Italy offers more incentives for international entrepreneurs, affluent individuals

The government of Italy has launched new visa procedures, which make it easier for foreign entrepreneurs and affluent people, who plan to relocate Italy to benefit from the European country’s flat tax on overseas income or to set up a new company. Effective from the third week of August, eligible wealthy individuals and entrepreneurs can directly access visa offices without the need to book appointments. Instructions have been given to visa offices to give preference to applications from qualifying affluent individuals and entrepreneurs. After that, as soon these people arrive in Italy, their applications for a residence permit will be accorded priority. The time frame for implementation would be immediate and ongoing, says Lexology. It will benefit foreign affluent individuals, entrepreneurs and investors coming to Italy and would likely encourage more direct investment into the country and new businesses to be set up there. In 2016, this country with a rich history ushered in new tax incentives and mooted the creation a new investor visa’s creation in a bid to attract more affluent individuals and entrepreneurs to come to the country. According to a recent directive, entry of eligible individuals into Italy would be hastened, according to them preferential processing for residence permits upon their arrival. Covered in this directive are both high-net-worth individuals who intend to relocate to Italy to make most of its tax ceiling of €100,000 on overseas income and those who want to launch new companies there. The new business must meet the criteria laid out by the government of Italy in its Startup Visa program. These steps would provide a quicker path to Italian residency and access to Schengen member states for entrepreneurs as well as for high-net-worth individuals from other countries. If you are looking to migrate to Italy, get in touch with Y-Axis, a reputed company for immigration services, to get proper assistance and help.