In the first of a series of blogs from the Italy Practice Group, Matteo Tisato examines the benefits, requirements, and timelines of the elective residency visa.
The Italian elective residency visa allows entry into Italy for an open, long-term visit to foreigners who intend to establish their residence in Italy and who are able to do so by showing financial incomes without the need of employment.
Individuals must submit suitable and documented proof of housing (to be purchased or rented) in Italy and an income of more than EUR 32,000 of regular and stable financial resources which are likely to remain steady in the future. Resources must derive from prolific revenues (annuities, rents, pensions, bonds), properties ownership, stable economic-financial activities or other sources other than subordinate employment. This type of visa allows these individuals to enter Italy for an indefinite period of time.
The visa application will involve completing the relevant application form and providing supporting documentation. The Consulate has the right to issue the visa within 90 days, but the processing time is usually between four to eight weeks, depending on the Consulate’s workload, time of year, and applicant’s nationality. The applicant will need to show assets from a portfolio. The Consulate may request original financial statements from banks, investments/brokerage firms, or social security, all indicating current balances.
As soon as the Elective Residence Visa is issued, the foreigner may enter Italy and apply for the Permit of Stay, also called “Permesso di Soggiorno”, within eight days of arrival. Once the Permit of Stay is issued, the immigration process is completed and the foreigner will have proper legal status in Italy.
An individual who obtains an elective residence visa shall not pay taxes in Italy if: (1) is not registered in the City Hall (Comune) of the place where living; (2) and lives in Italy less than 183 days during the fiscal year (January to December); (3) and does not have his habitual abode in the country (e.g. his family lives in Italy and he has in Italy his principal center of business and interests)
Holders of an elective Permit of Stay can apply for the EC Permit of Stay for long-term residents after 5 years of legal stay in Italy. In order to be eligible, they must have registered as residents of Italy and filed tax returns. After 10 years of legal residency in Italy, an individual should be eligible to apply for Italian citizenship.
|Elective Residence Visa Application||2-6 Weeks|
|Residence Permit Application||3-5 Months|
|Residency Registration||1-3 Months|
This blog is for informational purposes only. Nothing in this blog constitutes legal advice. Please contact us to discuss your specific circumstances.