Is it now possible to apply for elective residency visa in Italy, even if you’re demonstrating to have income deriving from rental properties. In fact, the economic resources of at least 32,000 euros per year must not refer only to self-employment or employment work. Furthermore, if they earn profits as owners of a commercial activities, those profits can be included in the economic requirement. However, here below you can find some brief information about this kind of application. If you are able to maintain yourself autonomously, the Elective Residency Visa allows you to stay in Italy without working. In order to apply, you must have a regular personal income that derives from retirement or annuity, real estate properties, the ownership of stable commercial economic activities or other economic resources different from the employment. In any of these cases, the resources must not be less of 31,159.29 euros per year. Furthermore, this kind of visa can be issued also for family members such as cohabiting spouse, minor children and adult dependent children. However, the abovementioned financial resources must be considered sufficient also for them. In particular, in case of application also for cohabiting spouse, the monthly amount to be demonstrated must be increased of at least 20 percent. This increase must be of at least 5 percent for each applicant child. After the obtaining of the Elective Residency Visa, issued by the competent diplomatic authority in your place of residence abroad, and within eight days from you first entrance in Italy with your elective residency visa, you can apply for your Italian resident permit.
How can I qualify for Italy’s elective residence visa?
I am a retiree from Brazil and wish to relocate to Italy. My wife and I have a small pension but it’s not quite up to the required 38,000 euros. However, we make more money from rental properties that we own. Those bring our income far beyond the requirement, but we actively manage them and are technically working. Would we still qualify as unofficial retirees? Does our net worth count in our favor?
See the below requirements for the ERV. Please note that it is increasingly difficult to obtain it. Many consulates require applicants to prove a “passive” income (not deriving from work) of at least $60,000 U.S. dollars plus 20 percent for the spouse. They request the income to be shown in the applicants’ tax returns. The elective residence visa (residenza elettiva) allows entry into Italy to foreigners who intend to relocate to Italy permanently and who are able to do so by financially supporting themselves autonomously, without the need for employment. Individuals must submit suitable and documented proof of: housing in Italy (can be a leased property); more than a substantial amount of regular and stable financial resources which are likely to remain steady in the future (such resources cannot be less than 31,159.29 euros a year). Resources must derive from prolific revenues (annuities, pensions), property ownership and stable economic-financial activities, but not from employment (passive income).
The obtaining of an elective residence visa is subject to the demonstration by the applicant of the availability of sufficient and steady income not deriving from activities of subordinate work, such as pensions, social security benefits, corporate dividends, royalties and property rental income. The material point is that the applicant is not allowed to carry out subordinate work activities and, therefore, the economic resources necessary to obtain the visa cannot derive from activities of subordinate work.
Your annual income would certainly entitle you to get Italian resident status (provided you will be able to show the Italian government you have a house to live in). If not an elective resident visa, you could always apply for a long-term resident permit.