In 2020 Italy hosted the second largest population of Indians in Europe with over 200,000 Indians living there.
For decades the US followed by UK have been the top countries of choice for Indians wishing to immigrate to foreign lands. However, as US immigration policies became less conducive, an increasing number of Indians began looking at other more attractive foreign destinations welcoming them to live and work.
Among them are investors, specialty professionals as well as students as Indians face long waiting lines to secure a green card or permanent residency in the US.
Recently, Italy – the country famous in India for their gift of pizza and pasta to the world began emerging as a possible hot destination for Indians looking to migrate. The recent Italian immigration policies also align well in the interest of Indians looking to immigrate.
The latest development in the immigration sector is that the Italian government has extended the Generous Incentive Program for Property Renovations.
Davies & Associates LLC, a New York headquartered immigration law firm operating across Italy, told the American Bazaar that it is actively helping its clients to make use of the hugely advantageous program as part of their wider immigration goals.
“The 110% Superbonus essentially means getting paid to renovate your home in Italy and is a reminder of how attractive Italy is starting to become as an immigration destination for Indian entrepreneurs, families and investors,” says Mark Davies, Global Chairman, Davies & Associates LLC.
Under the extended Italian Superbonus scheme, homeowners in Italy can avail themselves of a tax break of up to 110 percent on costs associated with certain household renovations such as energy improvements and decreasing seismic risk.
The cost can be recovered against taxes or traded with a bank or builder and is open to Indians who buy property in Italy.
The renovation projects eligible for the Italian tax Super Bonus include home insulation, centralized heating systems in a condominium, single home heating systems, and seismic improvements.
In addition, the credit can also be provided for projects such as solar panels, electric car charging points, and other energy efficiency projects if they are connected with the above-listed engagements.
The Superbonus could also be connected to renovations at a property’s purchased under Italy’s fabled “One Euro Homes” program, where properties in under populated communities are made available at low prices provided the buyer agrees to renovate and live in the property.
Indians who buy property in Italy may also need a residency visa depending upon how much time they wish to spend there. Immigration attorneys say that one can look at Elective Residency Visa, a Registered Office Visa, or general work permits.
The Italian government also offers reduced taxes for up to ten years for certain groups who are willing to switch their tax residency to Italy.
“The110% Superbonus essentially means getting paid to renovate your home in Italy and is a reminder of how attractive Italy is starting to become as an immigration destination for Indian entrepreneurs, families and investors,” says Mark Davies, Global Chairman, Davies & Associates LLC.
The Superbonus provides an incentive for anyone looking to invest in property in Italy and renovate their home cheaply.
“Our firm receives lots of inquiries from Indians asking about ‘One Euro Home’ – the concept of acquiring a cheap home and investing in renovation work, but they often broaden out their scope beyond this program when they discover the range of options on offer in Italy,” Davies says.
For example, the country offers low taxes for people looking to relocate their tax residency to Italy depending upon the location. It should be noted that buying property in Italy does not automatically confer residency status and Indians need to apply separately for a residency visa depending upon the amount of time they wish to spend in Italy.
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Options include the Elective Residency Visa for those with €32,000 earned outside Italy each year or the Registered Office Visa for anyone wishing to set up an Italian branch of their Indian company.
The numbers show that the immigration interest in Italy is on a steep rise. According to official records, in 2019, 160,000 Italian residency permits were issued to Indians – the fifth highest of any country in the world. In 2020, Italy hosted the second largest population of Indians in Europe with over 200,000 Indians including students residing in the country.
Matteo Tisato, Senior Immigration Analyst at Davies Associates, says, “The Superbonus is another example of why Italy is becoming an attractive destination for entrepreneurs, families and investors, and why we continue to see growth in the number of Indians moving to Italy.”