Italy residence permit
The Italian residence permit for independent persons, Residenza Elettiva, is intended for wealthy foreigners who can prove they have a stable passive income and no intention of employment in the country.
To apply for an Italian residence permit, economically independent persons must prove an annual passive income of at least €31,160 outside the country. The income can be from dividends, pensions, real estate rentals, or royalties. In addition, it is necessary to rent or purchase a home in the country for at least a year.
The first step in obtaining a residence permit is to apply for a national visa type D through the Italian consulate at your place of residence. This will allow you to move to Italy and apply for residency. Upon arrival in the country, the documents must be submitted to the local police station (Questura) within 8 days after entry. The expected time for obtaining a residence permit is approx. 4 months after all the required documents have been submitted.
The applicant must be over 18 years of age, a citizen of a country outside the EU or EEA, and have no criminal record.
Unlike other types of residence permits in Italy, residency based on financial independence does not imply the possibility of employment. After five years of living in the country, you can obtain a permanent resident card in Italy, and after another 5 years, you can apply for citizenship.
Requirements and conditions of residence permit in Italy
This category of residency is intended for well-off foreigners who do not intend to work or do business in the country. The key criteria and conditions for obtaining a residence certificate in Italy:
- Applicants must be over 18 years of age.
- The program is available to nationals of states not included in the European Economic Area and the European Union.
- A proven annual income of at least €31,160 (which roughly corresponds to €2,600 per month) from external sources must be demonstrated.
Acceptable sources include:
- Income from rental property.
- Pension payments.
- Author's royalties.
- Interest from bank deposits.
- Dividends from securities transactions.
- Applicants are required to rent or buy a home in the country.
- Required to stay in the country for at least 183 days per year and pay the appropriate taxes.
- Applicants must have no criminal convictions or visa irregularities in EU states.
- Having health insurance is one of the prerequisites.
A spouse and children under 18 may be included in the application, but the minimum income amount must be increased by 100% for each additional participant.
Documents to obtain a residence permit in Italy for financially independent persons in Italy
You will need to prepare a certain set of documents:
- A completed D visa application form.
- A valid passport with a sufficient validity period.
- Fresh photos that meet the visa requirements.
- Original and a copy of your country's national passport.
- A statement of your desire to reside in Italy written in English or Italian.
- Documents proving a stable income of at least €31,160 per year (e.g. bank statements, rental, or investment income).
- A rental contract or a contract to buy a property in the country.
- Check or receipt for payment of visa fee.
- A motivation letter outlining the reasons for the move, written in English or Italian.
- Marriage and birth certificates must be provided if close relatives are included.
- Health insurance policy.
The Consulate has the right to request additional evidence and confirmations based on the applicant's circumstances. All documents must be submitted in their original form and as copies, accompanied by a translation into Italian.
Citizenship in Italy
After 10 years of residence in Italy, a resident can apply for an Italian passport while retaining his/her current citizenship. To do so, it is necessary to show B1-level proficiency in the Italian language and no criminal record in Italy or in another country.
A passport in Italy gives citizens the right to live and work in any EU country and visit more than 170 countries visa-free.
If you are interested in obtaining an Italian residence permit, the team of experts from Citizenship-By.Investments are ready to provide you with professional support. Please fill out the questionnaire on our website for a consultation.
