The Italy Elective Residency Visa, called Elective Residency Visa in English and Visa per Residenza Elettiva in Italian, is designed for individuals who wish to live in Italy without working, spending their time enjoying the country’s beauty and immersing themselves in Italian culture and language. It is suitable for those who have a stable and continuous source of income outside Italy, such as monthly income from dividends, bank interest, rental income from any property, guaranteed company income, factory or shop profits, and similar sources.
Note: Hundreds of thousands of foreigners with an elective residency live in the southern, mild-climate regions of Europe. Most of them are retirees from countries like the United States, Canada, and Northern European nations such as Sweden, Germany, the Netherlands, and Belgium. Nearly all are over 60 years old, have finished their careers, and prefer to leave crowded, northern cities and live at lower costs in small towns, coastal, or mountain villages in southern Italy, Spain, or Portugal, supported by their pensions, rental income, and bank interest.
Therefore, if a young family, not yet of retirement age, applies for this type of residency, or if their goal is to live in major European cities like Rome, Milan, Turin, Paris, or Madrid, it is considered an unusual choice and may raise doubts at the embassy, often leading to rejection. We recommend applying for this type of residency only if your intention is to live in small towns or villages in Italy.
Methods to Obtain Italy Elective Residency (Financial Self-Sufficiency Visa)
To obtain this type of residency, you must choose one of the following two options:
1) Direct Application through the Italian Embassy in Iran or the Applicant’s Country of Residence
In this method, by purchasing or renting a residence in Italy and preparing all required documents, the application is submitted directly to the Italian consulate. The issuance of the residency visa is entirely at the discretion of the Italian Consul.
2) Application from Italy with a Nulla Osta
This method, which begins with purchasing or renting a residence and obtaining a Nulla Osta from Italy, is suitable for applicants with clear and complete financial documents, income sources, and tax declarations. Using your officially translated documents, we obtain the Nulla Osta and then submit the visa application through your local consulate. In this approach, the consulate has less responsibility due to the presence of the Nulla Osta, making the process less risky and more reliable for obtaining your residency. However, this method is only available to a limited and select group of individuals.
Benefits of Italian financial residency
- Obtaining simultaneous residency for spouse and children
- No obligation to invest or buy property.
- Study permit for the whole family
- Possibility of obtaining permanent residence and a valid Italian passport
- Possibility of extending residence, obtaining permanent residence and an Italian passport
- Living in one of the most beautiful countries in Europe with culture, delicious food and a Mediterranean climate.
Requirements for Obtaining Italy Elective Residency (Financial Self-Sufficiency Visa)
- Minimum age of 18 years for the main residency applicant.
- Proof of stable and sufficient financial means: You must demonstrate that you have enough funds to cover living expenses in Italy without the need to work. This includes bank statements and proof of income.
- The minimum annual net income required is €32,000 for the main applicant, €6,500 for the spouse, and €1,600 for each child under 18. For example: a single applicant €32,000; a couple €38,500; a family of three €40,100; a family of four €41,700.
- Proof of residence in Italy: Documents for purchasing a home or a rental contract for at least one year.
- No work permitted: This type of residency does not allow you to work or earn income in Italy. Your income must come from sources outside Italy.
- Private health insurance: You must have international health insurance with full coverage for at least one year.
- Retirees with a fixed international pension: Individuals receiving a verifiable and sufficient retirement income from a country outside Italy.
- Individuals with fixed passive income: Income from property rental, bank interest or investment returns, dividends, bond yields, fixed-income funds, or royalties.
- Individuals with substantial capital: Someone who has cash assets and may not have regular monthly income, but whose bank balance covers at least three years of living expenses in Italy.
- Note: Purchasing property in Italy is an important factor to demonstrate financial capability and commitment to living in Italy.
- Conclusion: To be eligible, you must have documented fixed income or assets, intend to live long-term in Italy, and be able to cover housing, insurance, and living costs.
- Those who do not have official documentation to prove their income.
- Individuals who are employees receiving a salary.
- Those intending to migrate for work or study purposes.
- Individuals with a criminal record in Iran or those banned from entering the Schengen area.
The process of applying for and receiving Italian financial residency
Consulting with PAREX Company and reviewing your conditions for this type of stay
First of all, you need to make sure that you have a stable monthly non-working income and a bank balance of more than 40-50 thousand euros to cover your first year's expenses. Phase OneApply for a residence visa from the Italian embassy in the country of residence.
The visa issuance process takes a minimum of 15 days and a maximum of 90 days. Step 4.Entering Italy and applying for a residence permit (Permesso di Soggiorno)
To obtain a residence card, it is mandatory to register at the Questura during the first week of arrival in Italy. Step 5.Fingerprinting at the Questura
Have your fingerprints taken at the Questura and receive your family residence card within 30 days. The sixth step:Documents required for Italy financial support residence visa
- Passport with at least 2 years of validity for the applicant, spouse, and children
- Copy and scan of the first page and all stamped pages, including previous visas (current and previous passports)
- Translated birth certificates of the applicant, spouse, and children into Italian
- Marriage certificate translated into Italian
- Complete resume of the applicant, spouse, and children over 17 years old
- Power of attorney for the official lawyer of Parks company to handle the applicant’s case in Italy
- Documents for renting or purchasing a residence in Italy
- Valid health insurance with coverage of at least €30,000 per person
- Support letter from an Italian lawyer and certified accountant
- A motivation letter explaining the reason for residing in Italy
- Six-month bank statements for all personal and business accounts in English, along with a bank proof of funds letter
- Italian translations of all documents proving fixed monthly or annual income, such as savings account statements, dividends, rental agreements, and all property-related documents like ownership deeds, business income from companies, shops, or similar sources
- Business documents such as licenses and official company registration
- Tax payment documents for the past three years
- Passport, translated marriage certificate, and birth certificates
- Visa issued by the Italian Embassy
- Rental agreement or property ownership documents in Italy
- One-year health insurance documents
- Service fees for Parks assistance in obtaining the residency
- Travel expenses to Italy (including flights, hotel, and transfers to the destination city)
- Costs related to purchasing or renting a residence, including deposit, monthly rent, and agency commission
- Government payments such as insurance and stamps – approximately €500 per person
- Document translation and Italian Embassy authentication – around €250
- Italian Embassy visa fee – €116 per person + €30 service fee for VisaMetric
Residence of spouse and children
Family members are eligible to receive visas and residency and can stay in Italy for the same duration as the main applicant. There are two methods for obtaining residency and joining family members with the main applicant:
1. The spouse and children can apply for residency simultaneously with the main applicant.
2. After the main applicant obtains residency, the family can travel to Italy on a tourist visa and then apply for family reunification residency in Italy.
Family reunification residence for the parents of the main applicant
Extension of residence in Italy with financial means
Time process
Permanent residence with financial support in Italy
Citizenship and passport with financial residency in Italy
Questions and useful information about financial residency in Italy
Yes, if you reside continuously in Italy for 10 years, you can obtain citizenship and a passport.