Investor Visa Italy Investor Visa Italy / 1 | Page 11

INVEST IN ITALY
Visa for self-employment – business owners:
a further opportunity for entrepreneurs who want
to start a business in Italy
T HE I TALIAN LAW (Article 26 Consolidated Law on
Immigration) permits also the issue of entry
visas for “self-employment – business owner”
for non-EU entrepreneurs willing to build their
own business in Italy. This entry visa and the
related residence permit are different from the
visa for investors and may be issued under the
following conditions:
1. the visa is issued in the context of the an-
nual installments set by the Government. Each
year, the Government determines the number
of foreign entrepreneurs allowed to enter Italy.
For 2017 the maximum number is set at 2,400
visas;
2. a visa may be issued only if the alien de-
monstrates to have run the business activity on
a continuous basis in his home country. Entre-
preneurs may start their new business in Italy
even in sectors other than their own. Managers,
professionals, and employees can’t apply for
this visa;
3. the business owner must submit an inve-
stment plan (business plan) including the use
of own-resources of at least EUR 500,000 and
the creation of at least three new job positions.
The Entrepreneur, with the help of Jusweb,
must provide:
• the Entry visa application form;
• a recent passport-size photograph;
• a valid travel document whose expiry date is
three months longer than that of the visa re-
quested;
• proof of suitable accommodation in the form
of one of the following documents: agree-
ment for the purchase or rental of a building;
statement made in accordance with articles
2 and 4 of Law no. 15 of 4th January 1968;
statement made in accordance with the
same law by an Italian or foreign national le-
gally residing in Italy, confirming that they
have made available to the visa applicant
suitable accommodation that complies with
the minimum standards laid down in the re-
levant regional law regarding public housing
accommodation;
• a Certificate of an abstract recognition of the
resources necessary for the business, trade
or craft activity to be undertaken, issued by
the relevant Chamber of Commerce for the
area where the activity shall take place.
These resources must not be fewer than the
annual amount of the minimum income (€
4,962.36);
• sufficient funds available in Italy to guarantee
the resources as per the Certificate;
• the proof of the availability of an income re-
lating to the previous financial year which
must be higher than the minimum level re-
quired by law for the exemption from health
care contribution (€ 8,400), already acquired
in the country of residence;
• the authorization (nulla osta) from the rele-
vant Questura.
Favorable tax break
Starting from 2017 natural persons who move their fiscal residence to Italy can opt for pay taxes on income earned abroad,
providing that the interested person, for a period of at least nine years during the ten years preceding the beginning of
the option validity, did not reside in Italy, for fiscal purpose. The tax applies to all income, except for capital gains genera-
ted from the cession of ‘qualified’ shares held in a company.
The total amount of tax to be paid is EUR 100,000 for each tax period in which the above option is valid, regardless of the
income amount actually earned. The amount is reduced to EUR 25,000 for each tax period for each family member who
is included in the visa extension. Therefore family members who earn income abroad, with the exception of capital gains
generated from the cession of ‘qualified’ shares held in a company, are taxed a total amount of EUR 25,000 instead of EUR
100,000 as the principal applicant.
Subject to a positive response from the Tax Agency, the option must be accomplished within the deadline for the decla-
ration of income concerning the tax period in which the applicant moves his/her residence to Italy and it is operative since
that tax period.
The option lasts fifteen years and can be withdrawn by the applicant. In any case, the option is automatically annulled in
the case of failure to pay the tax amount entirely or partially. After withdrawal or annulment, a new option cannot be
obtained. One or more family members can choose not to exercise the option, by requesting regular taxation of income
earned abroad.
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