Immigration is a giant leap because leaving your home and moving to a new country takes a great deal of courage. You literally uproot yourself and start afresh from scratch. But more and more people are joining the bandwagon in search of better opportunities. The sheer number of people making a beeline for the trend makes the idea less daunting. At the same time, many countries are open to embracing expats with liberal immigration routes. They want immigrants to settle and contribute to their economy with specialized skills, talent, and money.
The investor visa route is one of the quickest and easiest processes for aspiring immigrants without ancestral roots or marital connections in other countries. You can consider the example of the Italian investor visa to understand how it works. But you may have some questions before going ahead to apply Investor Visa for Italy LLC to move to the country. Money is often the most daunting concern for this funding-based immigration process. But the truth is that you need not worry about breaking the bank. Here are some realistic investor visa tips that money-savvy immigrants can rely on.
Understand the funding requirements
Understanding the funding requirements is the first thing frugal people should do before exploring the investor visa process for a country. After all, funding is the mainstay of this immigration route. You must be ready with the investment before going ahead with the process, so knowing the money requirement is the key to getting through. It is likely massive for most countries, with investment amounts running in the millions. You may even find it unaffordable unless you can shell out the funds for immigration. But the Italian investor visa lets you get in with a bare minimum of €250,000 with an innovative startup. There are other funding options too, so you can choose according to your capacity and preference. These include-
- €500,000 in an Italian company
- €1 million as a donation to a public welfare initiative in the field of education, heritage, culture, and immigration development
- €2 million worth of government-issued funds
As a money-savvy investor, you must consider the implications of each of these alternatives to decide wisely. Whichever country you choose, be sure to do thorough research on funding options because the apt choice ensures the financial feasibility of the decision.
Dig deep into the process
Besides the initial funding, you must also dig deep into the visa process to understand its cost and complexity. Typically, the investment amount is the main cost, while the processing fees may only be a few hundred. However, frugal immigrants must still include the cost in their money planning because every penny matters. Once again, the Italian investor visa stands apart because it has a simple, two-step process, which includes-
- Obtaining a nulla osta or certificate of no impediment by providing proof of funds online
- Applying for the investor visa at your local consulate instead of traveling to Italy
The best part is that documentation requirements are minimal, so you do not have to worry about spending big on gathering the paperwork. You also need not worry about the long queues at the consulate. The process mainly depends on proof of funds in the form of a bank statement showing your investment capacity. You only have to deposit the money into your account to get the statements for applying for nulla osta (certificate of no impediment).
Consider the cost of family immigration
Another factor money-savvy investor visa aspirants must consider is the cost of family immigration. The thought of bringing thousands or millions for every family member sounds daunting. You can imagine the massive funding requirement, even for a small family of four or five members. But the good thing is that most countries let families in with a single investment. For example, the Italian investor visa allows you to bring along your loved ones without extra spending. But you must validate your capacity to support them during their stay in Italy. Your income statement is good enough to prove it, so you can bring your family without major money qualms.
Learn about the timelines
While checking the timelines is apparently not about frugality, it makes a difference in the long run. No one wants to wait forever for their immigration goals to materialize. The good thing about the investor visa route is that it closes far quicker than the other alternatives. The Italian investor visa process takes a few months, and you need not get the funds before closing the entire steps. They should come after landing and getting your residence permit. You still have three months to bring the funds to the country. You will be far more comfortable with the money if you know these timelines. The best part is that you feel assured about the safety of your funds because you need not block them before closing the process.
Know the cost of a second passport
An investor visa is mainly a quick fix for immigrants as it lets you move to your destination country sooner than later. You can start your life as a resident because it entitles you to a residence status on landing. But you will probably want to settle here for good rather than stay with a residence status. Most immigrants aim to get a second passport eventually with the investor visa as an easy pathway. But second citizenship comes at a cost, so you must know it well before diving in.
The Italian investor visa leads to citizenship by naturalization after completing ten years in the country. Besides the time factor, you need to retain the initial funding in the country for the entire waiting period. Moreover, you will have to renew your residence status from time to time because they come with expiration dates. Factoring in these costs is crucial to understand the financial implications of buying a second passport through the investor visa route.
Seek expert assistance
Money-savvy immigrants never go alone with the immigration process because they realize the consequence of errors and omissions. They may lead to delays and rejection, so paying an expert is worthwhile. You can save a fortune by avoiding such glitches in the long run. Local professionals can guide you through the investor visa journey and later help you get a second passport by completing the naturalization process. You can understand the value of expert assistance because converting from residence status to citizenship entails a complex process.
Spending a bit on their services is far better than wasting money on delays and missed renewal deadlines. Moreover, you can focus on relocation and building your life in your new home while they handle the legal aspects for you. Look for someone you can rely on, so dig deep to check the best ones in the country. Seek recommendations and check online reviews to find a reputable professional. Remember to check their track record and success rates.
Plan your finances
This one is a no-brainer whether you are money-savvy or not because financial readiness is the cornerstone of a smooth move and an easy start in a new country. Relocating to another country is as much a financial move as a personal decision. You must plan your finances beforehand to avoid problems down the line. The preparation should begin even before beginning the process. In fact, you must start doing it a few years before considering the move. Of course, investment funding should be the main thing on your mind because it is the biggest expense. But the truth is that it is just one part of your financial readiness for immigration.
Relocating to another country entails massive spending. From winding up everything at home to travel costs, transportation of your belongings, and buying or leasing a new home, the expense may add up to a massive sum. The other concern is that you may not start earning right after landing in the country. Even if you get a job or start a business, you will need a few months to settle down. Having a few months of living expenses in your savings puts you in a good place. You will not worry about sustenance and survival even if things start slow.
Money-savvy immigrants want to complete the investor visa journey with a minimum expense. While you cannot do much about the funding part, there are other ways to minimize wasteful expenses. Knowing the facts, like funding requirements, processes, and timelines, helps you prepare financially for the move. Hiring an expert to show the way is equally crucial because they leave no room for error throughout the process. Moreover, you should think for the long haul and have enough money to sustain yourself and support your family until regular income starts flowing. You can even work as a digital nomad to make money with online projects through the initial phase. Also, follow the principles of budgeting and frugal living to make a smooth transition to your new life in another part of the world.