Tom Leonard, 69, decided to move abroad after his parents passed away a few years ago, and settled on the northern Italian city of Florence.
“So in 2023 I came to Florence for a month to check it out. It felt really good to be here and I made the decision to make the move.”
Mr Leonard said he was attracted to Florence by its history and culture
He started looking into his options for moving to the country, and came across the Italy Golden Visa, or Investor Visa, programme.
Mr Leonard opted to invest €250,000 in an already-existing start-up and received the visa, which initially grants a two-year residence permit, and is then renewable for three years if the startup investment is still in place.
Mr Leonard’s new house in the hills above Florence
Even though a start-up is more risky, he invested in one, called Life Gate Way, which invests in other startups in order to minimse the risk compared with a start-up with one focus.
After securing his visa, Mr Leonard moved to Florence last year. Since then, he said that many Italian had reacted positively when they found out that he was there on an investor visa.
Mr Leonard’s new house has hundreds more square feet than his previous California home
Mr Leonard sold his $1.4 million (£1.03m), 500 square-foot home with a pool in Burbank, California and bought a 288-square-metre (3,100 square foot) 1950s home in the hills above Florence, near Fiesole, for €1,070,000 (£923,864).
“When I showed the [Florence] listing to people in Italy, they were like ‘Whoa, that is expensive’. When I showed it to people in California, the were like ‘Wow, that looks like a great deal’.”
Mr Leonard says he is very happy with his new home
Mr Leonard now wants to encourage others to take advantage of the investor visa scheme if they are able. However, he warned other people considering the visa to get help from a reputable company.
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Although he secured his visa in less than a year, there were specific deadlines such as applying for residency in Florence within eight days after arriving. And he had 90 days to actually move his investment to the start-up in Milan.
“Investigate the agency thoroughly. Talk to previous clients. Be wary of ones that have a low price, you get what you pay for.”
“I try to take advantage of all of the cultural opportunities in Florence. I like finding things that short-term tourists might not be able to enjoy. What is better than just getting lost walking through the city?”
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