Applicants of elective residence visas must prove the availability of legitimate income from sources other salaries and that they are able to maintain themselves autonomously through the use of such income without working in Italy. The income, which shall be regular and stable and likely to remain steady in the future, may derive from retirement or annuity, real estate properties, ownership of stable commercial activities outside Italy or other economic resources not deriving from employment activities (therefore, passive income). The number of such resources shall be not less than 31,159.29 euros per year, even though each embassy/consulate competent for the handling of the visa application may set a higher amount.
What are the requirements on the source of income for Italy’s elective residence visa?
I want to apply for an elective residence visa. What types of income are acceptable for this type of visa? I was told that salaries are not acceptable. Could you please give me some examples of acceptable sources of income?
Below are the guidelines issued by the Italian consulate in San Francisco. I suggest you also check for instruction the website of the Italian consulate where you intend to apply. Individuals who receive an elective residency visa cannot work in Italy; they must be able to sustain themselves from their existing financial assets, such as annuities, stocks, pensions, bonds, and so forth. Documented and detailed guarantee of substantial and steady private income (including pensions or annuities) from property, stable economic and commercial activities or from other sources and proof of financial means, such as letters from the applicant’s bank indicating the financial status of their accounts, including amount of money in each account, copy of last pension check received etc.