Foreign citizens can apply for an EU long-term resident permit (with unlimited validity) if: they have a valid resident permit and have been a legal resident in Italy for a period of at least five years; have a minimum annual income higher than the social allowance (5,954 euros for the year 2019). The EU long-term resident permit allows the holder, under certain conditions, to move from one EU state to another (but it's necessary to check each country's regulation). Also, the investor must maintain the original investment for the entire duration of the permit; otherwise, it will be revoked. Additionally, the renewal of the investor resident permit after the first two years is subject to a preliminary approval by the investor visa committee, which must ensure that the investment/donation has been maintained for the entire validity period of the resident permit. However, it is to be noted that if the holder no longer meets the requirements fr mantaining the investor permit, he/she can apply for it to be converted into another type of permit (of course if he/she meets the legal requirements to apply for it).
What is the process of applying for an EU resident permit after holding an investor visa in Italy for five years?
I just obtained my investor visa and settled down in Italy. I was told that after holding this visa for five years, I could choose to apply for an EU resident permit. What is the process? After getting the permit, do I still need to maintain my investment in Italy? With an EU resident permit, will I be able to live and work freely in any EU country?
An EU long-term resident permit can be applied for after five consecutive years of legal residency in Italy. The main requirements for the application are the following: (i) proof of legal residence in the country for the period required (shown through the submission of a certificate of residence issued by the competent Italian Municipality); (ii) criminal record certificates that are clear; (iii) documentation proving the possession of sufficient economic and financial resources to live in Italy and (iv) proof of knowledge of Italian language (Italian language test certificate). After getting the EU long-term resident permit you will be not required to keep your initial investment and therefore you will be able to withdraw it whenever you want. With the EU long-term resident permit, you can freely travel to other EU countries for up to 90 days over a 180-day period without the need to apply for a visa. If you want to move to another EU country to work, you shall apply for a permit in such an EU country according to the specific procedures applied there.
Hello, the process of applying for an EU resident permit after holding an investor visa in Italy for five years is not difficult at all, even though you will have to go through some specific steps. If you just obtained your investor visa and settled down in Italy, I strongly suggest you to contact the local questura and then the chamber of commerce. Having been granted a five-year visa, you are entitled to get Italian residency, then - once been granted Italian resident permit - you will be able to choose to apply for another EU country resident permit. It goes without saying that after getting the permit, you still need to maintain your investment in Italy for the time you are spending here as resident. I can confirm you will be able to live and work freely in any EU country by having the Italian permit.