Investor Visa Italy

ISSUE 3

JANUARY -JUNE 2019

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

Italy calls for investors and patrons

INVESTOR VISA ITALY

CONTENTS

INVESTOR VISA ITALY ISSUE 3 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

“The Cloud” - New Congress Centre in Rome

by Studio Fuksas Photo by Raptchatre (CC BY-SA 4.0)

POINTS OF VIEW

1 Residence and citizenship programs for investors in EU member states and in Italy

by Raffaele Miele

6 Gabriele Lanzi: New developments on Italian visa for foreign investors Interview by Edoardo Bonatti

Contributors

LEGAL ISSUES

Giulia Proietti Luca Serpieri

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3

Jacopo Giuman: Italy as a key player in South Korean businesses European strategy

How to apply for an investor visa Editorial Staff

Interview by Edoardo Bonatti LET’S CONNECT

Website

4 How to invest in an Italian corporation Giulia Proietti

investorvisa.it Twitter

@InvestorVisa_it

Italian start-up companies: venture capital investments and tax facilitations

10 Yossi Bar: Israel is in love with Italian economic opportunities and culture Interview by Edoardo Bonatti

Luca Serpieri

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NEWS

Interview by Edoardo Bonatti

Luca Cico: Hong Kong and Macau are open for business with Italy

Phone

+39 0761 092025 Email

info@investorvisa.it

5 A dynamic new market: Italy innovative startups are more than 10,000

SHOWCASES

Italian hotel real estate market is one of the most attractive in Europe to foreign investors

Investments proposals

14 20 Donations proposals

Italian culture is the core of the country’s economy

Printed in Italy by

Tipografia Quatrini - Viterbo

Information sheets in www.investorvisa.it also available in

EDITORIAL

Residence and citizenship programs for investors in EU member states and in Italy

by Raffaele Miele

EU member states bound to their own laws while the Commission is trying to lay a common framework he European Commission forwarded to the European Parliament, the Council of the European Union, the European Economic and Social Committee and the Committee of the Regions a report showing the findings of a research about member states visa programs granting citizenship or residence rights to non-EU investors.

The Commission tried to highlight the many risks stemming from these programs. There are many security concerns, especially regarding potential money laundering, tax evasion and corruption arising from granting citizenship rights without previous residence or, at least, without further scrutiny of the investments, barring a strictly economic one. The report shows the many challenges to European governance and transparency while considering some possible solutions to address them inside a shared framework.

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Some member states programs are, according to the Commission, openly breaching international law. In fact, in Bulgaria, Cyprus and Malta investment attraction programs grant citizenship rights to investors without demanding to the applicants to effectively reside there. The report quotes the 1955 Nottebohm case. The International Court of Justice, settling the dispute between Lichtenstein and Guatemala, upheld the principle of effective nationality. The national must prove a meaningful connection to the state in question, e.g. his origin, ancestry, marriage, a proven and significant period of residence, his language or the sharing of its uses and traditions.

Given this, even if citizenship laws are in the exclusive domain of EU member states, the Commission is arguing that each member state must guarantee that citizenship will not be granted lacking an effective link with the state itself.

European citizenship automatically derives from being a citizen of a member state and such programs would violate the principle of loyal cooperation among EU members. This is established by article 4, section 3, of the Treaty on the European Union (i.e. the Maastricht Treaty), requiring each member state to refrain from any measure which could jeopardise the attainment of the Union's objectives.

These remarks, previously stated by the Commission itself and by the European Parliament, brought Malta to amend its law. Malta now asks investors to provide a twelve-month “proof of residence”. Such requirement is satisfied when the applicant obtains a residence permit, even without physically residing there, provides his boarding passes showing travel to Malta and, preferably, provides evidence attesting his donations to charitable organisations, his membership of a local sports association or his income tax payments. After Malta, Cyprus also amended its legislation in 2016 granting citizenship rights to the investor and his family members only after prior issue of a residence permit.

Sure enough, the Commission investigation on residence programs for investors was broader and more challenging. Compared to the three states offering citizenship schemes, twenty states implement investor residence programs: Bulgaria, the Czech Republic, Estonia, Ireland, Greece, Spain,

France, Croatia, Cyprus, Italy, Latvia, Lithuania, Luxembourg, Malta, the Netherlands, Poland, Portugal, Romania, Slovakia and the United Kingdom. Hungary suspended its program in April 2017.

According to the Commission, visa and residence programs, while quite distinct from citizenship ones, may present some security risks.

They may also disrupt the application of some of the rights associated to the EU Long-Term Residence status, as they allow non-EU citizens to move freely inside Schengen, even if they are national visas and permits. According to the Commission, some obligations exist under EU law in terms of security checks to be carried out prior to the issuance of visa or residence permit to foreign investors. Nonetheless, data on the effective procedures carried out and on how member states handle discretionally these security issues are not available. Residence permits granted on the basis of an investor residence scheme requiring only a short-term residence period or none at all may also impact on the rights of the individuals possessing the EU Long-Term Residence status. In fact, these scheme would represent a fast-track procedure to obtain the citizenship of the issuing member state and thus of the Union itself. The Commission also emphasises a lack of transparency and checks of these programs, especially when it comes to monitoring and the absence of statistics on the number of people obtaining a residence permit thanks to these schemes.

To address these critical issues the Commission will supervise all programs. On their end, member states will have to carry out all the

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INVESTOR VISA ITALY

EDITORIAL necessary security, border and anti-money laundering checks, ensure that all the requirements demanded by the Long Term Residence Directive and the Family Reunification Directive are met, and share all the information to prevent tax evasion.

Finally, considering that some non-EU countries are implementing similar programs, which may have implications for EU security, the Commission will monitor investor citizenship schemes in the context of the EU accession process of these candidates. The Commission will also examine the impact of such programs implemented by visafree countries as part of the visa-suspension mechanism.

Italy is improving its legislation hile the European Union is seeking common solutions to avoid the negative impact of citizenship and residence schemes on EU law, Italy may shortly amend its Immigration Code (Article 26-bis, TUI). This article, a year after coming into force, yielded, in terms of investors receiving a visa and residence permit, very few results.

On the matter, on 12 February 2019, its first signatory Gabriele Lanzi (M5S) presented the 1056 Bill “Amendments to article 26-bis of the 25 July 1998 legislative decree, n. 286, on the subject of the entry and stay for investors”, in the Senate.

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The Bill takes into account the negative assessment of the previous norm and acknowledges that some corrections may be in order. Amending the law may improve the program attractiveness for non-EU investors thereby increasing Italy’s competitiveness – at least on this subject – compared to other member states. The Bill will extend the possibility to apply for the visa and residence permit to the legal representatives of legal persons looking to invest in Italy, doing the same as Spain (a legal person, registered in a territory that is not considered a tax haven according to Spanish regulations, in which the foreign investor owns, directly or indirectly, the majority of the voting rights and has the power to appoint or dismiss the majority of the members of its administrative body), France (In order to meet the ‘exceptional financial contribution’ requirement, Article R 314-6 of the Immigration Code stipulated that an investor was required to, either personally or through a company they either directed or held at least 30% of the capital, comply with either of the two conditions (not cumulative)…) and the Czech Republic (A natural person, who is a governing body, a member of a governing body, a procurator or a partner of a business corporation, on condition that the activity of such a person will have a significant influence on the business activities of the business corporation. If the number of natural persons in a corporation applying for the residence permit is five or less, their significant influence in the commercial corporation is assumed. If there are more than five applicants from the same corporation, their real influence in the corporation will have to be proved. Moreover, the share of such

an applicant in the commercial corporation must be at least 30 % in any case).

Another proposed change concerns the exemption from the obligation to sign an integration agreement for the investor first five years of stay.

During this period, they also will no longer be requested to continuously reside in Italy. On this subject, it must be said that some member states require no physical presence on their territory, as shown by Estonia (only the ‘formal’ presence of the investor is required, rather than an effective, physical presence), Greece (There is no requirement for the investor to be physically present in Greece under any of the three schemes, however, the investor needs to visit Greece once when applying for the residence permit plus every time (s)he applies for a renewal of the permit (in order to submit his/her biometric data) and Ireland (There is no minimum physical presence requirement other than that the persons concerned spend at least one day in Ireland every year. There is also no effective residence condition for renewing the permission).

A ten year tax reduction for non-EU entrepreneur and investors ready to move to Italy to invest and work ood news for non-EU entrepreneurs and investors willing to move their fiscal residence to Italy: that’s in the Growth Act (Art. 5, D.L. n. 34/2019 – Misure urgenti di crescita economica e per la risoluzione di specifiche situazioni di crisi) issued by the Italian Government on 30 April 2019, and entered into force on May 1st.

Those people’s incomes made in Italy as entrepreneurs, employee or working investors will contribute to the personal revenue only for the 30% of the amount. For example, assuming an annual income for € 100K earned in Italy, the new resident will pay tax such as his incomes would be like € 30K!

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This taxation preferential treatment will be even more favourable (it will drop from 30 to 10%) if the new residency will be taken in one of the following areas: Abruzzo, Molise, Campania, Puglia, Basilicata, Calabria, Sardinia, Sicilia.

This tax break will be in place for 5 years of residency but it will be extended for 5 years more if the new resident has an underage child (including over age children if unemployed) or in case the new resident has bought his own flat or house during his staying or even a year before his transfer. In the last case the percentage increase to 50% but it might even decrease to 10% if the new resident has at least 3 kids.

Originally introduced by the Item 5 of the Act for the “Returning Brains from Abroad” only, it has been extended to non-EU citizens highly skilled, including entrepreneurs and working investors, who have decided to move to Italy.

The following conditions are required for the

applicant to access the favourable taxation plan, therefore the applicant: 1) will have to demonstrate the residency out of the Italian borders in the last two taxation periods before moving and has to plan to live in Italy at least for two years; 2) will practice his main job from Italy; 3) needs to be coming from a Country which has a “no double taxation deal” with Italy or an “exchange of tax information deal” with Italy (those country are: Albania, Algeria, Saudi Arabia, Argentina, Armenia, Australia, Azerbaijan, Bangladesh, Barbados, Belarus, Brazil, Canada, Chile, China, Congo, South Korea, Ivory Coast, Ecuador, Egypt, United Arab Emirates, Ethiopia, Russian Federation, Philippines, Georgia, Ghana, Japan, Jordan, Hong Kong, India, Indonesia, Israel, former Yugoslavia, Kazakhstan, Kuwait, Lebanon, Macedonia, Malaysia, Morocco, Mauritius, Mexico, Moldova, Mozambique, New Zealand, Oman, Pakistan, Panama, Qatar, Senegal, Singapore, Syria, Sri Lanka, United States of America, South Africa, Tanzania, Thailand, Trinidad and Tobago, Tunisia, Turkey, Ukraine, Uganda, former Soviet Union, Uzbekistan, Venezuela, Vietnam Zambia) 4) has to hold at least a Bachelor Degree and needs to be an employee, a self-employed or an entrepreneur abroad in the last 24 months.

Please note: all those conditions need to be observed to access the above tax break. The non-EU entrepreneur and investor, to move the fiscal residency to Italy, needs an entry visa as employed or self-employed and practice from Italy, because the tax break is available in this case only. People with elective residency or business permit only, for example, are not eligible for it.

Altogether considering the different kinds of working visas available in Italy, the visa for Investors – available since January 2018 – is indeed the one which suits best to the non-EU entrepreneur who plans to move to Italy as investor/working partner of an existing company or to acquire the full share pack of it becoming its CEO. Of course the amount of investment for this visa is quite high: we are looking at least at 500k Euros investment; on the other hand, the opportunity of buying a good profit company connected to the chance to build a cross border business link, together with the favourable tax break also for the profits beside the salary, will probably be able to compensate the initial expenditure. Visa for investors is out of the yearly fixed number of application and, once all its conditions are verified, is quickly issued (30/40 days), moreover, it can be done also by an investor coming from a Country which doesn’t have any kind of agreement with Italy.

Conte’s Government choice is part of the bigger strategic plan of brains and investment attraction policy started two years ago with the introduction of the visa for investors connected to the flat tax benefit (100K Euros or 25K Euros) for the new resident’s income from abroad. #

LEGAL ISSUES

How to apply for an investor visa

by InvestorVisa.it Editorial Staff

aw no. 232 of 11 December 2016 added the new article 26-bis, “Entry and residence for investors”, in the Immigration Code (TUI Legislative Decree 286/1998). So from 16 December 2017, the investor visa for Italy and the relative residence permit is available.

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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.

First 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.

What are the investments and the donations that allow to get the investor visa for Italy?

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 capital 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.

5. Must describe the features of the investment / donation and demonstrate that the recipient of the investment or donation has given consent;

3. Philanthropic donation

6. Must declare his/her commitment to make the investment or donation after obtaining the investor visa within 90 days of entering Italy.

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;

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 investorvisa.mise.gov.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;

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LEGAL ISSUES 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 issued 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?

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.).

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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. #

How to invest in an Italian corporation

by Giulia Proietti, Civil Law Notary ccording to the recent innovation of Italian immigration law, one of the way to obtain an “investor visa” is to invest a sum of either 500,000 or 1,000,000 euro, respectively, in an Italian startup or in an ordinary corporation.

There are two ways to realise this investment: either by subscribing a capital increase or by purchasing existing shares from shareholders for an equivalent value.

Capital increases are decided by the shareholders’ meeting of the targeted corporation. In this instance, shareholders will have to approve also the decision to offer the increase to an external third party, renouncing to their right of first refusal. The shareholders’ meeting must be put into writing by a notary, who records the decisions and also records the purchase of the new shares by the investor. The decision is immediately valid but its effects toward the public will be produced only after the deed is recorded in the Business Register.

Transfer of shares or capital also usually takes place in front of a notary. Only for transfer of shares regarding limited liability corporations, the parties can choose to opt for an accountant to formalise the transfer. Even in this situation, the transfer is immediately between the parties but its effects on the public and the corporation will be produced only after the deed is recorded in the Business Register.

The subscription of corporations’ capital must be paid immediately in full or at least for the 25% of the total sum if the payment is made in cash. In this instance, administrators of the corporation can ask the shareholder to pay the remaining sum at any

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moment, otherwise, they could be excluded by the corporation or their participation reduced. Payments for sums exceeding 3,000.00 euro must be traceable and be made either by bank transfer or a guaranteed check.

Shares of corporations are usually freely transferable but there are exceptions.

In the joint stock company, that are not listed in the stock exchange, the transfer is usually made through a share endorsement and is noted on the certificate. For limited liability companies, instead, shares are sold through an official deed of sale.

Statutes of limited liability companies can limit the transferability of shares, and limits contained therein are opposable to the buyers. However, statutes cannot exclude completely the transferability of shares, otherwise, the shareholder has a right to exit the company at any moment and to be reimbursed for their participation.

Limited liability companies often provide for “pre-emption clauses”, or clauses that require the remaining shareholders to approve the sale in order to make it valid for the corporation. The clause responds to the will of shareholders to control the change of the company’s social structure, avoiding the entrance of third parties that are not wanted.

Capital increases and transfers of shares also have convenient fiscal treatment. Differently from transfers of holdings, that are taxed in proportion to the value of the holding itself, capital increases and transfer of shares are subject to a fixed tax, regardless of their value. #

Italian start-up companies: venture capital investments and tax facilitations

by Luca Serpieri, Business Consultant n the Budget Law for 2019, paragraph 127, innovating the Consolidated Act on Financial Intermediation, the Italian Legislator has identified the so-called “Business Angels”, namely those who work for fostering all the stages of investment in the field of innovation and making them more efficient. Under the new regulatory provision, the Business Angel is any subject, even if not resident in Italy, who has invested in the field of innovation, directly or indirectly, an amount equal to at least forty thousand euros in the last three years.

They are informal investors of risk capital who are passionate about a start-up, financing and supporting it not only by bringing capital, but also experience, knowledge, contacts, business opportunities. They are not exclusively driven by financial motivations. The Business Angel is neither subject to authorization nor registrations and does not require special features. S/he invests her/his own money and therefore does not belong to the

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category of subjects that carry out financial activities. In the following paragraph 218, the Italian Legislator has integrated for 2019 the Legislative Decree n. 179 of 18 October 2012, increasing the tax incentives by 40%, namely for individuals and companies that invest venture capital in innovative start-ups. The tax incentives can be: - Tax deduction for natural persons equal to 19% of the capital invested in innovative start-ups; - 20% of capital invested by companies in innovative start-ups which reduces the taxable income.

If the entire start-up share capital has been acquired and maintained for three years, tax incentives increase by 50%. Finally, for investment in socially-driven start-ups with a higher technological value in the energy sector, the incentive, calculated on the amount invested: - Has increased by 25% for natural persons; - Has increased by 27% for companies.

NEWS

A dynamic new market: Italy innovative startups are more than 10,000

Italian hotel real estate market is one of the most attractive in Europe to foreign investors

Italian culture is the core of the country’s economy

by Edoardo Bonatti

by Edoardo Bonatti

by Edoardo Bonatti

s it was expected, Italian startups are constantly improving their numbers and their contribution to the Italian economy as a whole. The last quarterly report on the subject, a joint effort between the Ministry of Economic Development and Unioncamere, shows that innovative startups in Italy are now exactly 10,075, as 31 March 2019.

taly is among the most attractive European countries for hotel real estate investment.

Rome takes the third place, behind Spain and Germany, in terms of market attractiveness in Tranio’s overview of European hospitality real estate market, presented during the 22nd edition of the International Hotel Investment Forum (IHIF).

talian culture is not just a world-renowned brand or an invaluable immaterial heritage, but also a core component of the country’s economy. Symbola Foundation and Unioncamere underlined this oft-forgotten fact during the presentation of the report on the economic importance of the Italian cultural industry that took place on the 7 March.

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These usually young companies are now accounting for almost 3% of all capital companies registered in the last five years and still active. When looking at the fields in which these companies operate the numbers are not surprising: 72.6% of innovative startups provide services to other companies, especially IT consulting and R&D activities, 18.4% operate in the manufacturing sector, while 3.6% operate in commerce. Innovative startups are also characterized by a strong youth presence among their directive bodies, as 18.8% of them are prevalently staffed by under-35 members, and at least 42.9% of them has at least one under35 associate.

At the end of 2018, 4,271 innovative startup companies had at least one employee, an increase of 305 units more over the previous six months, amounting to 42.4% of the total and marking a 2% growth over the same period. At the end of March 2019, innovative startups as a whole now have 13,298 employees and 44,732 partners, the latter showing a 17.9% increase over the previous quarter. It is staggering to see how the total amount of partners and employees grew during 2018, an almost 20% increase.

Startups budgets are still not fully available as 43% of them either opened in 2018 or were not included in the database. Numbers show a seemingly downward trend on average revenue but this does not mean that the sector is having trouble.

As it stands startups are no longer considered as such when older than five years or with yearly revenue of more than five million euros. Given these parameters, bigger, older and more successful companies are exiting the picture and the newly incorporated ones are too small to offset their departure. Thus, mature Italian startups can indeed be considered profitable and future-proof while their younger brothers are in need of capitals to further their development.

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Most of the survey participants hailed from European countries such as the UK (29), Germany (19) and Spain (16); however, Russian, Saudi and Emirati investors were also well represented.

According to previous joint research conducted by Tranio and MR&H (Mediterranean Resort and Hotel Real Estate Forum), the Mediterranean region is quite popular among American, Russian and Chinese investors. Russian entrepreneurs showed a keen interest in European hotel real estate in both surveys. Italy also ranked as the third most attractive countries for investments overall.

Investors’ spirits are high, as the majority of those who participated in the survey indicated that they are willing to believe in European real estate and thus more likely to buy than to sell in 2019.

There is, nonetheless, a lack of good offers available on the market while as Marina Filichkina, Tranio’s Head of Sales, said many investors are searching every day for hotels to purchase and then rent.

Survey participants showed more interest in higher value real estate purchases, as 71% of revealed that their average investment budget is over ten million euros; 23% of the sample indicated that their budget is in the one million to ten million range.

Investments made in Italy are usually held for longer periods, as well as those made in Germany and Spain, thus favouring a long-term investment strategy, usually over ten years. Another study, Deloitte’s 2018 European hotel investment survey, revealed that 30% of respondents indicated a hold period of 5-10 years and 40% more claimed that they would be looking to hold for 10+ years.

To all non-EU entrepreneurs looking to invest in the Italian hotel and hospitality market InvestorVisa.it offers a vast array of real estate opportunities in the most exclusive Italian tourist destination such as Viareggio, Pisa, Livorno, Monferrato hills and Elba Island.

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The so-called “Cultural and Creative Production System”, an expression which includes enterprises, public administrations, and non-profit organizations actively working in Italy, generated a 92 billion euros revenue in 2017. When taking into account the economic value created by the satellite activities tied to the cultural sector the revenue reaches a staggering amount: 255.5 billion, equivalent to 16.6% of the national GDP. Such a result means that the sector grew by 2% over the previous year.

Employment benefits greatly from this state of affairs: in the expanded culture sector, one and a half million people work, accounting for 6.1% of the total employment in Italy.

According to the report, Lombardy is the leading Italian region as far culture enterprises are concerned counting on 350 thousand employees and producing a value-added total of 24 billion euros. The region is the national leader in terms of value added in various key sectors: architecture and design (2.6 billion); communication (2); publishing (3.9); software (3.4); art (1.8). Lombardy is also the leading region in Italy for culture-related tourism income with 3.9 billion euros.

During the presentation, Ermete Realacci, president of the Symbola Foundation defined culture and creativity as the cornerstone of all Italian productive sectors. Realacci quoted a University of Pennsylvania-US News magazine joint survey where Italy placed first for its worldwide cultural influence. He also praised the “Italian characteristic intertwine between culture and manufacturing, social cohesion and innovation, competitiveness and sustainability, which represents a legacy of the past but also a key to the future”.

Thanks to the new Italian visa for investors and patrons, non-EU entrepreneurs can easily become a part of the Italian culture industry, among many others.

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POINTS OF VIEW

Gabriele Lanzi: New developments on Italian visa for foreign investors Interview by Edoardo Bonatti

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Gabriele Lanzi is a member of the Senate of the Republic for the Five Star Movement, elected following the 2018 general election. Before his political involvement, he worked in the ceramics sector for a long time. In 1994, he was appointed Knight of the Order of Merit of the Italian Republic.

INVESTORVISA – Senator, this is your first parliamentary appointment.

What was your approach to the Senate and what do you think you have brought from your previous experiences to the institution?

LANZI – The sum of my life experiences, accumulated during forty-three years of work, is what I bring to the Parliament. Essential expertise built with effort and that brought me great professional satisfaction. My career in the ceramics sector allowed me to gain an in-depth knowledge of the sector, which is a central part, both on the internal market and on the global one, of the Italian industrial reality. I entered the Parliament with the humility of someone who is always trying to increase their knowledge but with the firm conviction of having broad enough shoulders, forged by many years of work.

The work of the 10th Permanent Commission (Industry, Commerce, Tourism) involves different subjects, however closely intertwined between themselves. With which of these domains have you engaged the most, and to what extent?

I have been dealing with many themes and topics associated with the 10th Commission. Obviously, given the background developed in my previous work, I am closely following the subjects of foreign trade and of investment attraction.

However, I did not limit myself to those because I entered the Parliament to address issues relating to the circular economy in its most varied connotations.

For this reason, I follow issues linked to the recycling industry and the End of Waste, the state of SIN’s (Sites of National Interest) reclamation and denuclearization efforts, renewable energy and, in particular, the electrification of the automotive sector.

In November, you presented a parliamentary question about the procedure to obtain a visa to enter Italy as non-European investor or entrepreneur. The Under-Secretary for Foreign Affairs Ricardo Antonio

Merlo hypothesized, on that occasion, the use of “white lists” to further streamline visa procedures: have there been developments in this regard or further contacts with the Ministry on this matter?

We are still interested in what emerged from my question, and I have a constant dialogue and excellent relations with our government representatives at the Ministry of Foreign Affairs. We are sure that “white lists” may be a very useful tool if used correctly and, above all, if they are regularly updated. Even the best tool, if not constantly up to date, ends up becoming an obstacle to the goal I intended to reach when asking my question: the attraction of foreign capitals and investments. It is for this reason that I hope that the Ministry is always checking the use of this tool, collecting reliable data on its actual usefulness and on what it can be done to improve it.

You are the first signatory of the 1056 Bill, “Amendments to article 26-bis of the 25 July 1998 legislative decree, n. 286, on the subject of the entry and stay for investors”, to propose a better formulation of the regulation concerning the entry and stay of non-EU investors. How could this initiative be included in the broader framework of government policies aimed at attracting foreign investment in the country?

What the Vice Premier and Economic Development Minister, Luigi Di Maio, is doing to build bridges with all the major global players is under everyone’s eyes. The signing of the Memorandum of Understanding with Xi Jinping’s China and subsequent talks with Donald Trump’s United States show that Italy is a major player in the global market and that it is our priority to interact equally with the great markets that drive our exports. My bill is part of this macroeconomic planning framework by adding a small but substantial piece. The marketing effort carried out by the Government to attract large foreign capitals would be partly vitiated by bureaucratic constraints persisting inside our national borders that do nothing but frighten foreign investors. As members of Parliament, I believe that our task is precisely this: act decisively and de-bureaucratize the state system by streamlining all these gargantuan apparatus of laws, by now obsolete, born in the First Republic.

The signing of the Memorandum of Understanding with China is a matter of current relevance. Do you expect the Government to conclude similar

POINTS OF VIEW commercial or economic agreements with other countries, in a framework of greater Italian international integration?

As I have already mentioned, China and the United States are just the first two pieces of a mosaic that sees Italy as a protagonist in the global market. In the past, left or right governments may have operated according to a “friend or foe” logic, but now such reasoning will no longer be valid. I am constantly in contact with the ICE, which is at the centre of this commercial expansion project due to their great expertise, built over decades of activity, on the subject of internationalization. The revitalization of the Institute’s role is central to our commercial expansion policy. This government builds bridges, not walls or barriers.

What do you think will be the parliamentary road map of the bill? Are you expecting short-term developments or the matter – albeit very technical and circumscribed, still related to a controversial area such as immigration – could it bring the discussion to strike some strictly political chords?

Once assigned to the relevant Commission, it will be the duty of the President of this Commission to begin working on the proposed text. I hope that parliamentary works on this text will be swift because talking about “immigration” in its traditional sense can be misleading. This is a matter related to the growth of the country. It means looking at the future with an eye of regard for Italy and its vast and diverse traditions, from culture to industry, just to name two, as the fulcrum around which investments from all over the world will revolve.

The first modification proposed in your bill concerns the possibility of granting an entry visa for investors also to legal representatives of legal persons, a possibility currently excluded by the Ministry of Economic Development, which, due to the unclear wording of the law, deemed appropriate to adopt a restrictive interpretation. You believe that the extension of the entry visa benefit to the legal representatives of non-EU companies, therefore allowing not only natural persons but also legal entities to make investments, with the “reward” of the visa and a residence permit also available to them, can improve Italy’s attractiveness?

This element is necessary to attract more investment. Major international groups, foundations, and multinationals are clamouring for this adjustment.

Be aware that we are not devising anything new with this norm, which finds precedents in many countries all over the world. We are just de-bureaucratizing a rusty procedure, which, if Italy wants to be truly open to the global market, must necessarily be updated.

Another critical facet of the current legislation is the obligation, for the foreign investor, to sign an integration agreement. This is a fact that, without apparent reason, considerably reduces the attractiveness of the visa. Should we forego this demand?

I hope that my proposal on this part of the law, in particular, will be implemented quickly because equating those who bring capitals to Italy to make investments, which must be maintained over time, to regular immigrants is a bureaucratic device of our own. Asking a patron or entrepreneur to learn Italian or learn about our history has nothing to do with our commitment to attracting capitals. I hope, for this reason, that there is a broad political convergence among the majority on this issue.

Those who wish to make philanthropic donations towards the preservation of the Italian cultural heritage can also apply for the visa. It is obviously more difficult to attract patrons rather than entrepreneurs: from this point of view what could be done to increase the former’s interest in Italy and its cultural heritage?

Italy has a cultural heritage envied by the whole world that makes Foundations and patrons want to invest in it. In the past, we could always count on donations, especially on occasion, unfortunately, of natural disasters that plagued our territory. These donations were important, for example, during the reconstruction efforts after the last tragic earthquakes in central Italy. Instead, we have to focus on developing a marketing campaign to stimulate capital investments on the already existing cultural heritage for redevelopment, restructuring and to improve the yet-to-exploit attractiveness of some monuments and areas. For an international investor, identifying with the Made in Italy cultural brand is a tremendous boost. We must exploit this predilection to our advantage.

How do the SMEs that would benefit the most from such an influx of capital see this opportunity to internationalize their business or access additional liquidity?

SMEs and the business world, in general, can only look with great hope at any initiative that can boost their presence in the global market. In recent years, export is the factor that has allowed many Italian companies to survive; now is the time that exports themselves help them to grow and establish themselves thanks to the intrinsic quality that the “Made in Italy” brings with it. #

Viterbo the headquarters of Investor Visa Italy Viterbo is an ancient city and the capital of the Tuscia region which once included the territories under the Etruscan influence. It is located about 80 km (50 mi) north of Rome.

The historic centre of the city is surrounded by medieval walls, still intact, built between the 11th and 12th centuries. Entrance to the walled centre is through ancient gates.

Located in a large thermal area, Viterbo is home to the University of Tuscia, an important Academy of Fine Arts, and US students for the School Year Abroad Italy program.

The transport of the Macchina di Santa Rosa is the annual main event. The Macchina is a sort of an illuminated artistic bell tower by the imposing height of 30 metres, which weighs about 5 tonnes. Every year, on the night of 3 September, a hundred men, known as ‘Facchini’, carry it on their shoulders through the very narrow streets and squares of the medieval town centre. This celebration is included in the UNESCO List of Intagible Cultural Heritage of Humanity.

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Jacopo Giuman: Italy as a key player in South Korean businesses European strategy Interview by Edoardo Bonatti 8

Since he took office in January 2019, Jacopo Giuman is the new Secretary General of the Italian Chamber of Commerce in Korea. Before accepting this position, he worked for a long time in the fashion industry as owner of his own fashion agency and, for almost three years, as Sogno Factory’s export manager in Seoul.

INVESTORVISA – You have just become Secretary General of the Italian Chamber of Commerce in Korea. How was your impact with this new reality?

GIUMAN – The Italian Chamber of Commerce in Korea is an organization that has been working for years to establish and maintain commercial relations between South Korea and Italy, two major nations with an established role in the world of international trade. Consequently, taking responsibility for this important and prestigious task led me to interact not only with new business realities but also with the Korean social and cultural framework that is intertwined with and influences the import-export activity. Counting on a strong synergy between the Korean and the Italian staff, our institution plays, above all, a fundamental role in commercial affairs, but also contributes to the cultural relations between the two countries. This puts further emphasis on the concept of “Made in Italy” as a synonym of quality, creativity, and excellence that still today stands out in the manufacturing sector abroad.

Looking to the future, what are the Chamber’s most successful activities that you deem meritorious of further attention? In which direction do you think the action of the Chamber will develop?

Among the most successful activities organized by the Italian Chamber of Commerce in Korea, there are certainly the monthly networking events held in various Italian restaurants in Korea holding the “Italian Hospitality” certification.

In addition, the Chamber organizes entrepreneurial delegations to Korea, bringing Italian excellence in contact with the local market through B2B meetings, with a focus on the main “Made in Italy” export sectors, such as food, fashion, and industrial supplies. At the same time, the Chamber, at the request of the special companies of the Italian Chambers of Commerce aiming at the internationalization of businesses, selects and invites Korean trade operators from various sectors to participate in business delegations to Italy.

Starting this year and for the whole of 2020, the Italian Chamber of Commerce in Korea will be involved in the “True Italian Taste” project, promoted and financed by the Ministry of Economic Development. Its objectives are to enhance Italian production, increase the consumer’s awareness of authentic Italian products over the “Italian sounding” ones and help companies to better position themselves on target markets, assisting them in improving their visibility. Therefore, the objectives of these and of the Chamber’s other activities are twofold: on the one hand, they aim at promoting new commercial relations and consolidating those already there, on the other they try to expand the Korean market share of those industries in which Italy excels.

Last year the commercial exchange between Italy and South Korea recorded a sharp recovery, reaching a total of about 10 billion dollars, but traditionally bilateral investments between the two countries are not very developed. The main operations from Korea to Italy are embodied by the acquisition of large industries by Korean conglomerates and by joint ventures to be exploited on other markets. What chances are there for Italy to be able to present itself as an attractive market in industrial segments and sectors that are now scarcely considered?

According to A.T. Kearney FDI Confidence Index, in 2018 Italy once again entered the world top ten for the attractiveness of Foreign Direct Investments (something that has not happened since 2004). The implementation of the “Industry 4.0” plan is, according to the American consulting firm contributing the most to this positive evolution of our country’s international image.

International observers consider this policy as having a strong effect on the historical problems afflicting the Italian economic system (energy supplying, business fragmentation, and extreme bureaucracy). Likewise, the strong domestic and foreign demand for Italian products and an unemployment rate at a five-year low are cited among the reasons for the investors’ interest. In contrast, the publication highlights how both the political instability and, even more so, the low growth estimate of our economy may act as stop factors.

Based on this positive climate, bilateral relations between Italy and South Korea are evolving a lot in recent times. Last December a mission brought the UnderSecretary of State for Economic Development, Michele Geraci, to Seoul. The visit focused on the definition of plans to implement the “strategic partnership” between the two countries. Among these plans, it is interesting to mention the

POINTS OF VIEW interest of the Korean Deputy Minister for Small and Medium Enterprises, Choi Sugyu, in the model of Italian “industrial districts”. This aggregative organization could be the most interesting solution to maintain the entrepreneurial spirit characterizing the Italian industry and, at the same time, make our economy increasingly interesting for foreign investors.

The European Union and Korea have signed one of the first wide-ranging trade treaties negotiated by the Union. After almost a decade, what effect did the agreement have on the Italo-Korean economic relations? Can Rome thus represent a gateway to the wider Common Market?

As I already mentioned, the diplomatic and economic relations between Italy and Korea are going through a phase of open and favourable development, above all thanks to the signing of commercial agreements to increasingly connect the two nations and to the desire to create joint projects for the development of international markets. Italy is the European Union’s second largest exporter to South Korea and one of the most interesting markets for Korean entrepreneurs. This position of strength, when combined with the currently developing ties, is bringing Korean businesses to consider Italy as a key player for the development of European trade.

What can Korea offer to Italy in terms of industrial partnerships? Given that the Korean economy is strongly characterized by chaebol, we must necessarily turn to those, or there is an entrepreneurial “middle class” with the ability and willingness to internationalize their companies?

There is absolutely a group of Korean small-medium businesses growing in importance in the Korean economy, and it is with them that the Chamber interacts for the development of relations with Italy. Our work to support internationalization, in fact, steers quite clear from large conglomerates, which are global companies that do not need support organizations. In Korea, SMEs account for 88% of the workforce and yield 51% of the value added produced in the country. They make up almost 40% of the total value of exports, a figure constantly growing over the years. This means that South Korea is less and less the country of chaebol and more and more a complex reality, which includes a multitude of micro/small/medium enterprises active in international markets.

Seoul was one of the legs of the “Invest in Italy” roadshow, dedicated to presenting the Italian business climate and investment opportunities in our country. From the Chamber’s point of view, can similar initiatives have a positive impact on your business and on the image of Italy as a destination for foreign capital?

Events such as the roadshow are essential to improve Korean operators’ awareness of the Italian economic reality. A greater understanding of the market dynamics of our country and a presentation of its main points of interest for foreign investors certainly represent a big boost both for the activity of the Chamber, which can exploit the opportunity of a favourable trade environment and for our country’s attractiveness to foreign investments.

Many of the Chamber’s initiatives focus on the appeal of Italian culture, such as food and wine. Can this nation-branding process increase Korean awareness of the existence of small and medium-sized Italian companies, often dedicated to the production of niche excellences, in which to invest?

All Italian production is characterized by very distinctive values, a component directly deriving from Italian culture. Precisely for this reason, our activities

are not based on exploiting, with the aim of bewitching the Koreans, Italian cultural elements by “advertising”: on the contrary, they are a fundamental part of our products’ typical narrative. The narrative and the experience of “being Italian” must be fundamental for all those who want to work in the development of the Italian market abroad and “national branding” can be an excellent common tool to give uniqueness and coherence to this collective communication. Thanks to the discovery of the whole world of values and traditions behind a product, it is possible to convey the motivation of a certain positioning, even of price, and the importance of protecting and developing small excellences with immense intrinsic value.

Beyond the obvious economic implications, is it realistic to think that we can rely on Korean entrepreneurs to introduce capital into the cultural industry of our country, perhaps thanks to philanthropic donations?

South Korea has the largest number of private museums in the world. Over 45 were present in 2015, and most of them are supported by the funding from the top management of groups such as Samsung, LG or Hyundai. This record derives from the high interest of the Korean establishment in the arts and from the fact that it has evolved in a desire to share this passion with the public.

Given these premises, it is very realistic to think that it is precisely among the ranks of these enthusiasts that it is necessary to look for possible investments in the national cultural industry, an operation that many internationally renowned art dealers are already carrying out on a smaller scale by opening outposts in Korea.

A special visa is reserved exactly for non-EU citizens who make donations towards the preservation of cultural heritage, as well as for those of them who invest in Italian companies. The Korean entrepreneur who wishes to apply for it must invest at least 500,000 euros (in a startup) or one million euros (in a company), or donate at least one million euros. Can this measure, in your opinion, represent an incentive for Koreans to invest in the country?

Surely the use of Italy’s characteristic appeal to attract foreign investments (remember that FDIs in our country, as a percentage of GDP, are half of what they are in France, Germany, United Kingdom or Spain) could be a winning choice. In particular, this may be true for Korea, where Italian charm also affects the highest social classes. Moreover, we must not forget what I said before on Koreans’ passion for art and how much our country can offer to them. All this certainly represents a very important opportunity, which however needs a greater work of mutual knowledge between these two populaces.

The subsidized tax regime (100,000 euros per year) for those who transfer their tax residence in Italy is also a policy designed to gain the attention of the global business community. Given how Korean companies are structured and the current tax regime can a measure like the Italian one attract Korean businessmen?

Taxation on income in Korea is certainly advantageous, so the facilitation proposed by Italy can appeal only to a very small part of heavy earners. That said, the Korean social structure, with at its summit great entrepreneurs, and the legislative apparatus emerging from it could hardly allow, in my opinion, an operation of this kind. It should be noted that the Korean legislation, despite its efforts to open up to foreigners, still tends to be rather reluctant to liberalize such behaviours, while keeping, instead, a close watch on the income perceived inside and outside the national borders, a fact also highlighted in the last tax reform. #

Read the News and Press Releases on our website: InvestorVisa.it You can find up-to-date information about how to invest or donate in Italy and related topics

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Yossi Bar: Israel is in love with Italian economic opportunities and culture Interview by Edoardo Bonatti 10

Yossi Bar is an Israeli journalist in Italy for I.P.B.C.- Kol Yisrael Radio and Maariv. He was the President of the Foreign Press Association over the 20062007 period.

INVESTORVISA – What is your personal story as a foreign press journalist in Italy?

BAR – I arrived in Italy in 1983, although various interruptions led me to return repeatedly to Israel for family reasons. Initially, I was a correspondent for Yedioth Ahronoth, one of the leading Israeli newspapers as well as for the public radio. Then I got married, I had my daughter Naomi, and I decided to stay, even at the expense of my salary.

As a member of the Foreign Press Association for many years, and thanks to your tenure as President, you were able to observe your colleagues in Italy: what do you think is the most widespread perception and attitude towards Italy among foreign journalists?

Most of my colleagues are happy here, a lot depends on their personal background and their country of origin, but they have generally found a welcoming country and are glad to be correspondents in Italy. The figure of the correspondent has changed a lot in these last years. In the past, a correspondent was sent to Rome to cover the whole of southern Europe and, sometimes, also for Middle Eastern countries, given Italy’s importance as a strategic lynchpin and international centre of interest. With the increasing importance of the internet, and therefore the collapse newspapers’ sales, and the proliferation of fake news, the role of the journalist is going through a crisis (at least for those employed in printed media – radio and television continue to resist to this trend). Journalists often would like to remain as foreign correspondents but with the decline in sales and revenues, newspapers tend to abolish the figure of the permanent correspondent, preferring freelancers or local journalists. This, sad as it may be, brings down the level of investigations and journalism. European neighbours are obviously very interested in Italy, while most remote countries are mainly interested in global news, such as those related to the Vatican, which could affect their countries.

Italian Minister for Foreign Affairs Moavero visited Israel on 28 January,

meeting with Israeli President Reuven Rivlin. During the visit, the Minister recognized that, despite not perfect, the relationship between Italy and Israel is more than solid seventy years after the establishment of diplomatic relations, which anniversary was celebrated on 6 February.

What is your personal assessment of the political relations between the two countries?

Relations have seen an improvement over the last twenty years, and we can consider their current state as very positive. It is difficult to understand the foreign policy of this government, given that Italy is currently very focused on its internal problems. A part of the government, the right wing, is certainly more politically close to the Israeli government and is in favour of maintaining warm relations with Jerusalem, while the other part seems colder. This makes the government’s attitude unclear, not only on Israel but also on the Middle East as a whole. It must be said that even if it is difficult to interpret this political state of affairs, economic and cultural relations proceed anyway, building on what has been done in the past. We could say that bilateral relations are going through a period of economic and cultural flourishing: for example, Italy is the first rank country in the eyes of Israeli tourists.

As far as economic relations are concerned, we can observe how, in 2016, Italy is the eighth country for exports to Israel while Rome is the thirteenth destination for Jerusalem’s exports. What future do you see for the Italian-Israeli economic relations and in which areas do you believe there is room for improvement?

Economic relations have experienced a strong development in the past, reaching almost 4 billion in trade, with Italy registering a trade surplus. Israel remains a very open country to international trade and in particular to that with Italy. With regard to imports into Israel, a remarkable component is represented by the raw materials used by approximately seven hundred Italian restaurants in the country that use them to run their business. Another very active segment is linked to the military industry and aeronautics overall: in these days, with the support of the Italian Ministry of Economic Development and the Israeli Ministry of Foreign Affairs, the Polytechnic University of Bari and the Technion of Haifa signed a cooperation agreement to collaborate in the fields of aerospace technologies, cybersecurity and the internet of things

POINTS OF VIEW establishing a base for collaboration between Israel and Apulia in hi-tech sectors; Leonardo has recently delivered a contract for eight helicopters. Other classic sectors related to Made in Italy, such as furniture and footwear, are highly appreciated, and we consider the companies operating in them as avant-garde, both in their technology and in design.

The Italian manufacturers are an ideal partner for Israeli companies, which are usually more committed to research and development, and represent a privileged option to establish new productive synergies. Do you think that in the future Israeli companies may commit themselves further to the Italian market through direct investments or acquisitions of their Italian counterparts?

There is a very advanced technology exchange. Many Italians come to Israel to learn new techniques and import new technologies into Italy, especially in the medical field and in the military one. A less well-known fact, mainly for diplomatic reasons, is the equally strong interest of Israelis citizens towards Italy and its expertise for essentially identical reasons. Given the very strong ties between the high technology industries of the two countries, it could be said that there we are going through a real honeymoon phase between the two industrial systems. Even the joint infrastructure projects are going through a positive moment: just think that Italy will import gas from Israel, which has identified a considerable deposit off its coasts, with a gas pipeline that will arrive in Italy via Greece and Cyprus. Bilateral investments can already boast a solid foundation and are experiencing a phase of further development, but much will depend on the Italian government stability and on the political relations between the two countries: an Italian government hostile to Israel, considering, for example, the latter as a non-democratic country, could very well reverse this positive trend.

Israel has the second-largest number of start-up companies in the world after the United States, and its Silicon Wadi is the reason Israel earned the Start-Up Nation nickname. Even in Italy, innovative start-ups are starting to represent an important engine of the national economic development: do you think that we can establish profitable synergies between the two production systems?

Among the start-ups of the two countries, there is very strong cooperation, I know personally that one learns from each other, there is no cutthroat competition as there could be in other cases. For example, the after-mentioned agreement between the Polytechnic of Bari and the Technion of Haifa will help Italian and Israeli startuppers to work together. Italy is a friendly country, a very open port for Israel and, through the sharing of knowledge and the cooperation of start-ups, it will be possible to realize the great potential still present for the development of industrial and economic synergies between the two countries.

Israel can also boast a very high number of venture capital companies very committed to supporting innovative national companies.

Considering how the return on Israeli investment abroad is higher on average do you think that it is possible to see these companies venturing outside Israeli national borders, for example in Italy?

Israel and its companies are always looking for new market outlets abroad and Italy is a key partner, both as a destination for domestic companies wishing to absorb Italian know-how and as a bridge to other states that do not have diplomatic relations with Israel. Even among the member states of the European Union, Italy is deemed, together with Germany, among those closer to Israel. Given this, I believe there is plenty of room for Israeli investments in Italy.

Italy and Israel are also united by a fruitful cultural partnership and exhibitions dedicated to great Italian artists will be hosted in Israel for the seventieth anniversary of the establishment of diplomatic relations. How is Italian culture seen in Israel, and which are its aspects deemed as the more fascinating ones?

Italy is seen as a creative, high-class country with which Israel is happy to

entertain cultural relations through the organization of art exhibitions or the participation of Italian films, or joint Italy-Israel productions, in local film festivals. Italian television series and music are also very popular: the former are often translated into Hebrew and broadcast on national television while the latter can boast a deeply rooted tradition. This year Israel will host the Eurovision Song Contest, and it is thought that the Italian winner of Sanremo, Mahmood, who is very appreciated for its sounds very unlike the classical Italian melodies, can be successful. When we look at food and wines, Italy is one of the most loved countries in Israel, as evidenced by the number of Italian restaurants, with wines that, despite the competition of local labels are very popular. Architecture, design and, in a more broad sense, Italian inventiveness conquered a long time ago the market and the population of Israel which, also thanks to the current good economic condition, sees in the Made in Italy a symbol of classy products and beauty.

Italy has adopted a visa regulation for non-European entrepreneurs that allows those who invest in Italy at least half a million (in a start-up) or one million (in a company) euros to obtain a special visa for investors.

Patrons who donate at least one million to the preservation of Italian cultural heritage can also request this visa. Do you think that a similar initiative could be appealing to the Israeli public?

I believe it can help. It would be a great start to then think of adopting more incentives and simplifications necessary to stimulate mutual investment. I hope that we can continue on this path and that the Italian political situation does not lead the government to abandon these investment attraction policies. I also hope that the Italian banking sector will remain stable as possible problems could represent a source of systemic instability that may harm the investment climate.

The visa is intended for natural persons and therefore cannot be requested following investments made by a private equity company. Do you think it would be desirable to revise the law to widen the beneficiaries’ audience and thus stimulate large companies to invest in Italy to enjoy the benefits of the visa?

I think it would give a boost to companies too. I think that, with greater incentives and bureaucratic reductions, not only directed to individual entrepreneurs but also to companies, Israeli investors will look with greater interest to Italy as a country in which to invest.

The cultural proximity between the two countries is also aided by the strong presence of an Italian Jewish community. Do you think this could be a factor for Israeli entrepreneurs or patrons, the latter perhaps interested in preserving the noteworthy Jewish cultural heritage in the country, to look at Italy with greater favour?

I am sure there is an interest, but I believe that cultural donations for the preservation of Jewish cultural heritage come mainly from members of the Jewish diaspora rather than from Israeli citizens. Of course, even the latter part in a small part could contribute, but American Jews, also through their contacts and ties with Israeli citizens who can act as a link, are the ones interested the most in similar operations of patronage for the conservation of the cultural heritage of diasporas in Europe.

Complementary to the visa for investors is the norm that offers a subsidized tax regime for those who transfer their tax residence in Italy, with a flat tax of 100,000 euros a year on income earned abroad that can also be extended to family members for an additional 25,000 euros a year.

Given the Israeli tax regime, do you think that entrepreneurs can benefit from such a provision?

I do not know how much it can affect Israelis’ investment choices, also when we consider that this measure came into force a short while ago, because the taxation in Israel is high, but it is not very far from the Italian one. Obviously, tax breaks of any kind would help bilateral trade and investments. #

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Luca Cico: Hong Kong and Macau are open for business with Italy Interview by Edoardo Bonatti

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Luca Cico is the President of the Italian Chamber of Commerce in Hong Kong and Macau since 2017. He has a solid multicultural background boasting multiple experiences in Europe and in the Asia Pacific area in leading multinationals such as Mars, Colgate Palmolive, Pirelli, Ferrero, Bacardi and Coty in which he had managing roles in Asia Pacific regional market since 2000.

INVESTORVISA – You can boast a long experience in the Asian markets: what have you learned during all these years helped you in your role as President of the Chamber?

CICO – At the attitudinal level, I have always kept my curiosity, flexibility, proactivity and, much more importantly, reactivity. Having had experience in different sectors in many (if not all) of the Pacific Asia countries helps to understand more easily the problems faced by our members, potential members, and our many partners. Being a born & bred corporate animal, I manage the Chamber as a company, in terms of governance (planning processes, reporting, P&L management, and transparency), administration and development of human resources – our “fixed” team has an average age lower than 28 years old. This helps them, as well as the about 40 Italian interns that we host annually, in having more in having professional opportunities outside the Chamber, and out of the product and services portfolio management.

Hong Kong and Macau are, by their very nature, some very special places in which a foreign Chamber of Commerce can operate. Are there any services or special activities promoted by the Chamber with respect to its Chinese and international counterparts?

The classic services are our B2B ones (aimed at companies interested in entering the local market: searching and selecting potential partners such as importers and/or big retailers groups, support in the negotiation, up to the management of the following promotional events), promotional events for our members’ products and services and networking events (over 130 per year).

In all this, we are not different from other Chambers, but from the feedback we receive, I would say that maybe “Italians do it better”. This has been recognized by the fact that some of our companies have asked us to manage their business events from conception to completion, which led us to create our own Event Management Service. What I can say – without sounding too

prideful – is that our Annual Gala Dinner, for the number and “specific weight” of the local political and entrepreneurial personalities present every year, is recognized as one of the signature events of Hong Kong’s business community.

This is a very positive thing, mostly for the benefit of our sponsor partners – which I would like to thank for their irreplaceable support – and their brand visibility. In the end, the mission of the Chamber is and must be aimed at, supporting the development of Made in Italy – Made by Italians.

The Chamber is very committed to supporting networking events in addition to the more traditional activities of promoting Italian culture and products. Can you tell us what usually emerges during these occasions?

Is there a manifest interest in Italy as a destination for investments?

What we try to do is to make it clear that Italy offers much more than that for which it is already recognized (food & beverage, fashion), and that our muchadmired creativity is also behind the excellence in many other sectors such as mechanics, components and business’ services such as logistics, for example.

There is some curiosity, but as it happens the Italian context, certainly not the best as the “easiness to do business” concerns (legislative complexity, bureaucracy more than administration, rigidity in the management of labour relations, tax burdens for companies), represents a big obstacle.

Given their de jure status as Chinese Special Administrative Zones but de facto management, in accordance with the principle of “one China, two systems”, as city-states, it is more difficult to understand what happens in the two cities when taken as units. Does the business ecosystem of Macau and Hong Kong have its own characteristics, as to differentiate it from the rest of the PRC’s one?

Very unlike Mainland China, Hong Kong, and Macau are two different regions with special status that have very different dimensions and characteristics between themselves. Hong Kong has a population of 7.3 million, while Macau has 0.7 million inhabitants, a GDP of 341 billion USD opposed to the seven billion USD of Macau. Services represent over 90% of GDP for both, mainly gambling and tourism for Macau while in Hong Kong there are financial services, trading and logistics, and professional services as well. It should be noted that The Heritage Foundation once again nominated Hong Kong as the

POINTS OF VIEW world’s freest economy in its 2019 Index of Economy Freedom, while Macau is in 34th place and China in 100th place, confirming what the representatives of the local government declare in every meeting: “Hong Kong is open for business”. This is evidenced by its many current laws (tax relief for small businesses/start-ups, support for investment in R&D, fast track initiatives such as visas for foreign talents).

Hong Kong is one of the cities with the highest per capita income in the world, thanks to its strong vocation for finance and an increasingly dynamic service sector. The huge profits made by its inhabitants in which sectors are usually reinvested?

In terms of GDP per capita this statement is true (61,500 USD, a very high figure but also far behind Macau’s 110,000 USD). In terms of monthly income per capita, reality is a bit different: government statistics indicate a median income of 18,000 HKD (equal to about 2,000 Euros), with more than 12% of the active population earning less than 5,000 HKD (600 euros) but with 10% over 50,000 HKD (6000 euros). If we consider that Hong Kong always appears in the top spots of any research on the cost of living (housing, specifically), the majority of the population spends a large portion of their disposable income in housing expenses (rent or mortgage), and then in their children’s education.

This is obviously different for the top earners: family offices, which manage the assets, evaluate any type of investment: good business is always good business.

The two cities are often referred to as tax havens in government blacklists, even though they committed to complying with international standards on bank transparency in 2009. What can you tell us about the Chamber’s activity in relation to these facts?

We need to be clear about this: Hong Kong, following the signing and ratification of the Conviction against double taxation, is no longer on the blacklist. As a Chamber, we have been very active and “vocal” in the dialogue with the government when, following the implementation of the required rules, many companies and their staff have encountered great difficulties in opening bank accounts, which were resolved thanks to the active collaboration of the government and of local banking institutions.

Italy is one of the major centres of attraction for Chinese foreign investments. Which role do the two cities play in this flow of capital to the West? Are there companies or individual investors who particularly favour Italy and the opportunities offered by its economy?

Hong Kong is one of the leading global financial centres, home to many Chinese financial companies and local investment funds that, in addition to the already mentioned family offices, are always looking for good opportunities. Certainly, many Italian companies excelling in several industrial sectors are suffering – if I can say so – of “financial dwarfism” and cannot find the necessary sources of funding to expand: they can be of great interest.

What, in your opinion, could the Belt and Road Initiative represent for the exchange of goods and capital between China, and in particular Hong Kong and Macau, and Italy?

I think that the Belt and Road Initiative, and its potential impact that goes beyond what the financial and goods flows will be, is something that still needs to be well understood not only by the economic and business world but also by the political one, both Italian and European, to then work reasonably with the Chinese government. Something much more relevant is the Greater Bay Area. This initiative aims at the creation of a bay area in competition with those of San Francisco, Tokyo and New York through the union of the forces of a world class high tech innovation centre (Shenzen), a top financial and professional services hub (Hong Kong), and a mature and innovative manufacturing centre (based in Guangzhou and seven other cities in Guangdong) with tourist destination like Macau. None of the other current bay areas has all these characteristics.

Hong Kong and Macau represent the vanguard of the Chinese economy

and finance. Can this perennial interest towards the future result in greater attention from local investors for the flourishing reality of innovative Italian start-ups, surpassing those that are the classic sectors of Made in Italy that are appealing to foreign investors?

Of course, even more so as the Hong Kong government intends to make an innovation hub out the city. This is also supported by huge investments backing innovative companies (tax deductions, financial support, infrastructure, and so on). I would mention two initiatives in particular that were born thanks to the great commitment of Italian entrepreneurs, companies and professionals and strong support from the Italian Consulates in Hong Kong & Macau and Guangzhou, and our Chamber: Startit.Asia and GBA Innovation Road Initiative, both in their second year. Startit.Asia focuses on promising Italian start-ups: five of them are selected and taken to Hong Kong and Shenzen for a week of meetings with innovation centres, universities, and potential investors. On the other hand, the GBA Innovation Road Initiative is aimed at Italian SMEs that may be interested or interesting for the local market and investors.

Looking at sectors in which Italy is a leading country in the world like tourism, you think that Honk Kong and Macau entrepreneurs may be willing to invest into large hospitality structures or real estate properties, also when we take into account the fact that both cities are famous for their urban overcrowding?

Looking at the number of tourists over surface ratio, Italy (the fifth most visited nation in the world with 58 million tourists) pales in comparison with Hong Kong (the most visited city in the world with 28 million visitors) and Macau (fifth with 18 million): to make a fair comparison, Rome with its 9.7 million is in 15th place. What allows cities as densely populated as Hong Kong to attract and sustain such an influx of tourists without undermining, too much at least, the residents’ quality of life are mainly the ease of movement thanks to efficient public transport at low cost, and to an affordable dining offering. Certainly the interests of tourists who visit Hong Kong (shopping and leisure in amusement parks like Disneyland and Ocean Park) and Macau (gambling and, more recently, also short family vacations) are very different from those of tourism in Italy (cultural tourism and food and wine ), as well as the countries of origin (for Hong Kong and Macau mainly Mainland Chinese). As for investments in Italy by local investors, we have to repeat what we said before: Italy is unfortunately perceived as too complicated and difficult “to navigate”.

The new visa for Italian investors is designed specifically for non-EU entrepreneurs who want to invest at least half a million (in start-ups) or one million (in other companies) euros in Italy. The visa is also available for the philanthropists whom I intend to donate for the preservation of Italian cultural heritage. Can the visa encourage these two categories to invest or donate in Italy?

I think that there is greater interest by Hong Kong entrepreneurs in potential investments to acquire some of our noteworthy technological know-how. I think that the visa may attract foreign investors, however, the real problems start appearing once the businessman settles his activity in Italy: as a country, there is still much work to do here. As far as cultural heritage is concerned, there is a huge interest from the Hong Kong government in having displays and exhibitions of our “treasures”, something to which our Consul General is actively working and to which we as a Chamber are giving all the necessary support. For eventual donations by philanthropists they are, discouraged by the fact that Italy is still perceived as a “country no easy to do business within” The subsidized tax regime designed by Italy for those who transfer their tax residence, with a flat tax of 100,000 euros a year on income earned abroad, is another measure designed to enter into synergy with the visa for investors. Do you think that it could represent an additional incentive for those wishing to move to Italy?

It depends on where they are transferring: in Hong Kong, personal income tax and business taxes are between 15 and 17%. #

13

INVESTOR VISA ITALY

food industry • buy company shares

presents unique investment opportunities in Italy to entrepreneurs, investors, and professional advisors along with assistance to obtain an investor entry visa and residence permit.

Dear Investor, If you take an interest in any of our proposals in this catalogue rather than the on-line showcase, please contact us directly to collect more information.

Thank you.

INVESTMENTS PROPOSALS

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

ID: I1-002 - Amount: EUR 500,000 14

INDUSTRIAL SECTOR AGRICULTURAL SECTOR HOTEL INDUSTRY & TOURISM SECTOR

engineering / robotics • buy company shares

DONATIONS PROPOSALS EDUCATION & CULTURE IMMIGRANT INTEGRATION POLICIES CULTURAL & LANDSCAPE HERITAGE

A Startup from Maranello with three high tech projects 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.

Browse our catalogue Investments from € 500,000 to 400 mln in Industry, Tourism, Agriculture, and much more. We will assist you and your family with the entry visa practices.

ID: I7-001 - Amount: EUR 500,000

INVESTMENTS PROPOSALS new tech / informatics • buy company shares

animal feed • buy company shares

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

“The animal’s welfare”

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.

Increase livestock’s production and its health removing hormones, pesticides, and steroids from its diet.

The Sicilian Company has, as a mission, to improve the conditions of animals throughout zoo-technical spinneret improvement without the need of having to resort medicines allopathic or to antibiotics, assisting farmers with specific protocol focused on management and treatment of major animal diseases and eventually a cheap and quick investigation of the specific pathology.

ID: I11-001 - Amount: EUR 500,000

ID: I15-001 - Amount: EUR 1,000,000 as min.

15

decor and design • buy company shares

decor and design • buy company shares

Illumination and design: an investment in Made in Italy

Mother of pearl sheets: the key to sustainable luxury

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.

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.

ID: I4-002 - Amount: EUR 1,300,000

ID: I4-001 - Amount: EUR 3,000,000

INVESTOR VISA ITALY

INVESTMENT PROPOSALS naval field • buy company shares

manufacturing • buy company shares

Sea Technology, Design, Hi-Tech: Italian benchmark for mechanical components

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

An interesting, challenging and profitable project for an extremely vivacious Italian company, well established in the nautical sector luxury yacht market, planning to move to the next step.

Founded as a small company at the end of last century by two young brothers, they used their experience gained in metalworking to make precision mechanical parts for aeronautical, races, electromechanical, space and defence sectors.

The company reached its best join the challenge of the nautical sector, concentrating its efforts mostly on superyachts. Nautical sector luxury yacht represents now the main division with its own recognizable brand.

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.

ID: I14-003 - Amount: EUR 5,000,000

ID: I14-001 - Amount: EUR 6,400,000

16

biomedical / pharmaceutical • stock capital acquisition

farm / vineyard / equestrian centre / agriturism • buy company shares

Leading company in the medical sector: Medical devices, medical informatics and set up of operating theatres – High annual turnover

Very Exclusive Country Resort, with horse centre, available to same level co-owner

The current owners are available to sell the full capital stock or one or more quotas, each 25% for 100 MLN.

A graceful and stylish environment for a classy person who wants to enjoy the heart of Tuscany: its art, its nature, and its food in the elegance of the people and the atmosphere.

The Company is fully operational and guarantees an excellent income.

For confidentiality reasons we only provide essential information.

If you are interested in this proposal, please contact us.

Requested price: EUR 400,000,000

ID: I13-004 - Amount: EUR up to 4.5 MLN

INVESTMENTS PROPOSALS farm / vineyard / equestrian centre / agriturism • stock capital acquisition

A beautiful holiday farm in Elba Island 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.

ID: SC-001 - Amount: EUR 55,000,000

farm / vineyard • stock capital acquisition

Purchasing full stock capital shares of a company operating in the highest standard of wine production worldwide The current owners are available to maintain a minority stake (10%) to support the investor for a smooth transition.

For confidentiality reasons we only provide essential information.

If you are interested in this proposal, please contact us.

Requested price: EUR 250,000,000 17

hotel • stock capital acquisition

indoor amusement park • buy company shares

A four-star hotel in the heart of Tuscia

Indoor amusement park in the heart of Tuscany

Located on the lush green slope of the Cimini Mountains, with an amazing view and beside a characteristic medieval village. Ideal for relaxation and revitalisation, close to the City of Popes, as well as to important archaeological sites like Rome, Perugia or Orvieto.

A construction project of 28 double rooms more is already approved by the Council.

The hotel is fully operational and guarantees an excellent income.

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.

ID: SC-009 - Amount: EUR 2,300,000

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

INVESTOR VISA ITALY

INVESTMENTS PROPOSALS travel agency • buy company shares

hotel • stock capital acquisition

Tourism: invest in a well-referenced Italian brand

A luxury five-star hotel in the heart of Pisa

A new concept for a milestone Italian tour operator brand just relaunched and ready for the take-off.

Many years of history in Tourism field in Italy, overcome the crisis that dropped a huge number of players between merging selling or just closing, this Company has been able to hold-on locating more than a million of people in the last decade.

Since last year indeed, it has been able to start growing and now is looking for a financial or industrial partner, can be both, to keep growing faster than how it can do on his own.

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.

ID: I13-003 - Amount: EUR 4,500,000

ID: SC-004 - Amount: EUR 35,000,000

18

hotel • stock capital acquisition

hotel • stock capital acquisition

A luxury and historic five-star hotel in Livorno

Two hotels and 17 income properties in Tuscany

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 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.

Both hotels are in operation and guarantee an excellent income.

ID: SC-003 - Amount: EUR 37,000,000

ID: SC-006 - Amount: EUR 37,000,000

INVESTMENTS PROPOSALS hotel • stock capital acquisition

Rome

hotel • stock capital acquisition

Florence

1. Four-star Hotel - Vatican City closeness, 140 bedrooms, congress room, restaurant, swimming pool. Occupancy 88,3%

ID: SC-021 - Amount: EUR 45,000,000

1. Five-star Hotel 48 rooms, occupancy 72%

2. Four-star Superior Hotel - Villa Borghese, 79 bedrooms plus 8 suites, 5 conference rooms (120/300 seats each), restaurant, bar, 100-car park garage Total 5,000 sqm hotel plus 1,500 sqm garage. Occupancy 80/85%

ID: SC-025 - Amount: EUR 30,000,000

3. Five-star Luxury Hotel 28 rooms (superiors and suites), VIP Restaurant. Occupancy 98%

2. Five-star Hotel 120 rooms, 10 suites, 2 conference rooms, 3 restaurants, 2017 turnover: € 10MLN, 1MLN € profit, occupancy 85%, ROA 8.88, € 21,797 2017 liabilities

ID: SC-023 - Amount: EUR 50,000,000

ID: SC-026 - Amount: EUR 100,000,000

ID: SC-022 - Amount: EUR 46,000,000

4. Four-star Superior Design Hotel - At walking distance from the Jewish Ghetto and the Vatican, 199 rooms/suites, the best restaurant in this area of Rome and a conference centre. Occupancy 85%

ID: SC-024 - Amount: EUR 125,000,000 19

hotel • stock capital acquisition

hotel • stock capital acquisition

Venice

Milan

Four-star Hotel, ongoing transformation into 5 stars 150 bedrooms by the Canal Grande Occupancy 70%

Four-star Hotel Duomo closeness, 62 rooms Occupancy 80%

ID: SC-027 - Amount: EUR 150,000,000

ID: SC-028 - Amount: EUR 56,000,000

INVESTOR VISA ITALY

DONATIONS PROPOSALS education & culture

immigrant integration policies

Fundraising for events in Parma, Capital of Culture 2020

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

A Seven months’ event among symphonic and lyrical recitals, sacred music, a Baroque program and an International competition for Conductors and Composers, need a golden donor ready to get massive visibility.

The Festival, managed by an esteemed Foundation strictly linked to the major Musicians all around the Word, takes place in one of the most fascinating Italian cities: the monuments and historical buildings in Parma have been transformed into real musical instruments, whose acoustics always enchants specialists and simple music lovers.

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.

ID: D2-001 - Amount: EUR 1,097,500

ID: D3-001 - Amount: EUR 1,000,000

20

cultural & landscape heritage

cultural & landscape heritage

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

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

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.

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.

ID: D1-002 - Amount: EUR 1,350,000

ID: D1-004 - Amount: EUR 1,000,000 to EUR 3,000,000

WHAT WE DO

We’ll assist you and your family with entry visa practices

Getting your investor visa is easy and quick: InvestorVisa.it is the service created to help you in selecting among several opportunities to invest in companies or donate and in managing all the bureaucratic procedures for both visa and residence permit.

Getting your Italian investor visa was never so easy!

Have you decided to invest in an Italian company?

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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

Visit InvestorVisa.it to learn about our services

Register for free and have full access to the website

Choose the investment proposal you are interested in from the Showcases and ask for full info

We’ll give you further details and organize a webconference with the parties Then the parties can arrange for further negotiation among themselves

Once your visa is issued, you can enter Italy and, within eight days, request a residence permit through our service You have three months to stipulate the deed

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.

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