ITALY Law and Practice Contributed by: Paolo Ludovici and Andrea Mirabella, Gatti, Pavesi, Bianchi, Ludovici
is not common for real estate to be held in the name of a fiduciary company. There is no standard or investment theory applicable to investments held through a fiduciary company, and diversification is not required. Especially with refer - ence to the “static” fiduciary mandate, the fiduciary company acts according to the instructions of the principal. Trust Companies Trusts can hold any type of asset, and – in accordance with the provisions of the trust deed – the trustee has discretion in managing and investing the trust fund. No specific authorisation is required to hold active businesses. 7. Citizenship and Residency 7.1 Requirements for Domicile, Residency and Citizenship Residence and Domicile Article 43 of the Italian Civil Code provides for the definition of residence and domicile of individuals. Residence is the place where an individual habitually resides. The application for residence is filed to the municipality to which the applicant moved within 20 days from the relocation. Depending on the municipality, the declaration of resi - dence can be submitted through the national registry portal using a digital identity, via email, or by in-person appointment, submitting the following documents: • a valid passport or identity card (for EU citizens) or a residence permit (for non-EU citizens); • the Italian tax identification number ( Codice Fiscale ); • documents proving ownership; and • possession or availability of a property, to establish habitual residence. Domicile is the place where a person has established the main centre of his/her affairs and interests. Estab - lishing domicile in Italy primarily involves two elements: an objective one, concerning economic, moral, social
and family relations; and a subjective one, based on the individual’s intention to centre his/her affairs or interests in a particular location. In some cases, domi - cile is determined by law, such as for minors who are legally domiciled with the parent exercising parental authority. Choosing a domicile does not follow any formal procedure and does not require registration with the Registry Office. Non-EU nationals who intend to reside in Italy are required to obtain an entry visa and a residence per - mit. Among other categories, Italian immigration law provides for various types of visa designed to facilitate entry into and lawful stay within the country, including the following. • Investor Visa – a two-year residence visa (renew - able for a further three years) available to non- EU nationals who undertake to invest in assets deemed strategic for the Italian economy and society. Specifically, eligible investments include: (a) EUR2 million in Italian government bonds; (b) EUR500,000 in shares or quotas of an Ital - ian limited liability company, whether listed or unlisted (including SICAVs and SICAFs); (c) EUR250,000 in an Italian innovative start-up; and (d) EUR1 million in a philanthropic initiative. • Elective Residence Visa – this visa category is intended for individuals who wish to relocate to and reside in Italy without engaging in any employ - ment or business activity, and who are able to demonstrate the possession of substantial and stable passive income. • Digital Nomad/Remote Worker Visa – this visa category is designed for individuals intending to reside in Italy while performing work activities remotely. It is available exclusively to highly skilled professionals whose qualifications meet or exceed the thresholds set out under Article 27-quater of Legislative Decree No 286 of 25 July 1998 (The Italian Consolidated Act on Immigration). The visa is divided into two sub-categories: (a) Digital nomads, comprising freelancers, con - sultants, or other independent professionals; and (b) Remote workers, being employees of foreign entities who are able to carry out their profes -
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