2023
Reading Time: 5 min

Italy residence permit for a public speaker to work and travel within the Schengen

My family and I had much experience travelling around Asia and Africa. I also often participated in financial conferences there. But Europe was yet to explore. However, it was always a headache to get a Schengen visa.

One day, my wife’s brother told me how it was possible to obtain a residence permit in an EU country and travel around the Schengen Area visa-free. Interesting, but I was ambiguous as I heard people usually bought real estate to get a residence permit. I didn’t want to do that.

Then, I discovered it was possible to obtain residency by investing in securities. And that’s the moment the idea hooked me. After all, I feel like a fish in the water in the trading world.

Aziz

Aziz,

Trader, a public speaker and a finance consultant

Clients’ names and photos have been changed

Italy residence permit for Tunisian family

This case was provided by our expert

Igor Buglo
Igor Buglo

Head of the Maltese office, MBA

Italy residence permit for a public speaker to work and travel within the Schengen

What were the investors' goals?

Aziz is a trader, financial consultant and speaker from Tunisia. He has been playing the stock market for more than ten years and has become a professional in this field. Moreover, he liked to attend financial and economic conferences and forums and share his knowledge with young entrepreneurs.

The investor has a wife Ines and two children: a son Manel of 25 and a daughter Emna of 19 years old. Emna is now studying in a Tunisian university.

By 2022, the family had been to Europe only twice because they were always stressed out by the process of obtaining the Schengen visa.

They also never felt protected from the risk of refusal. However, they still wanted to explore Europe and do it with as few obstacles as possible.

Aziz was also driven by an ambition to work with the European public and become a more well-known speaker.

Thus, they decided to obtain a European residence permit by investment. With it, they can travel within the Schengen Area visa-free. It can also be beneficial for other reasons like career opportunities for children and the prospects of citizenship.

Residency programs Aziz chose from

Investors stated right away that they were not interested in buying real estate in a Schengen country as they were not sure they would move there. Moreover, they didn’t want to rent a property out as it was connected with some management they didn’t want to get into.

At the same time, Aziz was an experienced stock exchange player, and countries like Portugal, Spain, Greece, and Italy had options for investing in securities.

Under the Spain Residence Permit program, investors could obtain resident statuses by buying shares of Spanish companies or government bonds. But the family immediately refused the Spanish option when they found out the country doesn’t allow dual citizenship with Tunisia.

The family was still not sure they would eventually apply for another country’s citizenship, but they certainly didn’t deprive themselves of this option. At the same time, they also didn’t want to renounce their Tunisian passports.

The Portugal Residence Permit required investors to contribute to the Portuguese business. It was appealing, but the option also demanded the creation of at least 5 jobs. That would mean the investor must be at least partially involved in the company’s management, which he didn’t want to do.

There was also a purchase of fund units, but the process is connected with choosing the suitable fund operating with relevant assets. Then, the investor would need to transfer their money and have no access to them for at least 5 years.

The Greece Residence Permit seemed an attractive option as it required buying securities for only €400,000. They were also not required to live or visit Greece to maintain their status.

But one problem averted the family from the Greece Residence Permit program. Under it, the investor could add to the application only children under 21. Manel was 25 and didn’t qualify, but applying separately for him didn’t appeal to the family. That would mean they would need to repeat the same procedure and invest twice as much money.

Why did investors eventually choose Italy?

One of the investment programs we offered was an Italian one. Investors scrutinised it accurately.

First, the investor could buy shares of a company operating in Italy. No other requirements applied. The second option was to purchase government bonds that Aziz was familiar with. He also liked that the bonds can mature after 2 years.

One of the main advantages was the possibility of adding a 25-year-old son who was unmarried and had no children of his own.

So, the family finally decided to invest in a functioning Italian company as it was more secure than investing in a start-up and less expensive than the contribution to the philanthropic organisation or purchase of government bonds.

Upon the decision was made, Immigrant Invest started to prepare the process of their application.

Italy met all the requirements:

  • visa-free travel to the Schengen Zone;

  • prospects of citizenship;

  • an opportunity to invest in securities;

  • a right to add a 25-year-old son.

Italy residence permit for travelling within the Schengen

When Aziz decided on getting the country’s residency, the family immediately started planning a trip to explore the beauty of Italian nature

How the investor got Italian residence permits: a step-by-step process

The process of obtaining an Italian residence permit took 7 months. During the whole period, Immigrant Invest accompanied the investor and their family.

1

October, 10th, 2022

Preliminary Due Diligence

Aziz and his wife contacted Immigrant Invest at the beginning of October 2022. We conducted a preliminary Due Diligence to check the investor’s background and ensured the risks of not obtaining a residence permit for the family were minimal. Only after that, we signed a contract with the investor.

2

+3 weeks

Gathering documents and applying for a Nulla Osta

A Nulla Osta is a document certifying no barriers to getting an investment visa.

Immigrant Invest provided the family with a list of documents they must collect. Then, the lawyers translated and notarised the required ones.

List of documents included:

  • contact information;

  • passport copies;

  • CV copies;

  • certificate of no criminal record for every family member;

  • proof of required funds available and the proof of the legality of these funds;

  • description of the investment characteristics and proof of consent from the recipients;

  • declaration of commitment to use the funds and make the relevant investment within 3 months of entering Italy.

When all the papers were ready, the Immigrant Invest experts registered the family on the web portal Investor Visa for Italy Committee and submitted the documents.

3

+ 28 days

Obtaining authorisation

When the Nulla Osta was approved, the family was notified by the Immigrant Invest. They downloaded their documents from the web portal.

4

+ 65 days

Gathering documents for an Investor Visa and an application

After obtaining Nulla Osta, the investor must apply for the Investor Visa. Immigrant Invest again helped with collecting the documents and preparing them for the consulate.

The list of papers contained:

  • valid passport;

  • photos in a passport format;

  • Nulla Osta certificates and documents submitted to obtain it;

  • confirmation of accommodation in Italy;

  • proof of at least €8,500 earned during the previous year in the country of residence;

  • proof of residence in the relevant consular district.

There, the investors also submitted their biometrics.

5

+ 5 days

Entering Italy and applying for a residence permit, €116

The family obtained their Investor Visas in 4 months, and then they had 8 days to enter Italy and submit an application for a residence permit at the local immigration office, Questura.

They also registered on the Visa Committee online portal. They submitted information about the date of their entrance to Italy, the date of their visit to Questure and the latter’s location.

6

+ 30 days

Investing, €500,000

Immigrant Invest advised Aziz about companies that he could invest in. He chose a wine retailer and contributed to its securities.

As a rule, the investment must be made within 90 days after arriving in Italy, or the residence permit will be annulled.

7

May 8th, 2023

Obtainment of a residence permit, €448

The Visa Committee portal scrutinised Aziz’s application and fulfilment of investment conditions. Finally, the Italian authorities issued four residence permits: for Aziz, his wife, their son and their younger daughter.

The residence permits are valid for 2 years.

Aziz and his family’s life after obtaining Italy residence permits

Aziz’s family received their residence permits in May, right before the end of the daughter’s second semester at the Tunisian university. That meant they could go to Europe after Emna’s exams and spend at least 2 months there before her studies would start again.

Emna is also considering doing an exchange semester in one of the Italian universities to expand her horizons.

The family still doesn’t know whether they want to move to Italy and get their passports — they love their homeland. Ultimately, Aziz and Ines can stay in Tunisia while their children move to Europe. And now visas wouldn’t get in their way to see one another.

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