For those foreigners who may stay in Italy without working, provides an opportunity to permanently live in the country.
The residence permit for the economy independent (otherwise called Residenza Elettiva) is an immigration program that has been introduced in Italy since 1999. In order to obtain this residence permit, a foreign citizen must prove that he or she has a high income and a housing in Italy.
According to the regulations, there are no strict requirements regarding housing: it is possible to provide the possession of your own home or a registered long-term lease contract.
The main requirement is to have a permanent passive income that allows to provide financially for oneself and one’s family members.
The income must be from regular, passive sources, such as pensions, rental contracts, dividends from owning securities, royalties, interest on deposits. The applicant must also prove that the income is from legal sources.
NO permission to work:
The Elective Residence Visa is issued without the right to work, to conduct business or to receive social benefits in Italy.
Conversion into a work permit:
According to the law Decreto Legge 21 ottobre 2020, n. 130 the chosen residence permit can be converted either to a residence permit for employment or for business activity.
The main applicant can apply for a visa and residence permit at the same time also for members of his/her family: spouse, children, including adults, if they are unmarried and financially dependent on the applicant, also parents.
When the holder of a permit of stay “Residenza Elettiva” is absent in Italy for more than 6 consecutive months, the renewal of the permit of stay for the Elective Residence may be denied.
Duration and Renewal
The Elective Residence permit of stay is initially issued for one year. Subsequently, upon proof of passive income, it is extended for up to two years.
Holder of permit of stay becomes a tax resident of Italy in case if register in City Hall and live in the country for more than 183 days a year. Resident has the same tax obligations as Italians, also in case his income is received abroad.
Italy has a special tax regime for high net worth foreigners. A single flat tax is applied to all income, independent of its amount, including the income received abroad. The flat tax rate in Italy is €100,000 for the applicant and €25,000 for each family member annually.
The procedure for preparing and obtaining a permit for stay in Italy for Elective Residence can be divided into 3 steps:
Our team will help you not only to collect documents, make translations, immigration lawyer will make their in-depth analysis. And also we will find you a property to buy or rent, take care of its preparation for your arrival, accompany on site at the stage of requesting a residence permit, registration of registration, request for identity card, bank account, etc.
To find out more details about the possibility for you to get Elective Residence Visa for Italy just contact our staff by phone or email.
See all the services related to Elective Residence Visa
If you want to know more about the services or about our company
Don’t hesitate to contact us!