Property purchase: Chinese attracted by investments in Italian houses
In the last few years Chinese people have been attracted by investments in Italian houses. There are several reasons behind it: obtaining a Schengen Visa is one of them.
Italy is one of the most beautiful Countries where foreigners would like to live or come for long holidays. However if you are not European you might have several obstacles.
In these last few years Italy has seen a high number of Chinese who have invested a consistent amount of money in Italian houses purchase and have obtained a residency permit. How does this work?
If you are a Chinese citizen and you have the interest to look for a property in Italy you can obtain a Visa which allow you to come to the Country just for checking a few properties with the interest to buy one. In this case you have to ask for a so called IVAC so that you will be allowed to come for touristic reasons. The application needs to include a letter in which you clearly explain the reason of your journey to Italy and an invitation letter from a real estate agency to come and check for some properties.
The procedure above will allow you to obtain 90 days Visa which is valid for 6 months. These applications are considered as business permits.
Once you have found your property and have purchased one, you might be entitled to obtain a residency permit. It will be possible for you to obtain a Schengen touristic Visa, the duration of this permit is 5 years but in this case you need to show that you have actually a good title and that you have already received a visa in a Shengen Country.
Thanks to the above rules, in the last few years Italy has been a Country which has been hosting many many Chinese citizens. In fact among all the application just a very small percentage has been refused. Consequently investments in Italian houses have been numerous.
The Italian politic to attract investments (so called immigration by investment) has been working well and many other people are ready to join our Country for a long period of 5 years in which they can spend in the Country a maximum of 90 days up until 6 months during the year.
What are the requirements and the consequences of this?
- Italy is able to attract investors (and money) in the Country
- Chinese citizens and other non- EU citizens who have obtained a visa in a Shengen Country can apply with good possibility to obtain a 5 years visa
- The applicants are people who do not have any interest in immigrating (and working) in the Country, but just the interest to invest or come as tourists
- Foreigners will be allowed to purchase a property in Italy which will allows them to make a good investment for a low amount.
The above meets both needs: Italy attracts investments and foreigners can invest and obtain a visa to enjoy the Country for a quite long time during the year with the possibility to obtain a residency permit after 5 years.
- You are a non EU citizen looking for a property in Italy
- You need to apply for obtaining the permission to visit our Country and look for a property
- You wish to obtain a five years permit
- You need assistance with the property purchase (due diligence, notary reference, survey and any advice in this sector)
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.