By Su Guillory
While for years we heard about the magical “golden visas” many European countries were offering as a way to attract foreign investors and their capital, the deluge of applications, as well as the inflation caused by those foreigners snatching up housing at low prices, has all but put an end to those halcyon days.
With countries like Ireland, Portugal, and the UK ending their Golden Visa programs and others like Greece doubling the price of entry, Americans desperate to get residency in Europe may be ready to give up.
But wait…there’s another possibility.
Enter Italy’s Representative Office visa
While it’s not a golden visa, Italy’s Representative Office visa offers individuals who want to engage in commercial activities, networking, and market research without making a substantial financial investment or maintaining a physical presence in the country the opportunity to do so, says Nicolò Bolla, founder of Accounting Bolla.
This visa, says Bolla, “offers a flexible path to Italian residency for those seeking to strengthen their business ties in Italy.”
Unlike an investment visa, this visa allows foreign companies to set up a non-commercial office in Italy and is only for representative purposes. What does that mean? Rather than promoting its own business activities, the representative office promotes and represents the interests of the parent company and can’t take on revenue-generating activities directly, he says.
Easier requirements to qualify
Unlike golden visas, which sometimes required demonstrable assets of €250,000 or more, the Italian Representative Office visa requires only €12,000 in annual turnover.
The company opening the representative office must also be a limited liability company (LLC) incorporated in a jurisdiction belonging to the World Trade Organization (WTO). There are no requirements to purchase real estate or create jobs, nor to remain in Italy for a designated period of time.
Because of this lower barrier to entry, Bolla says the Italian Representative Office visa is receiving more media attention, especially given that golden visas are becoming fewer and further between.
Who should consider the Italian Representative Office visa?
Bolla says the ideal candidate for the Italian Representative Office visa is typically an entrepreneur, business executive, or professional with a directorship position in a domestic limited company.
If you aren’t able to commit to being in Italy a given number of days a year, this visa won’t impede you. You’ll have the ability to explore expanding your business in Europe with this visa, and you can come and go without restrictions.
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Perks to the Italian Representative Office visa
With few, if any, drawbacks, this visa option has several advantages, including the fact that it gets you access to the Italian healthcare system for free, a perk that most Americans will appreciate after experiencing the high cost of medical care in the U.S.
To renew the visa each year, you’ll need to show just €7,500 in annual income. And after five years, you can claim permanent European Union residency. After five more, you can claim Italian citizenship.
If you’re bringing a family to Italy with you, the visa will make it easy to get everyone covered.
And because your representative office isn’t generating revenue, it’s non-taxable (and trust me: Italian taxes are high!). You’ll be subject to American taxes as an expat, so speak with an accountant about what that might look like.
You can also convert this visa into other types of visas, should the need arise.
Other visa options for European countries
It’s a smart idea to look at all your visa options when considering a move to another country. Here are other options in European countries.
Elective Residence
Most commonly used by retirees, this visa requires you to have proven passive income sources of a certain threshold. This income can be derived from financial income, dividends, capital gains, pensions, bonds, or rentals. In Greece, this is called the Financially Independent Person (FIP) visa, and you must be able to demonstrate a minimum of €2,000 a month in income.
Study Visa
You must be enrolled in an approved language course or at any local university or upper studies institution. In France, this visa may be for four months up to one year, with the ability to convert into other types of visas afterward.
Work Visa
This requires being hired by a company in the country you plan to move to that is willing to sponsor you as a foreigner. In Hungary, there are work visas for seasonal employment, the pursuit of gainful activity, normal employment, and professional workers.
Freelance Visa
Designated for freelancers who wish to continue the work they perform in the U.S. in Europe. It has one of the highest refusal rates in Italy.
Investment Visa
Requires a minimum investment in a business or real estate in your country of destination. In Germany, this is called the entrepreneurial visa, and it has no minimum investment required. However, you must have a comprehensive business plan to open a German business, and the business must meet German economic interests and employ at least five people in Germany.
Startup Visa
You must pitch your startup idea to a Commission in order to be granted this visa, which may not require any minimum revenues or profits to be made. In Holland, this visa provides temporary residence for one year, which is the time you have to launch your innovative business.
Family Reunification Visa
If you already have a family member currently residing in Europe you may be able to receive this visa. In Portugal, it takes about 60 days to process applications.
EU Blue Card Visa
This is available to highly-skilled workers and requires that you have a sponsor willing to hire you under the terms of employment providing a minimum salary.
Whether you set your sights on the Italian Representative Office visa or another one I’ve mentioned, getting a foothold in Europe provides great potential to expand your business to new countries and markets.
About the Author
Su Guillory is a spiritual coach and business content creator. She helps women discover what it means to live authentically after a trauma like divorce, empty nest, or the loss of a loved one. Su has been published on AllBusiness, Forbes, SoFi, Lantern, Nav, and more, and writes about entrepreneurship, finance, and marketing.
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