hungary, Lithuania, Latvia, Malta, Poland, Slovakia and Slovenia
and four participating countries (i.e. non EU member states):
Iceland, Norway, Switzerland and Liechtenstein
(Bulgaria, Cyprus, Ireland, Romania and the United Kingdom are part of the EU but have not adhered to the Schengen Agreement)
Foreign nationals already resident in a Schengen State and holding a residence permit, do not require visas for stays not exceeding 3 months, on condition that entry into Italy does not occur for reasons of subordinate employment, salaried employment, self-employment or training.
For more details please feel free to get in touch with us at info@dreampropertiesinitaly.com or fill in our contact form
