Business and tax
Evaluation of the fiscal impact of company policies, analysis of economic trends both inside and outside the company, identification of areas of inefficiency, improvement of processes and optimization of company objectives. Establishment of companies, planning of corporate and group reorganizations, extraordinary operations and corporate restructuring, sale of shares, assistance in the generational turnover phase.
Establishment and registration of start-ups in the appropriate section of the Business Register. Support in drafting the business plan, analysis of the regulations of favor and tax incentives for new companies and businesses characterized by a strong technological connotation. Financial advice and access to credit, collaboration with crowdfunding platforms.
Planning of corporate financial needs, forecasting of financial flows and selection of suitable tools. Assistance in the management and optimization of relations with credit institutions, in the admissibility of the company to the Guarantee Fund for SMEs (Law 662/1996), access to grants and calls. Management of the company crisis, redefinition and removal of debt positions.
Visa for investors
Article 1, paragraph 148 of the 2017 Budget Law introduced Article 26bis to the Consolidated Immigration Act with the aim of attracting investors to Italy, specifically foreign individuals willing to invest substantial resources in the Italian economy.
The investor visa allows entry and residence in Italy for periods longer than 3 months and outside the annual quotas.
Boschetti Law Firm can assist foreigners who intend to make an investment or donation in Italy, from examining the requirements to applying for an entry visa and subsequent application for an investor residence permit.
What are the requirements to obtain the investor visa?
To apply for the investor visa, the foreign individual must demonstrate their intention to make:
– An investment of at least €2,000,000 in securities issued by the Italian government, to be held for at least two years.
– An investment of at least €500,000 in instruments representing the capital of a company established and operating in Italy, to be held for at least two years, or at least €250,000 in the case of an innovative startup registered in the special section of the business register.
– A philanthropic donation of at least €1,000,000 to support a project of public interest in the fields of culture, education, immigration management, scientific research, or preservation of cultural and landscape heritage.
Applicants must demonstrate that they are the actual owners and beneficiaries of an amount equal to or greater than €2,000,000 (for point 1) or €1,000,000 (for points 2 and 3), which must be available and transferable to Italy. They must also provide a written declaration committing to using the funds for investment or philanthropic donation within three months of entering Italy. Additionally, applicants must show sufficient resources, in addition to the investment funds, to support themselves during their stay in Italy, exceeding the minimum level required by law for exemption from healthcare expenses.
The term “instruments representing the capital” refers only to those that grant the status of shareholder from the first investment, such as ordinary shares, preference shares, savings shares, and quotas of non-stock companies.
It should be clarified that the provision does not limit the investment to stocks, so it can be assumed that acquiring the status of shareholder can also apply to companies whose capital is not composed of shares, such as partnerships and limited liability companies.
It is unclear whether partnerships are included among the eligible types of companies. According to the best interpretation of the law, the company can be either newly established or already in existence.
By ministerial decree dated July 21, 2017, the necessary documents for applying for the investor visa were identified:
- a) A copy of a valid travel document with an expiration date at least three months beyond the requested visa date.
- b) Documentation proving the applicant’s ownership and actual beneficiaries of the amounts to be invested, demonstrating that these amounts are available and transferable to Italy.
- c) Certification attesting to the lawful origin of the funds, consisting of:
1) A declaration by the applicant indicating the source of the funds.
2) Certification of the absence of final criminal convictions and pending charges issued by the competent authorities of countries other than Italy where the applicant has resided for a period exceeding twelve consecutive months during the ten years prior to the submission of the application and after reaching the age of eighteen.
- d) A declaration in which the applicant commits to using the funds within three months of entering Italy for the investment or donation specified and to maintaining the investment for at least two years. The declaration must be accompanied by a description of the characteristics and recipients of the investment or donation.
How to apply for the investor visa
The ministerial decree of 2017 also established the required procedure for submitting an application for the investor visa.
Specifically, the foreigner who intends to obtain the issuance of the investor visa must submit the necessary documentation through a dedicated web platform for the program.
The Secretariat of the established Committee performs a formal check on the completeness of the documentation.
The process must be completed within 30 days from the receipt of the application.
Once the clearance has been issued, the applicant submits the visa application to the competent consular office for the territory.
As usual, within eight days of entering Italy, the recipient of the investor visa requests the issuance of a two-year residence permit for investors from the competent local police headquarters (Questura).
It is important to note that within three months from the date of entry into Italy, the recipient of the investor visa is required to submit to the Secretariat of the Committee the documentation proving the implementation of the investment or donation, for the entire specified amount.
If the communication mentioned in the first period is not made or is not supported by appropriate documentary evidence, the Secretariat informs the competent local police headquarters, which rejects the application for a residence permit or revokes the permit already issued.
Furthermore, as specified in the above-mentioned Decree of July 21, 2017, “The revocation of the residence permit can occur at any time if, based on the findings made by the Committee Secretariat, the investment has been disposed of or if the holder of the residence permit cannot be located at the declared address.
The holder of an expiring residence permit for investors may request its renewal for an additional period of three years, provided there is approval from the Committee, attesting to the maintenance of the investment.”
flax tax for super rich
Article 24-bis of the Consolidated Income Tax Act (TUIR) provides for an optional tax regime that allows new residents to pay, for the entire income generated outside the Italian territory, a lump sum annual figure equal to 100,000 €, in lieu of the amount due according to ordinary tax legislation. The substitute tax regime can be exercised on condition that: • The person has not been tax resident in Italy for at least nine tax periods during the ten preceding the exercise of the option; • There is the actual transfer of the natural person to Italy. The lump sum of €100,000 must be paid in a lump sum by 30 June of each year and the taxpayer’s dependent family members can join the scheme by paying a further €25,000 for each family member. Once recognized, the subsidy is valid for 15 years, without prejudice to the possibility for the contribution to renounce it at any time, and automatically expires in the event of partial or total non-payment of the sum.