Investment-based immigration is one of the easiest ways to relocate because it offers a short route. You need not worry about eligibility, as money is all you need to get in. Likewise, long immigration queues are not a stress factor because the process typically takes only a few months. According to experts in the team of Investor Visa for Italy LLC, the Italian investor visa is a classic example of how easy things can be with this immigration route. But you should be financially ready for the process because money is the primary factor. Let us share the essential financial prep tips for investor visa aspirants.
Understand the funding requirements
The first step while applying for an investor visa is to understand the funding requirements. Of course, it is the most crucial one, because the amount is often massive, so you may need to build your savings to reach the goal. However, you can expect the Italian investor visa to fit into your budget because the minimum funding requirement is EUR 250,000. You may actually have a shot at immigration without being a billionaire. The good thing is that you can bring along your family to Italy with a single investment, provided you earn enough to support them.
Know the investment timelines
Knowing the investment timelines is another key step in financial prep for the investor visa. You may not have to bring the money during the application process as with the Italian investor visa. You only have to show proof of funds with a bank statement to obtain a nulla osta (certificate of no impediment). The money has to come within three months of obtaining your residence permit after landing in Italy. So you can be stress-free about its safety.
Prepare financially for the move
Besides having enough money for the funding part, you must also prepare financially for the move. Consider costs like air travel, relocation of your stuff, and rent deposit for a home in the country. You may even want to buy a house down the road if the immigration law permits it. Building a savings fund with a few months of living expenses makes sense, as you may not get a job or start a business for some time. Remember to factor in the fees of an immigration expert because you will probably need their assistance to get residence permits and renew them later.
Be ready for long-term investment
An investor visa serves as a pathway to citizenship in most countries. You can obtain a residence permit and eventually convert it into a second passport after a specified period. For example, the timeline to obtain citizenship by naturalization in Italy is ten years. It means you must stay in the country for a decade and keep your investment in place throughout the period. So you must be ready to invest for the long haul.
Immigration with an investor visa is a breeze, but it entails a long-term financial commitment. You can rely on these money-savvy hacks to avoid money mistakes and be ready for the cost it entails.