Italy's elective residence visa does not require any investment like the investor visa. Instead, you will need to show your ability to support yourself and have accommodations in Italy. This can be done by renting or buying property. You will need to show documentation of stable income (e.g., a pension). This can also be done by transferring a year's worth of money into an Italian bank account to cover your expenses. For a single person, the minimum financial requirement is EUR 31,000. For a married couple, it is EUR 38,000. An additional 20% is necessary for each dependent child. Be aware that to guarantee approval, it's generally recommended to show a lot more income. It's advisable to have at least EUR 350,000 at the beginning of each year in an Italian bank account.