Investor Visa Italy

ISSUE 2

JULY 2018

INVESTOR VISA ITALY News, opportunities, and guidelines for foreign investors and patrons

Italy increases its attractiveness for foreign investments

INVESTOR VISA ITALY

CONTENTS

INVESTOR VISA ITALY ISSUE 2 Press Registry - Tribunale di Viterbo No. 3/2017 PUBLISHED BY

JUSWEB srl Via Marconi,10 - 01100 Viterbo VT, Italy Registered in ROC No. 015434 - Online consulting and services just Law n° 4/2013

Director

Raffaele Miele Columnist

Edoardo Bonatti Art Direction & Design

Massimo Giacci Cover image

Civta di Bagnoregio - VT Photo by Robin Rönnlund (CC BY-SA 4.0) Contributors

Gacinto Capoccetta Massimo Pellecchia Edoardo Alessandrini

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Italy’s attractiveness for foreign investments is increasing and the Italian economy continues to be solid

Ramiro Espino: on the commercial and friendly relations between the Dominican Republic and Italy by Edoardo Bonatti

2 The new measures to attract non-EU investments: the entry visa and investor residence permit by Raffaele Miele

11 Fatih Ayçin: cooperation between Italy and Turkey’s SMEs are the cornestone of further joint development by Edoardo Bonatti

LEGAL ISSUES

5 You need an electronic signature to sign the investor visa application. How to get it from abroad? by Giacinto Capoccetta

12 Sergio Bertasi: Intesa Sanpaolo Beijing representative on China-Italy investments and banking by Edoardo Bonatti

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SHOWCASES

The tax residence of individuals according to a recent Italian Supreme Court case-law

13 Investments Proposals

by Massimo Pellecchia and Edoardo Alesandrini LET’S CONNECT

On the Web

investorvisa.it Twitter

@InvestorVisa_it 微信 (WeChat) jusweb Phone

+39 0761 092025 Email

[email protected]

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POINTS OF VIEW

Stock Capital Acquisitions

7 Brando Ballerini: Texas, land of oilmen, patrons, and Made in Italy lovers

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by Edoardo Bonatti

Condo hotels: New opportunities for tourists and entrepreneurs

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Roberto D’Agostino: Ekaterinburg Honorary Consul on the future of Russian investments in Italy

Donations Proposals

by Edoardo Bonatti

19 Sales Proposals

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ITALY TOP LIFE

Mauro Marzocchi: Italian Dubai Chamber Secretary General on Italy-UAE investments and trade

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by Edoardo Bonatti

Printed in Italy by

Tipografia Quatrini - Viterbo

Castello di Guarene, luxury historic stately home

Information sheets in www.investorvisa.it also available in

WHY ITALY

Italy’s attractiveness for foreign investments is increasing and the Italian economy continues to be solid

The AIBE index Italy is, according to the AIBE (Italian Foreign Banks Association) index, improving its attractiveness for foreign investors. The 2017 report redacted together with Censis and under the auspices of the Ministry for Foreign Affairs, sees an authoritative international panel rank Italy 8th out of ten countries examined. Over the previous year, Italy rose from 40.3 points to 43.5 (on a scale from zero to 100). There is still much that can be done to improve Italian business environment. However, the percentage of those who consider Italy more attractive than last year increased by 3 points (from 28% to 31%); on the other hand, the share of those who consider it less attractive decreased significantly from 32% to 16%. The quality of human resources is the main contributor to the positive image of Italy (82% giving a mark between 7 and 10). In the second place, there is the strength of the banking system, followed by infrastructures and logistics quality. Among the most attractive sectors, those ones which in “Made in Italy” is traditionally very strong are still the most appreciated. Italy is still identified with its fashion system (83.7% of the preferences) and with the agri-food sector (72%). The accommodation sector follows close behind (60.5%). The prestige of “Made in Italy” brands, the creativity, the innovation and the flexibility of some productions, the quality of the products and services offered are reported as the most important factors among those that led to the most

important merger and acquisition deals in Italy last year. The concerns expressed by the panel, mainly the fiscal burden for entrepreneurs and the bureaucratic intricacies, can still improve greatly but for the time a small step in the right direction has been made thanks to the new visa program. In fact, following their investment in an Italian company, foreign investors can now request a visa through a vastly simplified procedure; if they are willing to transfer their fiscal residence in Italy, they can benefit from significant tax advantages which can be extended to their families.

The Italian economy continues to be solid On June 9, in an interview with one of the major Italian newspapers, Il Corriere della Sera, the Minister of Economy and Finances, Giovanni Tria, outlined the economic policies of the new Italian government. From the words of the Minister clearly emerges the will to remain in the Euro and in the European Union, putting to rest the rumors that see Italy close to abandoning the EU. The Minister is a professor of Political Economy at the University of Rome “Tor Vergata” and President of the Italian National School of Public Administration. International investors should be reassured by these statements: the Italian economy continues to be solid and the government is fully committed to constitutional and European obligations, and to encouraging Italian economic recovery. #

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INVESTOR VISA ITALY

INVEST IN ITALY

The new measures to attract non-EU investments: the entry visa and investor residence permit by Raffaele Miele

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he Italian policies for the attraction of foreign investments has been launched in a structured form in 2013, simultaneously with a series of reforms adopted to promote the economic recovery of our country. Among these, I recall the reform of the labor market, the reform of the civil trial, fiscal reforms, new measures in “Industria 4.0” and innovative technologies, the extraordinary plan for Made in Italy, with an allocation of over 120 additional million per year. Lastly, specific measure for the attraction of non-EU investors: the entry visa and tax relief. The latter is actually addressed to all new residents, non-EU, EU citizens and “returning” Italians and consist of the new taxpayer’s right to agree with the Revenue Agency a flat rate tax of 100 thousand euro/year on income received abroad and taxed in Italy. Taxation is reduced to 25 thousand euro/year for income received from close family members, ie spouse and children. In the field of entry visa, first measure dates back to 2014. It refers to Italia Startup Visa, which facilitates the visa issue procedure for highly qualified non-EU entrepreneurs who intend to start an innovative startup in Italy. This visa provides for facilitated fully computerized release procedures. In this case we are talking about a new limited company, whose business is strongly linked to innovation and technology and which must possess precise requirements. Among the main ones, I recall: 1) At least 15 % of its expenses is in Research and Development activities; or alternatively, 2) The team is composed, at least one third, by researchers or second level degree holders; or alternatively, 3) It is the owner of at least a patent.

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The second type of visa is the entry visa for investors, available from December 2017. Before examining entry visa for investors in detail, a brief introduction is needed to define the general system of entry visas and residence permits, that is the Schengen System. In this map of Europe the blue color indicates the Schengen Area. The Schengen Agreement was signed on 1985 by five countries, Belgium, Netherlands, Luxembourg, France and Germany Belgium with the main

aim of abolishing checks at internal borders between the Member States of the agreement. In 1990 the same countries signed the Schengen Convention, which defines the conditions of application of the agreement, to which other States have joined in the following years. At the end of 1997 Italy joined the Schengen System. Currently, the Schengen Area consists of 26 European countries (of which 22 are EU states); the Member States which have decided not to join are the United Kingdom and Ireland, while for four other countries (Cyprus, Croatia, Romania and Bulgaria)

INVEST IN ITALY the Schengen Convention is not yet in force. Seven non-member states of the European Union also belong to the Schengen area. They are Iceland, Norway, Switzerland, Liechtenstein, the Principality of Monaco, San Marino and the Holy See. hat are the conditions for a foreign citizen not belonging to the European Union to enter the Schengen Area legally? Simplifying the answer:

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a) Nationals of the following countries do not require a visa for visits up to a maximum of 90 days, for tourism, on missions, business, invitations, ought to take part in sports events, study: Albania, Andorra, Antigua and Barbuda, Argentina, Australia, Bahamas, Barbados, Bosnia-Herzegovina, Brazil, Brunei, Canada, Chile, Colombia, Costa Rica, Croatia, Dominica, El Salvador, United Arab Emirates, Former Yugoslav Republic of Macedonia (FYROM), Georgia, Guatemala, Grenada, Honduras, Hong Kong, Israel, Japan, Malaysia, Macao, Mauritius, Mexico, Monaco, Montenegro, New Zealand, Nicaragua, Northern Marianas, Panama, Paraguay, Saint Kitts and Nevis, Samoa, Santa Lucia, Serbia, Seychelles, Singapore, South Korea, St, Vincent e Granadine, Taiwan, Timor Est, Trinidad e Tobago, Ukraine, United States, Uruguay, Vanatu, Venezuela. Citizens of Taiwan exemption from visa obligation is applied exclusively to holders of passports with identity card number included. Citizens of Albania, Bosnia-Herzegovina, Former Yugoslav Republic of Macedonia, Moldova, Montenegro, Serbia are exempt from visa obligation only if the passport contains biometric data. This does not apply to citizens of Serbia holding passports issued by the Serbian Coordination Directorate (“Koordinaciona uprava”). Nationals of San Marino, the Holy See and Switzerland do not require a visas in any case. b) Pursuant to the Visa Code (EC Regulation no. 810/2009, which entered into effect on 5 April 2010) visas are divided into three main categories: 1. Uniform Schengen Visas (USV): valid for all the Contracting Parties’ territories, issued for Airport Transit (type A); Transit (type B), type of visa abolished by the above Visa Code. As of 5 April 2010 Transit visas are all type C; brief-sojourn or travel visas (type C), valid for up to 90 days, for single or multiple entry. Exceptionally, the Schengen regulation enables important or well-known persons who frequently require a visa and who can provide the necessary guarantees, to be issued type C visas which permit a visit of up to 90 days in any halfyear and are valid for one (C1), two (C2), three (C3) or five years (C5).

2. Limited Territorial Validity Visas (LTV): these are only valid for the Schengen State whose representative issued the visa (or in particular cases for other Schengen states where specifically named) without any possibility of access to or transit through the territory of any other Schengen States. They are issued solely for humanitarian reasons, or in the national interest, or under international obligations as an exception to the common USV system. An alien may not directly apply for these visas, which are issued in a few specific cases by the diplomatic or consular representative when it deems it appropriate to issue the visa for the reasons as stated even though not all the conditions are met for the issue of a Uniform Schengen Visa, or when the applicant does not hold a validly recognised travel document, in particular emergencies or in case of need. 3. Long sojourn or “national” Visas (NV), which are only valid for visits that are longer than 90 days (type D), with one or more entries, in the territory of the Schengen State whose diplomatic mission issued the visa. Holders of type D visas are permitted to circulate freely in Schengen countries other than the issuing one for a period of not more than 90 days per half-year and only if the visa is valid. All information on visas is available, also in English, on the website of the Ministry of Foreign Affairs and International Cooperation “Entry and stay in Italy” (https://www.esteri.it/mae/en/servizi/ stranieri/ingressosoggiornoinitalia). Please be reminded that the visa authorizes the foreigner to enter in Italy, but to stay regularly and to carry out the activities indicated in the same visa is necessary to apply for a residence permit. This authorization is released by the Immigration Offices of the Police Department. In some cases the permit of stay must not be required. Foreigners who come to Italy for periods of no more than 90 days and who are exempt from visa requirements or subject to a visa, must not apply for a residence permit. If the foreigner arrives in Italy directly from countries which are not applying the Schengen Convention (for example if he comes from London, Moscow, Beijing or New York), his regular presence is demonstrated by the uniform Schengen stamp affixed to his passport by the Italian border police.

One of the most common visas in the business world is the visa for business purposes which can be issued by our embassies for a five-year term. It’s about a short-term visa that allows the foreigner to enter Italy and travel to the Schengen Area, for stays no more than 90 days in any 6-month period. This visa does not allow you to work, neither in an autonomous nor subordinate form, and it does not even allow, for example, family reunification, university enrollment, residence in Italy, etc. Non-EU citizens in possession of a National Visa (NV) for sojourns longer than 90 days are required, within eight (8) days from entry into Italy to request a residence permit from the Italian authorities. Only this residence permit, which is issued for the reason and for the period indicated on the visa, authorises an alien to sojourn in Italy. The residence permit issued by the Police to holders of a long-sojourn visa allows aliens, unless express limitations are imposed, entry to and exit from the Schengen area and to travel without restraint for a period not to exceed 90 days in any 6-month period within territories of the other Contracting States, provided that they hold a valid national passport or equivalent travel document.

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From 16 December 2017, investor visa for Italy and the relative residence permit is available. This new type of entry visa provides not only benefits for investors who invest a certain amount in Italian companies, but also for the patrons who make donations in order to finance initiatives of public interest in the field of culture, protection, enhancement and conservation of architectural heritage, landscape, archaeological sites, artwork, but also in projects or programs of scientific research, education and integration of immigrants. irst of all, we will now examine the conditions for applying for an investor visa, then we will describe what are the procedures to apply for the visa, and finally the possibilities and the rights that the residence permit for investors attributes to the holders.

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What are the investments and the donations that allow to get the investor visa for Italy? On the other hand, if the foreigner comes from countries applying the Schengen Convention (for example, Paris) he must present, within eight days at the time of entry into Italy, a declaration of presence on Italian soil at the Immigration Office of the Police Headquarters of the province in which he is located.

1. Instruments representing capital in companies incorporated and operating in Italy Obviously this is not the case of real estate investments, or the simple purchase of a house, a villa, a castle. It must be an investment in the capi-

INVESTOR VISA ITALY

INVEST IN ITALY tal of a company already established and active, resident in Italy, and therefore the investor must become a shareholder, or by buying shares or shares issued by the company, or by buying them from a partner who wants to sell them. Pay attention: the amount of the investment must be at least one million euro. If the company is an innovative start-up (please see for reference what said in the introduction), the minimum investment goes down to EUR 500,000. The investment cannot be subdivided, meaning that the entire sum must be invested only in one company. 2. Government Bonds issued by the Italian Republic The subscription of Government securities, such as the Treasury Credit Certificates or the Treasury Bonds constitute an investment but, in this case, the minimum amount to be invested rises to two million euro. These operations can be carried out through a bank or financial intermediaries authorized by the Bank of Italy. 3. Philanthropic donation

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In this case we are talking about donation supporting a public-interest project in the sectors of culture, education, management of immigration, scientific research, recovery of cultural and landscape heritage. Even in this case the amount cannot be distributed to multiple beneficiaries, but must be donated to a single subject. However, there is the possibility of obtaining an exemption from the Italian Ministry of Economic Development that can authorize a donation of one million euro to more than one subject: for example, EUR 100,000 to the Municipality of Rome; EUR 500,000 to the cancer research association; EUR 400,000 to another institution.

What are the requirements which the investor or the patron must have? In general, a foreign citizen can make an investment or a donation in Italy without special conditions. However, if you want to invest and obtain entry visa and investor residence permit, you must meet the following requirements: 1. Must hold a passport which must have a residual validity of at least two years and three months on the date the visa is applied for; 2. It must not be inadmissible in the Schengen Area (ie it must not have received expulsion orders from Italy or other Schengen States); 3. Must prove non-existence of criminal convictions and pending charges; 4. Must prove that he/she has the sums to invest or to donate and that the declared financial resources originate, beyond all reasonable doubt, from sources that are licit according to Italian law. He/She will have to submit a copy of an extract of bank statement including the transactions carried out in the

previous three months. The investor can demonstrate that he/ she has the resources to invest in the form of government bonds, shares, pension funds, etc., provided that they can be converted into money within 90 days of the investor's entry into Italy;

sued in Italy by the Prefecture, the Authorization for family reunification. The visa will be issued quickly, no later than thirty days.

What to do once arrived in Italy? 5. Must describe the features of the investment / donation and demonstrate that the recipient of the investment or donation has given consent; 6. Must declare his/her commitment to make the investment or donation after obtaining the investor visa within 90 days of entering Italy.

How to apply for an investor visa? Before applying for a visa to the Italian Embassy or Consulate, the investor must apply for CLE to the Investor Visa for Italy Committee at the Ministry of Economic Development. The application can only be sent via the site https://investorvisa.mise.gov.it/index.php/it/ and must contain all the documents and declarations that we have indicated. The Investor Visa for Italy Committee (the “Committee”) examines the application and decides very quickly: within thirty days. The Committee may request to supplement the documents and in this case the deadline to define the proceedings is suspended and starts again from the date of receipt of the requested documents. If the Committee rejects the request for the Certificate of no impediment (“nulla osta”), the investor may: 1) resort to the Administrative Court of Lazio, Rome office; with the assistance of a lawyer; 2) resubmit the application. If the decision is positive, the Committee transmits the Certificate of no impediment via PEC to the investor and to the Embassy or Consulate. The investor can go to the Consulate without asking for an appointment or, at the same time, he can ask for an appointment that will be fixed within three days. The investor must apply for the visa within six months from the issuance of the Certificate of no impediment, after which the certificate expires. He/she will have to submit the original documents, already transmitted via the web to the Committee, and he/she will also have to prove that has an accommodation here in Italy (even in hotels), and an annual income of not less than EUR 9,000. The investor can also apply for the following family members: a) spouse b) minor children, c) dependent adult children unable to work d) dependent parents, under determinate conditions In these cases the visa application must be accompanied by another authorization, previously is-

After receiving the visa and even before leaving, the investor or patron can ask for an appointment via web at the Immigration Office of the Police Headquarters, where he/she must go within eight working days of entering Italy, in order to apply for a residence permit. The Immigration Office will issue a residence permit within a short time (no more than thirty days). The permit is valid for two years from the date of entering Italy and allows the investor or patron to circulate in the Schengen Area, carry out working activities and exercise any other civil law (registration to the national health service, access to universities, etc.). After receiving the residence permit, the investor or patron will be able to make the investment or donation WITHIN 90 DAYS FROM HIS/HER ARRIVAL IN ITALY. These operations will be guaranteed by a notarial deed and the notary will issue a statement that the investor or patron will transmit to the Committee in order to demonstrate that they have made the investment or the donation. If the investment or donation is revoked before two years have passed, the residence permit will be withdrawn and the investor will have to leave Italy. The investor residence permit is valid for two years and may be renewed for further three-year periods. According to law, renewal of the residence permit is subject to preliminary approval by the Committee, which must check that the investment has effectively been maintained for its entire validity period. If he/she proves to have maintained the investment or the donation, the Police Headquarters will renew the residence permit for a three years period. After five years of regular residence in Italy, the investor may request the issue of EU residence permit, ie a permanent residence permit.

Is there a service providing assistance to nonEU investors in Italy? Yes! Investor Visa Italy (www.investorvisa.it) is a JUSWEB service, located in the Province of Viterbo, created to help investors and patrons in selecting the best investment or donation opportunity and managing all the bureaucratic procedures for both visa and residence permit. #

LEGAL ISSUES

You need an electronic signature to sign the investor visa application. How to get it from abroad? by Giacinto Capoccetta

aw no. 232 of 11 December 2016 introduced new article 26-bis, called “Entry and residence for investors”, to the Immigration Laws Consolidation Act (“TUI”, Legislative Decree 286/1998). On 21st July 2017 the inter-ministerial decree approving the operating manual Investor Visa for Italy (IV4I) was issued. The aim of Investor Visa for Italy is to simplify the procedures needed to obtain a 2-year investor visa for Nationals of non-EU member states or Schengen area countries, at least 18 years old, who intend to make an investment in limited company, purchase of government bonds or philanthropic donation of considerable amount in strategic areas for the economy and for Italian society.

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The programme Investor Visa for Italy comes back to Italia Startup Visa (italiastartupvisa.mise.gov.it), which was introduced to facilitate the visa issue procedure for highly qualified non-EU entrepreneurs who intended to start an innovative startup in Italy. The Investor Visa for Italy programme intends to further simplify entry visa issue procedures through three separate actions: 1. Centralisation of the proceeding management. Although the procedure involves a number of administrations, there is only one contact point between the applicant and the Italian State. The main coordination operations are carried out by a dedicated inter-ministerial committee; its secretariat, set up at the Ministry of Economic Development, which will carry out the procedures in parallel with other administrations involved. 2. Digitalisation of the procedure. The entire procedure is performed on line, without the need for intermediaries, through the use of electronic signature (*). Once the visa has been obtained, the applicant may withdraw it from the Italian diplomatic representation present in his country of origin. 3. Rapidity: the applicant is informed of the result of the visa application within 30 days of sending the complete documentation. Further information materials are available on the Government website investorvisa.mise.gov.it/index.php/en/

In short, the non-EU citizen who wants to apply for the simplified procedure will have to 1) Register on the portal indicating personal details and personal e-mail address; 2) Fill in the forms (contact details, curriculum vitae, selection of one of the three available investment types, etc.) and upload the required documents to the platform (passport, possession and transferability of the amounts to be allocated to the investment/donation, provenance of the financial resources used, and also their legality; non-existence of final criminal convictions and pending charges, etc.); 3) Download the final declaration of commitment, sign up with electronic signature, and upload the signed document again; 4) If the assessment is favourable, the Chairman of the Investor Visa for Italy Committee electronically signs a certificate of no impediment (“nulla osta”) to the issuing of an investor visa that can be picked up at the nearest Italian Embassy; 5) The visa has a two-year term of office, renewable once. critical aspect of the procedure is the need to have the electronic signature, which is, in Italy, an innovative tool for digital signing of documents, which has the legal value equivalent to the handwritten signature. Only some companies called “Certification Authorities” have been authorized by the Agenzia per l’Italia Digitale - Agency for Digital Italy (AgID) to issue electronic signature to natural persons, with the necessary technical and legal guarantees. In simple terms, the electronic signature is a device (on a smart card or USB reader) that combined with a personal pin, can encode a specific document (usually in PDF format) in a particular cryptographic algorithm (private key) able to correspond to that document the signature of the subscriber, which can be verified by anyone using the asymmetric public key. The certainty of the signature is such that “it cannot be repudiated”, and there can never be a false signature!

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In order to use the electronic signature, it is necessary to have a free management software, among the most used we can find “Dike”. Once the document is signed, it changes its extension from “namefile.pdf” to “namefile.pdf.p7m”.

However, for the release operation, normally, it is required the identification in the presence of the requesting party by the accredited operator. n our case we are dealing with a non-EU citizen who is not usually in Italy, but in this case it is possible to use a recently technology patented by InfoCert, with the approval of AgID, that is the recognition via webcam. InfoCert, indeed, was the first Certification Authority able to offer this remote recognition mode, called “Firma remota e riconoscimento web” (Remote signature and web recognition).

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To do these operations, it is necessary: 1) Knowledge of one of these 4 languages: Italian, English, French, Spanish. Eventually it is possible to be assisted by a professional interpreter; 2) Credit card details for online payment; 3) Have a PC connected to the internet with a microphone and video camera (1280*800), Adobe Flash Player installed and available; 4) Have a smartphone; 5) Have a passport and a document equivalent to the health insurance card. - Once connected to the Infocert online store, look for the “Remote Signature and Web Recognition” section (Firma Remota e riconoscimento web); - Create an account and give consent for privacy (only the first entry is required); - Enter the quantity of the product to be purchased (1 of course); - Accept the service and go to the “cash desk”; - Re-enter the account; - Click on “Perform the recognition” (Effettua il riconoscimento) and you will be automatically connected to an operator who provides the recognition via webconference that is recorded and stored, in a secure form, in the data center. Follow-up checks are always made to verify the identity provided and the documents presented. The person in charge, in fact, takes pictures of his/her face, identity card front and back that user shows in front of the webcam and, if necessary, even the signing in real time of an autograph signature. The user makes the payment online by credit card and receives his signature certificate and his secure device in a few days by courier. #

Detailed information is available on www.infocert.it

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INVESTOR VISA ITALY

LEGAL ISSUES

The tax residence of individuals according to a recent Italian Supreme Court case-law by Massimo Pellecchia and Edoardo Alessandrini

ith reference to the assessment of tax residence for income tax purposes, the Italian Supreme Court held that the criterion of the permanent home required by the Article 4 of the Tax Convention between Italy and the Russian Federation is also fulfilled when the taxpayer permanently resides in the partner’s house. However, whereas the taxpayer owns a permanent home abroad and he permanently resides in the partner’s home, as in the case at issue, then tax residence must be assessed according to the criterion of the centre of vital interest.

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The case examined by the Supreme Court concerned the assessment of the tax residence of a foreigner (a Russian citizen), owning a permanent home abroad, but living in Italy, at his partner’s house.

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In particular, the case started with a penalty notice notified to a taxpayer through which the Italian Tax Authority challenged the missed declaration in the RW form of the tax return of the investments held abroad, since, according to the Italian Tax Administration, the taxpayer was deemed to be effectively resident in Italy for income tax purposes, despite his formal residence in Russia. The Court of first instance and the appellate court accepted that the tax residence of the taxpayer was abroad, on the basis of the provisions of

the Article 4 of the Tax Convention between Italy and the Russian Federation, according to which, in order to avoid conflicts of residence between states, when an individual is considered to be a resident of both Contracting States, that person shall be deemed to be a resident of the Contracting State in which he has a permanent home available to him. In light of this criterion, according to the first and second instance of the Tax Courts, the taxpayer was resident abroad since: he has proved of being the owner, in Russian territory, of a house used as a civil residence located in Moscow; he also proved the permanence in the aforementioned foreign territory, during the year 2002, for 183 days; he did not appear to be the owner of a house in Italy (during the period spent in Italy, the taxpayer dwelt in the partner’s house). For such reasons, both Courts upheld that the taxpayer had in Russia its “permanent home” and, therefore, he had to be considered resident in Russia. Conversely, the Italian Supreme Court upheld that in domestic law the assessment of the tax residence of the taxpayer needs to refer to the place where his personal and affective relations are or where his domicile is located. However, if a tax convention is in force, the as-

sessment of the taxpayer’s residence must be made taking into consideration the criteria provided by that convention as well. In this respect, according to the Article 4 of the Tax Convention between Italy and the Russian Federation, the first criterion for the attribution of the tax residence is the permanent home. In other words, the taxpayer shall be deemed to be resident of a Contracting State if he has a permanent home in that State. However, in the case at issue the taxpayer owns a permanent home in both Contracting States, since he owns a permanent home in Russia and, at the same time, he permanently resides at his partner’s home situated in Italy.

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Hence the second criterion provided by the Article 4 of the Tax Convention must be taken into account, according to which the taxpayer shall be deemed to be a resident only of the State in which his personal and economic relations are closer (centre of vital interest). In this respect, the Italian Supreme Court upheld that, since the taxpayer owned a permanent home in both Contracting States, he has to be considered tax resident in Italy since he spent the majority of his time in Italy, living with his partner. #

Favorable tax break Starting from 2017 natural persons who move their fiscal residence to Italy can opt for pay taxes on income earned abroad, providing that the interested person, for a period of at least nine years during the ten years preceding the beginning of the option validity, did not reside in Italy, for fiscal purpose. The tax applies to all income, except for capital gains generated from the cession of ‘qualified’ shares held in a company. The total amount of tax to be paid is EUR 100,000 for each tax period in which the above option is valid, regardless of the income amount actually earned. The amount is reduced to EUR 25,000 for each tax period for each family member who is included in the visa extension. Therefore family members who earn income abroad, with the exception of capital gains generated from the cession of ‘qualified’ shares held in a company, are taxed a total amount of EUR 25,000 instead of EUR 100,000 as the principal applicant. Subject to a positive response from the Tax Agency, the option must be accomplished within the deadline for the declaration of income concerning the tax period in which the applicant moves his/her residence to Italy and it is operative since that tax period. The option lasts fifteen years and can be withdrawn by the applicant. In any case, the option is automatically annulled in the case of failure to pay the tax amount entirely or partially. After withdrawal or annulment, a new option cannot be obtained. One or more family members can choose not to exercise the option, by requesting regular taxation of income earned abroad.

POINTS OF VIEW

Brando Ballerini: Texas, land of oilmen, patrons, and Made in Italy lovers Interview by Edoardo Bonatti Brando Ballerini has been since 2010 the President of the Italy-America Chamber of Commerce of Texas (IACC) based in Houston. He is currently the President of BPB Energy. He has over 40 years of experience in the oil and drilling industry, previously holding the position of Drillmec President for 15 years. INVESTORVISA – Mr. President, the Italy-America Chamber of Commerce of Texas in Houston was born in 1992. Which are its main achievements and scheduled initiatives from now to the end of the year? BALLERINI – The primary goal of the Chamber is to promote trade relations between Italy and the United States, with a focus on the Gulf of Mexico Area. Throughout the past 25 years, IACC Texas has increased its visibility and activity becoming a reference partner and strong supporter for Italian Companies and Individuals moving to or attempting to carry out business in Texas. Our membership network has more than doubled and is continuing to grow up as is the variety of the services we offer, like customized media consulting services and a wide range of marketing consulting services. Which are the most requested service offered by the chamber, from both Italian and Texan companies? To achieve our goals, we work with our members and with Italian and local businesses, as well as all relevant public and private companies, which acting in an organized manner to support the internationalization of enterprises, in particular: Regions, Chambers of Commerce, trade associations, exhibitions, enterprise networks, industrial districts, banks, economic government departments, International organizations. We assist our customers through free and paid services, ranging from initial guidance information on the individual market to specific support, positioning and strategies of consolidation of Italian firms in foreign markets, as well as those locals who want to collaborate with Italian small and middle size enterprises. We create match-making events and activities to give companies the chance to meet foreign counterparts who introduce productive collaboration, technological, commercial proposals. We also promote and enhance the excellence of Italian territory, by sprea-

ding the peculiarities and the know-how also by carrying out delegations of Italian companies, abroad, or incoming mission of U.S. companies and foreign operators directly on the territories where Italian companies operate. Finally, we provide expertise on how to operate in the Country, through targeted training interventions to individual companies and/or professionals; or through internships in collaboration with major Italian and foreign Universities. In the food and wine industry, the Chamber has created an extremely successful event named TASTE of ITALY, which will reach its fifth edition in 2019. This annual event is the most important Italian Food & Wine business trade show in the U.S.A. The 2018 edition has hosted more than 150 Italian producers and about 500 attendees. (…) Alongside the visa policy, Italy also has a system of tax advantages consisting of a flat tax of 100,000 euro per year on income produced abroad (which for family members even drops to 25,000 euro per year). Can this benefit represent an additional incentive to invest in Italy and to transfer your tax residence there?Star movement? The tax benefits offered by Italy in terms of investor visas or flat tax (100,000 Euro max) are an important tool for foreigners that invest and/or move their fiscal residence in Italy, but probably more for individuals than for companies, due to the fact that U.S. Citizens, despite an agreement between Italy and the U.S.A. to avoid double taxation, have the obligations to report their revenues (wealth increment during the year) in the U.S. and abroad even if they have their fiscal residence outside the U.S.A. They can claim credit for the taxes paid in Italy as well as having an exemption for some incomes abroad, but they are still obliged to pay the remaining tax in the U.S.A. if any. What is the Chamber doing to promote these government’s initiatives? Alongside the Embassy, the Consulates, and the ICE offices, we are jointly trying to attract foreign investments in Italy.

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INVESTOR VISA ITALY

POINTS OF VIEW

Roberto D’Agostino: Ekaterinburg Honorary Consul on the future of Russian investments in Italy Interview by Edoardo Bonatti 8

Roberto D’Agostino has been Honorary Consul for Italy in Ekaterinburg since March 2013, responsible for the regions of Sverdlovsk, Kurgan, Tumen, Orenburg, Perm, the independent district of Khanty-Mansy, the Republic of Bashkortostan and the Republic of Udmurt.

cerned mostly Russian citizens, but the number of Italians increases every year. Of course, as we are in Russia, we mostly deal with Russians. However, it is difficult to say from whom we receive the higher number of requests. I would say that now it is about the same, from Russians as well as Italians.

INVESTORVISA – Mr. D’Agostino, you come from a long experience in the private sector in foreign business relations, and particularly with Russia. Has this come about because of the duties included in your position or has there been influence from other factors?

Speaking of Italians, how many are there in the Region? What are their main activities and their level of integration?

D’AGOSTINO – First of all, I would like to thank you for your interest in the work being done in the Honorary Consulate of Italy in Ekaterinburg. It is always a pleasure to talk about our work, especially because I think that there is a positive future for relations between Russia and Italy. Russia is a country that has a wide range of opportunities, for Italians looking for work but also for those who want to visit as tourists. I came to Russia mainly for work-related reasons, but once I got here I understood that the country potential is not restricted to business opportunities. The opportunities for growth presented to the visitor or expat are very diverse and encompass a multitude of spheres. Ekaterinburg is the capital of Oblast in Sverdlovsk, and it is the main industrial and cultural centre in the Urals region. Italy is present in this territory with an Honorary Consulate which aims towards communication, as can be seen from social media – Facebook and Vkontakte, which is the most important Russian social network. Which are the most outstanding results obtained from this kind of web activity? Who are the main visitors, Russians or Italians? There is no doubt that social networks are a powerful instrument of communication. Facebook and Vkontakte are not used just for business and cultural events, but we offer assistance and consultancy to those who need our help. For example, sometimes Russian citizens who want to live and study in Italy write us asking for information on procedures for obtaining an entry visa or residence permit. In addition to the specific information, we try to give some advice on how to integrate, which is needed to overcome the cultural barriers one can find in another country. Initially, our work in the Consulate con-

Today about 50 Italians work or study in the Federal District of the Urals. The social integration progresses without any particular problems, and when some do come up, they are easily solved. Back to the Consulate, which are the sectors that you deal with mostly? We do not have any specific economic or cultural objectives. However, we do try to cover everything that deals with Italy. We try to meet the needs and interests of Russians in culture, art, history and of course in business relations. The volume of commercial exchange between the Russian Federation and Italy is still feeling the effects of the economic crisis of 2014 to 2015, and the effects of sanctions and counter-sanctions. In 2016, commercial exchange reached 17.4 billion euro compared to the 21 billion in 2015, a 23.9% decrease. Nonetheless, estimates for 2017 seem to be better, and Italy is still the second commercial partner from Europe in the Federation, after Germany. Is it the same in the Urals region? Russia has always been and continues to be an important partner, despite sanctions and other problems our cooperation endures. Thanks to this cooperation, relations between Italy and the Sverdlovsk region have lasted more than 25 years.


POINTS OF VIEW

Mauro Marzocchi: Italian Dubai Chamber Secretary General on Italy-UAE investments and trade Interview by Edoardo Bonatti Mauro Marzocchi is Secretary-General of the Italian Industry and Commerce Office in the UAE, which was established in 1999 as a Piedmont Region-ICE-CNA program agreement. Ten years later it was recognized as the Italian Chamber of Commerce Abroad (CCIE). INVESTORVISA – After almost twenty years of activity, what are the main objectives achieved? AYÇIN – Since 2009, the year of recognition as the Italian Chamber of Commerce abroad, we have been able to assist over ten thousand Italian companies, mostly small and medium-sized enterprises, but there was no shortage of projects involving big Italian players (Pininfarina and Casagrande just in 2017, to give two examples). Since last year, the Chamber has begun to focus on already established Italian businesses in the United Arab Emirates, founding “Club Italia” which, to date, already has fifty registered companies: thanks to this initiative, the Chamber got in touch with several Italian companies in the UAE whose existence was not known. Club Italia, and the Chamber of Commerce as a whole, is at complete disposal of Italian companies operating in the UAE, assisting them in establishing new business relationships or satisfying any of their needs: the meeting that CCIE Dubai arranged together with Ariston at the ESMA headquarters, Emirati Government Agency responsible for Standardization and Metrology, is an important example. Therefore, we can say that our Chamber is an essential reference point, both for Italian SMEs who want to approach and find their space in the competitive Emirati market, but also for Italian companies already operating here. In recent years, the UAE experienced enormous economic growth, in trade and finance alike. In the course of this process when was that the Italian interest for the Emirates started or surged? Which sectors will be chiefly interested and what future will there be for investments in the UAE? Emirati operators have a special link with Italy and this is shown by the data of our country’s export to the UAE. Historically, private small to mediumsized businesses that have attracted Emirati investors are, in chronological order, certainly jewellers, particularly near Valenza, a small Piedmontese

town and one of the world’s most important centres of high-quality jewellery and gold craftsmanship, since the late 90s. They have followed and are following a diverse assortment of sectors, each one strongly oriented towards technological innovation, a great asset for Italian companies. The last few years have also seen some investments in the Agri-Food sector, stemming basically from the medium to long-term relations between the Italian supplier and the UAE distributor. Also in recent months, the Chamber is assisting with an investment by an Emirati company in a Salerno oil mill. The investor visa is one of the new measures that Italy has adopted in 2017 to attract non-EU investors. In your opinion, can it also be an important incentive for the average Emirate investor/entrepreneur? Certainly, it can be of interest and, based on our experience, can also appeal also to foreign investors residing in the UAE, who know these procedures better. (…) Going back to the Chambers of Commerce abroad: their chief activity is to provide support to Made in Italy and to companies’ internationalization process, especially to SMEs. What will be their role in the next few years to support investment attraction policies? When it comes to the analysis of investments from the United Arab Emirates to Italy, the role of the Chamber of Commerce is more limited than that of the ICE. If the latter, in collaboration with Invitalia, is in charge of attracting foreign investments and elaborating and carrying out the grand strategy of actions and initiatives (in the past few days the ICE Dubai Office attended the Annual Investment Meeting in Dubai), the Chamber works mostly with SMEs. In this regard, over the years, we have recorded a positive trend: in fact, several operators and local distributors have acquired shares in the suppliers’ companies with whom they had consolidated working relationships, increasing (although in small amounts) the flow of foreign investments to the Bel Paese, while facilitating trade between the two countries.


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INVESTOR VISA ITALY

POINTS OF VIEW

Ramiro Espino: on the commercial and friendly relations between the Dominican Republic and Italy Interview by Edoardo Bonatti 10

Ramiro Espino is Executive Vice-President, with the role of Secretary of State, of the Consejo Nacional para las Comunidades, Dominicanas and the Exterior (CONDEX), a state body developing policies aimed at Dominican communities abroad. Since December 2017 he is a member of the Board of Directors of FAO Alliance for the Mountains. INVESTORVISA – Mr. Vice-President, when was CONDEX established and what are its objectives? ESPINO – The Consejo Nacional para las Comunidades Dominicanas en el Exterior (CONDEX), was born with 1-08 Law, enacted by the Executive Power on January 4, 2008. This law is the first legislative initiative that lets Dominicans living abroad be part of the development of their country of birth. The objectives of the law are to provide services, guidance and information to a large number of Dominican citizens residing outside the country, both to facilitate their residence abroad and to promote links with their country of birth. It also aims to: - Develop and present, within the Council itself, the national policies on the subject, periodically informing of the progress Dominican citizens and communities abroad; - Promote the implementation of measures to raise the level and quality of life of the Dominican communities residing outside the country, through proposals on the communities’ organization, education, culture, health, housing, sport, and the promotion of investments with, and in, the Dominican Republic; - Suggest policies aimed at promoting the strengthening of ties between citizens and communities abroad and national public institutions and individuals, also facilitating the realization of common projects and activities; - Stipulate technical and inter-institutional cooperation agreements. The Dominican community in Italy includes over sixty thousand people and about half of them also have Italian citizenship. Overall, what are your thoughts on their integration and which are the main difficulties that your fellow citizens encounter in Italy? I think that the integration process of Dominicans in Italy is positive. They are hardworking people who are able to adapt quickly to the new system.

Obviously, they are no strangers to difficulties, mainly work-related ones connected to the current economic crisis which Italy and Europe are facing, so some families find themselves in distress. The Italian community, when counting also Italians’ descendants with a double passport, in the Dominican Republic is equally numerous: estimates put it around three hundred thousand people. According to you, which are your country’s most attractive aspects for Italians? There is a large Italian community in the Dominican Republic, and it is perfectly integrated into the country’s social fabric and actively contributes to its economy. Surely the sustained growth of our economy and the good investment climate here in the Dominican Republic meant that Italians and Italian companies were able to invest in different areas: tourism, food and livestock production, gastronomy and textiles, for example. How are Italy and Italians perceived in the Dominican Republic? Italians love the Dominican Republic and feel at home and at ease, and is one of the reasons why they are not reluctant to make large investments. In spite of the geographical distance separating them, and thanks to the respective expatriate communities, the relations between the two countries are positive. When looking at the economy, in which sectors are Italian-Dominican cooperation and commercial exchanges more developed? Economic relations with Italy are of great importance to the Dominican Republic, and it is important to continue strengthening these trade relations. Dominican products with a potential market in Italy are cocoa beans (also organic ones), bananas, coffee beans, rums and various agricultural products typical of the country, which for purely climatic reasons it is not possible to grow in areas that do not enjoy a tropical climate. The sectors which see more importation of products/materials from Italy and cooperation with it are the tourist, gastronomic, manufacturing, petrochemical, industrial and construction ones.


POINTS OF VIEW

Fatih Ayçin: cooperation between Italy and Turkey’s SMEs are the cornestone of further joint development Interview by Edoardo Bonatti Fatih Ayçin, following his 15 years of career within Pirelli group of companies, he has been working in Italian Chamber of Commerce in Turkey as Secretary General within the last 14 years. INVESTORVISA – The Turkish economy has experienced a fairly marked slowdown in the years immediately after 2012: while the economy continues to grow, its 2000s glory days are far behind. Despite this, the recovery registered in 2017 seems to be well established. Nonetheless, considerable problems remain, such as high inflation, high unemployment, a heavy reliance on foreign investment, and the inability to stabilize the balance of payments, recording a constant trade deficit. What are the prospects for 2018? AYÇIN – There has been historical and fundamental problems of Turkey regarding high inflation, disoccupation and commercial deficit. However, being a young (average 28,6 years old) country these problems can be acceptable due to increasing population (1,2% year) and fast economical growth (7.4% -2017). Current goverment has been applying the economical models to keep a certain growth in economy in order to create new jobs and as a result Turkey has been facing with the problem of inflation and commercial deficit. It is obvious that foreign direct investment is a big support for Turkish economy. On the other hand, to invest in Turkey is not only providing competetive man power cost but also offering a big and growing market with it’s 82 million of population. Taking into account the fact that Turkey has been and has to keep an average of 5% growth in economy, we may expect 5% of growth within the year of 2018. Following this March EU-Turkey leaders’ meeting in Varna, relations between Brussels and Ankara seem to have reached their lowest in years. In your view, the distances in international politics, civil rights and freedoms could also be reflected in trade and financial exchanges with EU Member States? If yes, to what extent? Unfortunately, Turkey has got a very difficult period within the year of 2016 due to Military Coup Attempt and there has been still State of Emergency in the country in order not to face a similar attempt/permenantly eleminate the problem and hence it seemed that some of the human rights and liberty re-

latively suspended for some certain cases for the sake of Country. However, I have to say that during this period nothing is changed for public and daily life condition. If we take into account the fact that Security is not a problem only for Turkey but there has been similar problems all over the world and France could be a good reference for the application of State of Emergency. Fortunatally, new government has just announced that State of Emergency will not be valid anymore starting from July 18th and the image of Turkey will be normalized. Regarding commercial and financial relation of Turkey with Europe, we may easly say that Europe and Turkey have been already integrated and private sector is the engine of this integration. It is clear that some political turbulances may happen, however Turkey has been always a reliable partner for Europe, facing a lot of different geopolitical problems and being a barrier between west and middle east-east. As long as the politics can’t be seperated from the economical integration, I do not see any serious economical effect on the relation of Turkey and Europe. (…) Considering the Turkish economy’s structure, and government’s objectives, what is on the horizon for investments abroad for non-institutional investors and in particular for Turkish entrepreneurs? Is Italy still valued as a country in which to invest, in spite of the recent political elections that marked the defeat of the political forces that governed Italy in the last five years, and that rewarded Lega Nord and the Five Star movement? Italy is the best destination for Turkish companies which would like to sterength their position and increase their market share in Europe. According to the recent experiences of some of the Turkish companies within the sector of ceramics, shoes, logistics and services, Turkish companies are much more interested to buy some brands in order to expand their commercial activities in Europe. On the other hand, the service sector is offering a big potential for Turkish companies especially in tourism sector. However, Italian market is not offering a competetive production environment for big Turkish industrial companies due to high cost of production.


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INVESTOR VISA ITALY

POINTS OF VIEW

Sergio Bertasi: Intesa Sanpaolo Beijing representative on China-Italy investments and banking Interview by Edoardo Bonatti 12

Sergio Bertasi has been the head of the Intesa Sanpaolo representative office in Beijing since 2010. In his thirty years banking sector experience, he has long been involved in the Chinese market, with a past assignment at the Hong Kong office. Intesa Sanpaolo Group has been present in China since 1981 with a representative office in Beijing; it owns various operational holdings: a 15,59% stake in Qingdao City Commercial Bank, 100% of Yi Tsai (a wealth management company) as well as 49% of Penghua Asset Management. The Group’s activities in the country are well established and, given what CEO Carlo Messina said during the World Economic Forum, they represent an ideal basis for intensifying Intesa’s commitment on the Chinese market. INVESTORVISA – How is Intesa’s work in China currently structured, both in the retail and in the financial sector? BERTASI – The group has always pursued a strategy of steady expansion, seeking to accommodate China’s gradual evolution and opening. Therefore, besides the representative office in Beijing work to consolidate relations with the financial sector and the political institutions of the country, in 1997 we opened the Shanghai branch, operating both in local and foreign currency. This strengthened the Group ability to support groups and companies, Italian or otherwise, operating on the local market through their subsidiaries. Recently, investments in the retail (Bank of Qingdao) and wealth management sectors (Penghua AM and Yi Tsai) took advantage of the improved operating opportunities offered by the Chinese market. What is the relationship of a banking group like Intesa Sanpaolo with the competition and with the customers within a banking system dominated by the presence of the State at all levels, from the Big Four (Industrial and Commercial Bank of China, Bank of China, China Construction Bank, Agricultural Bank of China) to the commercial banks linked to local governments? The added value offered by our bank, when compared to Chinese ones, consists mainly in the historical wealth of knowledge of the group to which it belongs, as well as in the greater understanding of the difficulties that a European entrepreneur faces when operating in a very different market, both

structurally and from a regulatory perspective. A large part of our work is to advise, inform, document, an added service that Chinese banks are struggling to provide. Which is the prevalent clientele of Intesa? Local companies belonging to industrial groups which are already our customers in other geographical areas, thus Italian ones mainly, but not exclusively. When it comes to foreign investments, the latest government measures seem to aim at reducing outgoing flows. Capital control established by the authorities to avoid the excessive depreciation of the renminbi is very distant from the now solid global vocation of Chinese companies. How have these measures influenced private investors and, according to you, what developments will there be in the future, also when considering the recent economic and political changes that saw China as a protagonist? China conserves a strong interest in expanding investments abroad, but the Government is now focusing its attention on some sectors it considers to be of more strategic importance (e.g. renewable energy, nanotechnology, agrifood), in turn discouraging other areas where it believes expanding further abroad may be inappropriate. Perhaps we can say that we are going through a phase of filtering and optimizing investments. From 16 December 2017, new Italian measures are in place to attract foreign investment. In your opinion can these measures be attractive, limitations notwithstanding, to Chinese investors, especially now that they see their chances to benefit from similar American programs (EB5) decrease? The entry visa is certainly an important incentive, but much has yet to be done about other aspects that facilitate mutual understanding, both linguistic and cultural, which still very often represent a significant barrier to business development.


INVESTMENT PROPOSALS

Taste genuine handmade ‘gelato’ anywhere

Historical toys brand: a shareholder’s block is on sale

The Company is an innovative start-up, and its main objective is to provide easy access to the amazing taste of the handmade Italian gelato to people anywhere in the world. The machine was designed with ice cream shops needs in mind: they can use it to expand their market and reaching out to already established commercial venues. The vending machine can be even located on private premises (such as fitness centres or school campuses) or on public ones (railways stations and even on trains itself). Its strength: a wide range of ice cream options 24/7. It will be the cornerstone of every artisan ice cream shop expansion plan!

Established in the mid-1900s, the toys factory became a leading brand in less than one-year time selling its first licensed mechanical toy able to revolutionise the in-house market. Than many successes came based on the ability to combine passion, genius and technical skills, investing resources to create and distribute educational toys. The company toys technology became so popular to invade the art field with masterpiece made by theme to be shown in International Contemporary Art Galleries, while new products ideas were getting shaped, ready to celebrate new success toys. The Company has collected an impressive amount of international awards thanks to its educational toys trough nearly one century on the market.

Cat: Manufacturing ID: I14-002 - Amount: EUR 500,000

Cat: Manufacturing ID: I14-001 - Amount: EUR 6,400,000 13

Mother of pearl sheets: the key to sustainable luxury

Illumination and design: an investment in Made in Italy

The intuition of this Company is to use a lush, yet limited, natural product in unexpected ways, exploring new possibilities in fashion and design. The weaving of the mother of pearl threads allows obtaining “sheets” which are homogeneous in beauty and shine. This unique and innovative process shapes a great variety of products always respecting the environment and granting eco-sustainability label. The mother of pearl sheets can be used to cover almost any base materials, permitting to match a dramatic variety of colors and effects. Marked by a dynamic entrepreneurial spirit, the Company’s added value is the perfect balance between the mastery of modern technologies and the high craftsmanship content of its products.

This company was formally founded in 2017 from a business that started in the 1960s. Since then, the founder of the company has produced equipment for illumination on an industrial basis which eventually became international. The key to success of this historical company is the production of classical style chandeliers, made of materials only produced in Italy. Elegance and technology have made this company a leader in the market and have clients in more than 30 countries around the world.

Cat: Decor and Design ID: I4-001 - Amount: EUR 1,000,000 to EUR 3,000,000

Cat: Decor and Design ID: I4-002 - Amount: EUR 1,300,000

INVESTOR VISA ITALY

INVESTMENTS PROPOSALS

Multipurpose modular devices: give me a brick and I’ll move the Earth

Indoor amusement park in the heart of Tuscany

This is a start-up company founded in 2015. They have brought into the national and international markets two patents after two years of research. The company is now past the seed phase and ready to expand the market with a revolutionary product: small brick-form artificially intelligent blocks that use Bluetooth Low Energy communication to interact with smartphones and tablets through an App. Each ‘brick’ has a specific function (that can be set by the user). The bricks can be assembled to create a multifunction modular system. You can create quickly: portable devices, wearable, home climate management systems, and much more… there is no limit to the possibilities and no special skills are needed.

The company, founded in Pistoia in 2014, is a joint-stock company registered with the Chamber of Commerce as an innovative Sme. The business objects are design, feasibility study, promoting, construction and management of tourism and leisure facilities. In agreement with the government of the region of Tuscany and in collaboration with other private and public bodies, the company will soon start the construction of an amusement park based on the world’s most translated non-religious book, a masterpiece of Italian literature for children. A 20 million project (financed for the most part) soon to be the main attraction in Tuscany and a benchmark for national and international tourism for families and schools.

Cat: New Tech – Informatics ID: I11-001 - Amount: EUR 500,000

Cat: Tourism ID: I13-001 - Amount: EUR 1,000,000 to EUR 4,000,000

A Startup from Maranello with three high tech projects

Search, book, travel. The new way of camping arrives form Marche

A high potential startup, created by a team of engineers and researchers, presents the latest technologies in the fields of takeaway food transport, aerodynamics, and automotive.

This brand new start-up founded in 2017 proposes a new simple innovative way to go camping in privately owned areas: a marketplace of those seeking and offering open spaces to stay. This platform gives owners the chance to rent spaces ‘In the open air’ to those who want to camp and travel by alternative means. The ‘In the open air’ tourism is an itinerary by camper, by caravan, or in a tent towards places that are far from where everyone goes and the usual tourist destinations.

Cat: Engineering – Robotics ID: I7-001 - Amount: EUR 500,000

Cat: Tourism ID: I13-002 - Amount: EUR 750,000

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INVESTMENT PROPOSALS

Insects as a sustainable protein source: the future of food and feed

A smartphone application for livestock farming management

In 2030, 9 billion people will have to be fed, along with the billions of bred animals. To cope with this rising consumption, it is estimated that by 2050 meat production will double, while aquaculture fish production will almost triplicate. At the same time, over 30% of the world’s food production is wasted and sent to landfill or used in composting operations where most nutrients are dispersed. This is why this company wants to help ensure that insects are produced as a sustainable source of alternative proteins. While ensuring an adequate nutrition to humans and animals, in a sustainable and economical way, two major problems will be solved: the increasing organic waste production and the lack of nutrients.

The company aims are to gather data on livestock and conduct an extended data mining activity. It has made an application for breeders which can manage data offline as well, developing and organizing the entire process: from production to sales, and transport. This innovation has positive effects for Governments, International Organizations and private companies that can use the collected information to develop policies, management plans, and commercial operations. The impact on developing countries will be enormous for small breeders and others because they will have access to information that would be unattainable otherwise. They will be connected to other breeders that live in remote areas.

Cat: Agriculture and Food ID: I1-002 - Amount: EUR 500,000

Cat: Decor and Design ID: I1-003 - Amount: EUR 500,000 15

Augmented Reality meets foreign language learning for children A young startup, set in one of the most technologically dynamic district of Sicily, has developed a way to link paper to augmented reality: an engaging, combined system for language learning, specific for children from 3 to 8 yr. Firstly developed for teaching English to Italian native speakers and patented in 2015, this system can be potentially applied to any language, becoming a reliable tool for teachers and students from any country.

Cat: Education ID: I5-001 - Amount: EUR 560,000

Check out our latest proposals. We are constantly updating our selection

INVESTOR VISA ITALY

STOCK CAPITAL ACQUISITIONS

A beautiful holiday farm in Elba Island

A luxury five-star hotel in the heart of Pisa

The estate is located at Elba’s south-eastern extremity, with beaches, inlets and bays cut into the impervious cliffs. In the middle of the estate stands a beautiful eighteenth-century villa, surrounded by a large number of farmhouses converted into ideal buildings for a holiday of complete relax. The farmhouses were renovated in accordance with the typical style of the Tuscan Maremma. The estate offers a splendid sight, where the reddish colour of the earth (the result of centuries of mining), stands in contrast to the green foliage of the pine trees and the azure of the Thyrrenian sea, creating unbelievable views.

This five-star hotel is located very close to the Natural Reserve of San Rossore and offers an amazing view of the Leaning Tower. The hotel has 82 rooms, 9 junior suites, 3 suites and 27 apartments. Guests can enjoy the breath-taking view of the Leaning Tower, which is within walking distance from the hotel, from most of the rooms. Piazza dei Miracoli and the city centre are just a hundred metres away.

Cat: Stock Capital Acquisitions ID: SC-001 - Amount: EUR 55,000,000


A luxury and historic five-star hotel in Livorno

A four-star hotel on Viareggio promenade

The hotel is located right on Livorno (Leghorn) seafront, overlooking the characteristic Mascagni terrace. The historical hotel was built in 1884 and, following the aftermath of Second World War, entirely renovated in 2004.

The hotel is located a few meters from Viareggio’s promenade. Opened in May 2014, it is characterized by its modernity: it is furnished with natural handmade materials and the avant-garde and eco-friendly technologies used (solar panel heating and LED lighting) make this hotel a masterpiece of design and innovation.



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Condo hotels: New opportunities for tourists and entrepreneurs Two hotels and 17 income properties in Tuscany The investment proposal is about seventeen properties guaranteeing an income in Viareggio, Cascina, Ospedaletto, and two hotels in the province of Pisa. All of them belong to a joint stock company, which is, at the same time, responsible for the hotel management.



ew investment opportunities in the tourism sector are opening up in Italy: since March 21st, condo hotels will become part of the Italian tourism offering. On this date, in fact, the decree regulating this new segment of the sector will enter into force. Such a development will not only affect local entrepreneurs but will also offer significant opportunities for foreign investors interested in Italian tourism.

N

Thanks to condo hotels, foreign investors keen to explore innovative ways to engage with the tourist and real estate sectors will have a novel way to do so. Hotels’ offering will not be limited to their standard use: it will permit owners to diversify their income, granting an alternative source coming from a whole other market segment. This new formula allows hoteliers to sell their customers individual condominium units in hotels and then use them as a residence or, when not doing so, dedicate it again to the original accommodation. For both the hotel’s owner and the individual buying a residential unit, condo hotels combine the advantages of a real estate investment with the ones of a hotel. The maximum extension of the apartments available for sale must not exceed 40% of that of the rooms; however, they do not necessarily have to belong to the same structure, as long as they are within 200 meters from the reception. Condo hotels are an already established reality in the United States: Florida, in particular, is the state with the highest number of condo hotel. Following the example of their American counterparts, mainly located in prestigious and highly touristic areas, Italian condo hotels will breathe new life into Italian hotel industry. Individuals will regard this solution both an opportunity to make money and a new form of short-term residence and holiday sojourn; for their part, hoteliers will be able, by combining the privacy of a house to the services of a hotel, to tap into that segment of clientele that until now has preferred non-hotel accommodation. Condo hotels are a significant investment opportunity for those interested in entering the highend hospitality industry and, at the same time, willing to expand their investment portfolio in real estate through a single operation. InvestorVisa.it has recently started offering in its catalogue ideal offers for entrepreneurs willing to invest in this new sector.

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INVESTOR VISA ITALY

DONATIONS PROPOSALS

Be a Patron of an annual award to be assigned to non-EU foreign citizens in Italy

Azerbaijani and Italians united during WWII resistance: A film will tell their story

The purpose regards the establishment of an annual award, entitled to the patron, to be assigned, for two years, to foreign citizens in Italy (of the same nationality of the patron ) who have been particularly excelling in their activity field. The organization of the award will be taken in charge by an Italian excellent and well known Centre of Studies and Researches, that has been specifically working on international migrations and migrants’ integration issues for 15 years in Italy.

An international film production (Italy, Azerbaijan, Turkey, USA, UAE) aims to shed light on a little-known aspect of Italian resistance movement: the presence of Azerbaijani partisans in Italy. The film will be set in the period between the announcement of the armistice of Cassibile (8 September 1943) and the rendering of Caserta (2 May 1945), during which fights occurred between military departments of the Italian Social Republic (RSI, fascist group) collaborators of the occupying troops of Nazi Germany, and the Italian partisans the Allied Forces, in the context of the Italian liberation war and the Italian campaign. Among the confirmed cast from Azerbaijan, there are some of the most known and best actors of the country.

Cat: Immigrant Integration Policies ID: D3-001 - Amount: EUR 1,000,000

Cat: Cultural and Landscape Heritage ID: D1-004 - Amount: EUR 1,000,000 to EUR 3,000,000

Agriculture development in the Mediterranean area

City of Utopia: an ancient dream becomes reality

Two prestigious universities, an Italian and an Algerian, are working together to improve the agricultural sector of the developing economies of the Mediterranean. In many Countries of this area, agriculture plays a key role both in socio-economic and territorial management. The goal of the project is to design, study and implement scientific and technological research and experimental development activities aimed at the diffusion of structures, facilities and innovative technologies at low environmental impact, which can lead to a significant increase in competitiveness and innovation in the primary sector, contributing to greater environmental sustainability of agri-food production.

This small and suggestive village at the foot of the Lucanian Dolomites was founded in 1714 as a place of residence for the settlers of the Rendina family, who had received the fief and a peerage from Philip IV a century before, on condition that the territory would be repopulated. In 1885 a landslide caused the collapse of the center of the town which, consequently, was abandoned by the inhabitants. After more than a century from this terrible event, the local authorities launched a restoration project for the entire area. The creation of the Archaeological Garden Park to enhance the natural beauty and the incredible cultural and historical heritage of the site will revive, at least in part, the dream of Utopia.

Cat: Scientific Research ID: D4-001 - Amount: EUR 1,000,000

Cat: Cultural and Landscape Heritage ID: D1-001 - Amount: EUR 1,000,000 to EUR 4,000,000

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SALES PROPOSALS

Opera theatre in Tuscany: restoration, new facilities, and study programs

Farm and agritourism in Tuscany

A theatre located in the 3rd biggest city in Tuscany, the only one among the 12 in the city which survived the WWII bombings, needs for a Patron to fund several interventions: restore the facade, build an outdoor stage – amphitheater, and promote diverse training programs for musicians, actors, singers and youth from other countries. The prestigious opera house contributes to the safeguard of the Italian cultural heritage and demonstrates a strong international quality. Looking ahead, the dynamic Foundation hopes to transform the theatre and its surroundings in a gateway for tourism in Tuscany and a point of reference for the artists all over the world.

This farm located in Tuscany has a stone face cottage with a garden and 12 hectares of farmland. It is one kilometre (just over half a mile) away from the center of Suvereto in the province of Livorno. Suvereto, a medieval village dating back to the 10th century, is a jewel on the slopes of the hills that give onto the sea. It’s set in “Costa degli Etruschi”, the territory named after Etruscans where the Cornia river flows. The owners of this farm have followed all the indications as specified by the Earth Charter applying permanent agriculture. The company produces a wide variety of quality products, certified DOC and DOCG, organic and vegan.

Cat: Cultural and Landscape Heritage ID: D1-002 - Amount: EUR 1,350,000

Cat: Sales Proposals ID: FC-001 - Amount: EUR 2,905,000 19

* These sales proposals are reserved for entrepreneurs *


Large farm with 20 ancient Trullo houses The main building, fit for habitation, is provided with sheep pens, barns, yards, and threshing floors. The farmhouse occupies a total of 873.42 sq meters, and it’s surrounded by 39.65.25 hectares of arable land which includes olive orchards (14 hectares, 1,200 trees) and cropland (17 hectares). All the products of the farm are organic and the use of chemical fertilizers is minimal. The remaining land is occupied by Mediterranean forest: here there are 20 ancient Trullo houses, examples of traditional Apulian architecture.

Cat: Sales Proposals ID: FC-002 - Amount: EUR 1,800,000

ITALY TOP LIFE

Castello di Guarene, luxury historic stately home ust a few kilometres from Alba stands Guarene Castle, an enchanting old stately home dating back to the 1700s. It was the realization of a dream for architecture enthusiast Count Carlo Giacinto Roero of Guarene, whose friend, the celebrated Filippo Juvarra, is credited with the design of the façade. Perfectly preserved over the years along with all its works of art, and an important stop-off on any tour of Piedmontese Baroque, today the Castle is a first class hospitality facility, with a restaurant, spa, and piano nobile museum. Surrounded by vast, elegant Italian gardens created in the first half of the 18th Century, the nearly 25-metre high, three-storey building looks out from its extraordinarily privileged position onto the Unesco World Heritage Site hills of the Langhe, Roero and Monferrato. The furniture is mostly made up of original pieces from the Castle itself, while some items have been added from the private collections of the new owners, Artusio and Gallo. The utmost respect has been shown for the frescoed décor and layout, and the en-suite bathrooms have been fully clad in fine marble. The silk and velvet wall coverings have been applied using padded frames, just as they were in the residences of the aristocracy in days gone by. Each of the 12 rooms has its own personality conjuring up the historic personality it is dedicated to, and all are appointed with smart technology, LED television with SKY Gold Vision, safe, minibar, and Wi-Fi Internet, ensuring that guests do not need to forgo contemporary conveniences whilst experiencing the atmosphere of the 1700s.

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The Castle is also home to a Restaurant, where the Chef knows how to astonish and delight guests with his specialties. A special White Truffle of Alba menu can also be enjoyed when the precious tuber is in season. The rooms in which the Roero family used to live are to be found on the Castle’s Piano Nobile. The “Old Apartments”, located on the right, house the Bishop’s Room, Music Room, Billiards Room and Blue Room. Meanwhile, on the left are the “New Apartments”: the Room of our Forefathers, the New Gallery, the Dining Room and the highlyprized Chinese Rooms. A wonderful panoramic view of a unique landscape can be enjoyed by guests while relaxing in the absolute peace and quiet of a enchanting cave pool dug into the rock. And alongside is to be found our Wellness Area (Spa), offering a Finnish sauna, steam bath, dream shower with chromotherapy and aromatherapy, Kneipp water therapy and salt grotto. Treatments and massages are available on request, and the services of a hairstylist and beautician can also be arranged. The privacy and elegance of the rooms and the discreet professional service make this an ideal location for organizing meetings, special events, and international conventions. The timeless beauty of the settings is perfectly complemented by cutting-edge communications and video projection technology. Wedding receptions at Castello di Guarene are memorable events, with the romantic charm of the Castle and its gardens, perfect service, outstanding cuisine and the vast selection of wines providing unforgettable memories.

Castello di Guarene +39 0173 441332 [email protected] www.castellodiguarene.com

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IF YOU ARE NOT SURE exactly where to place your investment yet, we can suggest various opportunities among which you can choose in order to suit your requirements and your needs. Once you have made your choice, we can put you in contact with the Company so you can conduct all the aspects of the financial operation. Upon arranging the agreement, we can assist you in requesting your entry visa. Once you have obtained a visa you can enter Italy. Within eight days of entry, the residence permit may be requested through Jusweb. Within three months you will have to finalize your investment.

IF YOU ARE NOT SURE exactly where to place your investment yet, we can suggest various opportunities among which you can choose in order to suit your requirements and your needs. Once you have made your choice, we can put you in contact with the director of the arts or other cultural project or a trusted professional (notary, agency, accountant, or lawyer) so you can conduct all the aspects of the financial operation. Upon arranging the agreement, we can assist you in requesting your entry visa. Once you have obtained a visa you can enter Italy and within eight days of entry, the residence permit may be requested through Jusweb. Within three months you will have to finalize your donation. The financial operation will be guaranteed by a deed, before a notary public with two witnesses. If you do not have your own notary, you can choose among notaries we can refer to based on their experience and knowledge of transnational operations, one for each region in Italy. A notary deed is a fundamental document that shows that all conditions required by the law, and necessary for obtaining the residence permit for investors, have been satisfied. We will look after the request for your residence permit. If you already know in which project you will make a donation, and you have already chosen the professionals to conduct the operation, our services will give you assistance in requesting your visa and your residence permit.

The financial operation will be guaranteed by a deed, before a notary public with two witnesses. If you do not have your own notary, you can choose among notaries we can refer to based on their experience and knowledge of transnational operations, one for each region in Italy. A notary deed is a fundamental document that shows that all conditions required by the law, and necessary for obtaining the residence permit for investors, have been satisfied. We will look after the request for your residence permit. If you already know which company you want to invest in, and you have already chosen the professionals to conduct the operation, our services will give you assistance in requesting your visa and your residence permit.

Our service at a glance Six steps for making an investment or donation with InvestorVisa.it, a service of Jusweb srl Once an agreement has been finalized, we’ll help you with the procedure to get an entry visa

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INVESTOR VISA ITALY

Legal publishing, Continuing professional development courses, Legal advice and services on immigration and international movement of persons

Jusweb is a company established in 2003 and located in Viterbo, the capital city of Tuscia, northern Lazio (Italy). It operates on a national level in judicial publishing industry through the periodical Immigrazione.it online since 2005, concerning the fields of International Law, National Law, and European Union Law, focusing on foreigners’ condition and international mobility of the individual. Since its first publication, the periodical has been chosen by the Italian Ministry of Interior as a tool for revision for officers of Border Police, Police Headquarters, and Immigration Offices. Jusweb is registered in ROC and is authorized to conduct online consulting and services just Law n. 4 /2013. Jusweb also holds accredited training programs for professionals, such as notaries, lawyers, certified public accountants, and journalists. Since 2010 these programs are available on the platform FormazioneWebTV.it, the first in Italy to provide interactive live streaming lectures and seminars. Jusweb provides non-Italian citizens advice in regard entry and residence in Italy. Among its services, it deals with web marketing and communication. InvestorVisa.it service is managed by the staff (including our editorial staff and teachers) in collaboration with native language interpreters and translators for Chinese, French, Spanish, Japanese and Arabic, and experts from: • Studio Serpieri & Associati, Viterbo and Milan – trust and financial advice • Manca Graziadei law firm, Rome and Edinburgh – legal advice and visa practice for Chinese clients • Maria Tolmatcheva law firm, Florence – legal advice and visa practice for Russian clients. Jusweb is a member of: • Italy-America Chamber of Commerce of Texas • Italy-Russia Chamber of Commerce • Italian Chamber of Commerce in Turkey • Italian Chamber of Commerce in the UAE

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