In 2012 the Italian government initiated a policy to increase foreign investment in Italy with the launch of the Italian Startup Visa project. This encourages the launch of new foreign companies in Italy which, in turn, brings foreign capital into the country.
The Italian government has promised a 35% reduction in taxes for qualifying start ups and a contribution of €17,000 in the first year where annual development costs are €50,000.
Alexander Barinov, a client of Great Estate, was the first to have the Italian Startup Visa with his “Startup Village” project based in San Casciano dei Bagni within the southern Tuscan province of Siena.
As he told Sole24Ore, Barinov was tempted to invest due to the Italian proposal to launch the new Startup in Italy initiative. The corresponding law 221/2012 has created a new landscape that has made it more conducive to invest in Tuscany.
Many foreign investors have stayed away from Italy fearing its bureaucracy but Barinov stated to the national business daily, that the most complex aspect is not the lack of information concerning procedures but simply the ability to understand their logic.
The one factor that made the difference when choosing to invest was the Italian people. They are, he emphasized, the real resource of the country, well-educated and have great taste.
Edited by Riccardo Magini and translated by Tanya Pia Starrett