Elective Residency Visa | Italy

Strategic Research Brief
Italy’s Elective Residency Visa

Italy has a oldest and long standing cultural heritage formed over 2,500 years, combined with its world-famous art, music, and food culture, gives Italy an unparalleled quality of life. Italy is ranked 1st at a global level for UNESCO World Heritage sites (53 as of 2017), and it is one of the world’s top tourism destinations, with over 50 million visitors each year. Italy offers goods and services with a strong ‘Made in Italy’ character are primarily appreciated for their quality and uniqueness.

Italy is a key gateway to the European Single Market and its 500 million consumers but is also close to Northern Africa and the Middle East. Italy is the 3rd largest economy in the Eurozone and the 8th largest in the world, with a GDP of about 2 trillion dollars.



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Capital city:

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Total area:
301,340,000 sq km



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Euro (€)

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Government type:
Parliamentary Republic

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Time difference:
UTC +1 8 hrs ahead of NY

Into Italy

A country full of wonders

Introduction to Italy’s
Elective Residency Visa

Introduction to Italy’s Elective Residency Visa

What is it?

The Italian Elective Residence Visa is for foreigners – retired persons, persons with high self-sustaining incomes and financial assets like HNWIs – who can support themselves autonomously, without having to rely on employment while in Italy.

How do you qualify?

Passive Income of €32,000/year

For the Elective Residence Visa Italy, you have to demonstrate to have “passive incomes,” so amounts of money you received without doing anything actively. Commons examples are dividends, pensions, royalties, rents, stable incomes from a long-term investment, etc. It doesn’t matter how much savings you have in your bank account or own a big company to earn millions. These are considered “active incomes,” where you earn because of active work.

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To qualify for the Italy elective residence visa, you will need to first meet the financial and accommodation requirements discussed above. In addition, you will need to provide:

The initial permit is valid for one year and can be renewed every year provided that the same original requirements are met. You will have to spend most of the year in Italy (183 days) to renew your permit.

Under the Italy elective residence visa, the applicant is allowed to add his spouse and children who are under 21. Older children, parents and other relatives can also apply for elective residence by having their living costs covered by the main applicant.

Application Process

Week 1

To qualify for the Italy elective residence visa, you will need to first meet the financial and accommodation requirements discussed above. In addition, you will need to provide:

Week 2

Sign client agreement, complete government forms and provide supporting documentation.

Week 4

Visit local U.S. consulate and submit application

Week 9

You will be given an appointment to show your documents and give your biometric data.

Week 10

Pick up your resident permit.

Week 12

Once in Italy, you will need to open a bank account, transfer funds in it and rent or buy accommodations. Once you have done these gather all the documents and apply

Key Benefits of Italy's Elective
Residency Visa

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Freedom of movement (but not settlement) in Schengen

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No investment or donation requirement

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Path to citizenship

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Permits dual/multiple citizenship

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Lower cost of living

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Warm climate

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Enhanced business access to large economies and education opportunities

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Short processing time (~90 days)

Elective Residency Visa
(Residenza Elettiva)

Elective Residency Visa (Residenza Elettiva)

Gorgeous landscapes and friendly people. A rich history and culture, with a reasonable cost of living. And of course, the world’s most loved cuisine, which you can enjoy at its source, all makes Italy an ideal retirement destination. Fortunately for retirees and other people who can demonstrate their financial self- sufficiency, Italy does have a program designed for those who do not plan to work there.

You will need to prove that you can support yourself (and any dependents you bring) without engaging in any employment during your stay.

All applications must be processed through your local Italian embassy or consulate. And the minimum financial requirements to qualify under this visa vary quite a bit, depending on which Italian consulate you visit.

RequirementItalian consulates rarely approve applicants who show the minimum or close to minimum income/savings. In most cases, they want to see much larger sums. s

Most consulates require significantly higher amounts €5,000 per month, plus 20% per dependent. That translates to €60,000 per year.

How much you will need to pay for your health insurance will depend on your income declared in Italy:

7.5% of your annual income if your it does not exceed €20,658 (~$25,000); 4% of your income between €20,658 and €51,645 (~$61,000).

The more developed and economically successful northern region is noticeably pricier to live in than the relaxed southern parts of the country.

Italy may be struggling economically, but it is still the third-largest economy in the EU. And this makes it one of the more expensive countries you will find in Southern Europe.

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