Investing in Your Italian Dream
This week we'll explore the visa worth its weight in gold and meet a couple who now calls Como home. We'll also discuss the culture of extended celebrations, share money-saving travel tips and more.
A Golden Opportunity 🌟
There are plenty of aspects of Italy that truly are romantic, but the luster often dulls when it comes down to brass tacks — figuring out how to actually stay in Italy. For many, elective residency visas, student visas, and citizenship through descent are not options. So is this the end of a dream?
When these popular paths are blocked, there is still hope for an investor visa. Before you say "Forget it, that's only for the super-rich" I can tell you it isn't.
In 2020, the Italian government slashed the required amount in half - opening the door for a minimum of 250k investment into an Italian start-up.
For some of you, this may not be too far of a stretch, and for, others it may be a better solution than seeking an ERV.
Why?
Because you can work, you don't need to take taxable residency, don't need a place to live beforehand, and you can come and go as you like. And, if you can make the investment and don't have a criminal record, the Visa is pretty much guaranteed. For the whole family.
But here is the true value....
You can use the Investor Visa as a stepping stone to apply for EU Long Term Permit after five years - at which time you can sell your shares and cash in your investment.
If your investment was good, you may even want to keep it.
Here are some of the more common SCENARIOS for choosing the Investment Visa:
💸 Homeowners who have sold their properties, have money in the bank but don't have passive income to qualify for an elective residency visa.
💸 People who want the flexibility and freedom to live in Italy for part of the year, but not the hassle and expense of moving their taxable residence to Italy.
💸 Families who want their children to go to school and experience life overseas, but still need to work and have the flexibility to come and go as they please., and it's a lot more affordable than you may think.
Simply stated, Italy is a country poised for growth. This visa allows non-EU citizens to help fuel that growth. In exchange, investors can live, work, and explore Italy. This is a win-win for everyone!
Wondering if the investor visa is right for you? Download our free FAQ’s guide here. 🇮🇹⬇️
SMI Community Spotlight: Steve and Tammy Woodward 🌟
Plenty of people dream about a life in Italy. Some leave it at that - just a dream. Others let that dream percolate until the stars align, making a move feasible. Others don’t waste any time. Steve and Tammy Woodward fall into that last category.
When they decided to start a new life, they weren’t kidding…and they made it happen quickly. Using the Investor Visa and Smart Move Italy, in less than a year, they committed to a plan, found a property, acquired visas, sold everything, left their jobs in Dallas, and moved to Italy with just their suitcases.
“We were really ready for a change,” says Tammy. For a moment, they considered waiting for retirement, but that just didn’t work for this adventurous couple “Our knees are good, our minds are sharp so we decided to do it now rather than wait.”
Today, you’ll find them enjoying life around the shores of Lake Como, which is proving to be an ideal location. “Como is a great area, for many reasons, but we especially love how easy it is to visit many other countries from here,” says Steve. In fact, the couple just returned from a trip through Switzerland and Germany and have several more trips planned.
Life in Italy is good for the Woodwards, but they initially weren’t sure how they would be able to stay. They weren’t retiring so an ERV didn’t make sense. A student visa didn’t suit them and citizenship by descent wasn’t possible. When researching options, they found Smart Move Italy and immediately reached out for advice. After a detailed review of their specific situation and multiple brainstorming sessions, the Woodwards settled on an option they initially weren’t familiar with — an investor visa.
“Samantha helped us look at our options,” says Steve. “Once we decided on an investor visa, she walked us through the whole process. She presented us with several opportunities and, after interviewing the companies, we were able to pick the best investment for us.”
With the how figured out, and with Smart Move Italy handling the visa details, the Woodwards were able to enjoy the experience of starting a new life in Italy. “The whole process was smooth and as stress-free as possible,” says Steve. “We were able to focus on settling in.”
And settle in, they have. The weather, the food, the people, and the convenience of being in a well-connected northern town have made the adjustment easier than the couple expected.
“We thought the transition might be a little difficult, but it hasn’t been,” says Tammy. “We can’t really think of anything we miss besides our family.”
While their picture-perfect town is incredibly special, the surrounding beauty is perhaps overshadowed by the hospitality and generosity of their new community. One neighbor in particular is making quite the impression. Her warmth and welcoming spirit transcend the language barrier that is getting smaller and smaller each day. This neighbor doesn’t speak English but is offering informal Italian lessons through her daily chats.
“She will ask us to meet her outside and then pass plates of food over the terrace wall,” says Tammy. This newfound friendship perfectly embodies the Italian spirit that beckoned the Woodwards to Italy in the first place.
Italy, once a foreign land, has now evolved into a cherished home for Steve and Tammy. The Smart Move Italy family could not be happier for them.
The Holidays Aren’t Over yet! Epifania ⭐ and La Befana 🧙♀️
Do you ever get the feeling that Italians are always celebrating something? Between the major holidays, religious celebrations, and regional feasts, it seems there’s always a party going on. January is no exception.
As the rest of the world begins to pack away their holiday decorations and bid farewell to the festive season, Italy is still in the midst of its joyous celebrations. The Epiphany (Epifania) and the beloved La Befana ensure that the festivities linger a little longer.
Epifania, celebrated on 6 January, marks the end of the Christmas season in Italy. It commemorates the visit of the Three Wise Men to the baby Jesus. Italians gather to honor this significant event, embracing various customs that vary from region to region.
One of the most popular customs involves the "Befana," a legendary character who plays a central role in the Epiphany festivities. La Befana is a kind, old witch who is said to fly on her broomstick on the night of 5 January, leaving small gifts and sweets for children in their stockings. Families wake up on the morning of 6 January to discover the surprises left by La Befana, adding an extra layer of excitement and magic to the holiday season.
In some regions, vibrant parades and processions take place to honor the Epiphany. Elaborate floats, depicting the Three Wise Men and other biblical characters, make their way through the streets, accompanied by festive music and traditional costumes. One of the most elaborate celebrations takes place in Florence every 6 January. The colorful parade starts in Palazzo Pitti, crosses Ponte Vecchio, passes through Piazza della Signoria, and ends in Piazza del Duomo.
Of course, there are traditional dishes associated with Epifania. La Galette des Rois (King's Cake) or La Rosca de Reyes (King's Wreath) are often prepared and shared among family and friends. These delicious treats often contain hidden surprises, adding an element of fun to the culinary experience.
The bottom line? If you’re the type who mourns when the holiday decorations come down, you still have legitimate reasons to celebrate into the new year!
Saving Miles & Saving Money ✈️
You might’ve noticed the cost of living in Italy is far more affordable than both the U.S. and Canada. If you plan to stay for an extended period of time, you should still have a budget in mind, including visits and flights.
We've compiled a list of our top international frequent flyer programs, so you can fly now and save later, then fly again. The best program for you will depend on your most traveled destinations, credit card program, and the frequency of your trips. This is because some points expire sooner than others.
As for credit cards, if we take a look at the U.S., the four major transferable credit card programs are with Capital One, American Express, Chase, and Citi. These all partner with multiple international airline programs. So even if you don’t join an airline program or forget to book it properly to gain your miles or points, if booked with your credit card, you can still gain points for everyday spending.
Air Canada Aeroplan
This airline is part of Star Alliance, so you can earn miles on big partner airlines, such as United or Swiss. It’s also a plus if you have an Amex membership. There are different statuses you can reach, such as the gold status, which grants you access to their lounges all over the world. This one’s definitely an honorable mention rather than a top pick because they’re known to charge significant taxes and fees on certain award tickets. As it depends on the flight, it’s still one to consider.
Virgin Atlantic Flying Club
Although this one isn’t part of an alliance, it has 11 airline partners that you might be using already, such as Air France - KLM, with a nice layover destination in Paris when parting from and arriving in Italy. They have impressive rates. For example, Virgin Atlantic charges about 50k miles for a flight between the U.S. and Europe, while Delta charges about 465k. Unfortunately, as is common for reward programs, they also charge taxes and fees that can’t be generalized as low. On the plus side, they’re known to have some of the best customer service in the airline industry, and their mileage reward rates help make up for the fees.
Air France - KLM Flying Blue
This airline and program, which was briefly mentioned above, collaborates with over 30 airlines and other organizations. One of the things that makes them unique is their monthly promo rewards. These discounts range from 20 to 50 percent and offer plenty of European destinations. You could fly from North America to Europe for about 27k miles if you used a monthly deal. A recent shift has based its rewards more on airfare than miles, so the price of your ticket will affect the miles you receive. As for partner flights, the distance of your flight will affect this amount more significantly.
Finding a program that’s right for you will get you traveling to new destinations, visiting loved ones back home, and even building your credit while working on spending habits and techniques.
Do you have a favorite way of earning points? Share it with the community in the comments.
Are you subscribed to Vendita? 🏠
A brand new season of Vendita is on the horizon! The first issue of 2024 will be in your inbox this Sunday…but only if you’re subscribed. We’d hate for you to miss it. To receive our list of curated properties every week, be sure to subscribe via email, or join our Telegram channel. It’s completely free!
❓Are there specific locations, price ranges, or styles that you’re seeking? I go back and forth between wanting to see listings of country homes in the hills of Abruzzo and apartments in the center of Torino. They’re just all so good! Be sure to give us your thoughts in the comments below!
ASA (Ask Samantha Anything)
Email us at sophia@smartmoveitaly.com to submit your questions.
Dear Sam: I have a 1948 citizenship case and will be reaching out to your lawyers for help. Is there a reason I should get all of my papers in order before inquiring?
Dear Angela: Ciao Angela congratulations on being able to claim your Italian citizenship! A 1948 case means that the citizenship had to be passed through a female before 1948. Essentially it is a denial of justice petition where our lawyers petition the court in your ancestor’s jurisdiction to decide on your citizenship (as opposed to the consulate). If your paperwork is in order, then the likelihood of success is almost guaranteed.
If you have prepared your application yourself, then you should have everything together, including all documents, translations (which need to be certified here in Italy for court use), and apostille before you engage a lawyer. If we are working on your case, and you have DIY the application, we require a full legal review prior, which often exposes deficiencies.
My best advice is to have a legal review before you engage a lawyer, determine if there are any issues, and give yourself time to fix them. In almost every case, some issues need to be fixed.
From the time a lawyer takes the case (with a completed application), it can take a few more months to write the petition and file it in court. From there, we wait for a court date (6+ months) and then after the court date, there is another waiting period of approx 2-3 months. It feels like a long time, but the 1948 case is much faster these days than a consulate application.
And the bonus is that you can add all of your eligible family members to the same petition and everyone can get their citizenship in one go!
Call for Comments
I don’t know about you, but my expectations are high for 2024. Plus, there’s just something about the start of a new year that makes everything seem possible…including a new life in Italy! What steps are you taking to make your dreams come true this year? Be sure to share them in the comments.
There are some exciting changes on the horizon for Italy Per Te so I hope you’ll stay tuned to check them out. Thanks for reading and for being part of the Smart Move Italy famiglia. A presto!