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Italy's budget bill would grant residency permit to foreign investors

Xinhua, November 25, 2016 Adjust font size:

The Italian government's 2017 budget bill contains a measure granting residency permits to foreign investors who put at least 500,000 euros (530,000 U.S. dollars) into innovative start-ups, sources said Thursday.

The investments must be kept up for at least two years or the residency permit becomes null and void.

As well, the proposed measure says investors who lie or misrepresent on their visa application risk anywhere from one and a half to six years in prison.

The bill also contains a measure imposing a flat tax of 100,000 euros on wealthy Italians who wish to transfer their residency back to Italy after being abroad for 9 out of the past 10 years.

Opponents had asked for a 10-20 percent levy based on actual assets instead of the flat tax.

The budget bill went to the floor of the Lower House Thursday after it was approved by the House budget committee following a 24-hour marathon overnight review.

A confidence vote on the budget bill is expected to be held in the House on Friday, after which it goes to the Senate for approval.

Also on Thursday, the Senate approved a tax decree linked to the budget. Italian Prime Minister Matteo Renzi said next year's proposed budget contains 20 billion euros in tax breaks, which are designed to stimulate Italy's sluggish economic recovery. (1 euro = 1.06 U.S. dollars) Endit