Italy provides a residence permit for financially independent people who are able to confirm a permanent, high passive income. Wealthy foreigners can obtain a special type of residence permit at their chosen place of residence — Residenza Elettiva.
31,000 eurosyear
minimum passive income
4 months
the period of registration of a residence permit
10 years old
the deadline for obtaining Italian citizenship
The chosen place of residence for financially independent persons is the immigration program, which has been operating in Italy since 1999. In order to obtain this residence permit, a foreigner must confirm the existence of a high income and rented or purchased housing in Italy. The holder of this type of residence permit does not receive the right to work or do business in the country, unlike the business immigration program.
Conditions for obtaining a residence permit
- Have a high passive income — at least 31,000 euros per year.
If the applicant’s spouse also receives a residence permit, the minimum amount of income is increased by 20%. An additional 5% is added for each child included in the application.
The foreigner must prove to the Italian authorities that he has a high income, which will remain continuous in the future and does not depend on his place of residence. Possible sources of income are rental of real estate, interest on deposits, dividends from securities, income from entrepreneurial activities, and a pension. Income from employment is not taken into account.
- Buy a property or rent a house for long-term rent
The applicant for the Residenza Elettiva must convince the Italian authorities of his financial viability also when choosing a property. When buying or renting a home, there are no formal requirements for its cost. However, it is important that this is a high-quality, not a cheap object. At the same time, property owners have an advantage over tenants. It is enough to provide a contract of intent to purchase real estate and a certificate of deposit.
Important. Foreigners with a residence permit can receive a benefit when buying a first home (Prima Casa), if this is the main place of residence, and reduce tax costs by 2-4 times.
Program Features
Without investments. To obtain this residence permit, you do not need to invest in the country’s economy.
For the whole family. Family members also receive a residence permit in Italy: a spouse, children, including adults, if they are not married and financially dependent on the applicant, as well as parents.
Without the right to work. A residence permit is issued without the right to work, run a business or receive social benefits in Italy.
Permanent residence. A residence permit gives you the right to permanent residence in Italy and the opportunity to travel without a visa to the countries of the European Union. If a foreigner is absent from the country for more than 6 months in a row, the extension of a residence permit on the basis of Residenza Elettiva may be refused.
Extension of the residence permit. A residence permit based on financial independence is first issued for a year. Then it is extended for up to two years. When extending a residence permit, it is necessary to confirm the preservation of passive income.
Without the right to permanent residence. A residence permit for financially independent persons does not give the right to permanent residence. This residence permit is regularly extended until Italian citizenship is obtained.
Citizenship. You can apply for Italian citizenship after 10 years of living in the country with a residence permit.
Without conversion. A residence permit for financially independent persons is not converted into other types of residence permits — for doing business or working in Italy.
You don’t need to know Italian. You do not need to prove your knowledge of the Italian language to obtain or extend a residence permit.
Tax residency. The holder of a residence permit becomes a tax resident of Italy if he lives in the country for more than 183 days a year. A resident has tax obligations on an equal basis with Italians, even if his income is received abroad.
In Italy, there is a special tax regime for wealthy foreigners. A single fixed tax is levied on all incomes, regardless of their size, including those received abroad. The flat tax rate in Italy is 100,000 euros per applicant and 25,000 euros per family member annually.
Stages of obtaining a residence permit
- Apply to the visa application center or the Italian consulate in your country to obtain a long-term type D visa based on your chosen place of residence. It is necessary to confirm the availability of real estate and passive income. All documents must be translated into Italian. The visa processing period is 90 days.
- Apply for a residence permit based on the chosen place of residence — Permesso di soggiorno per residenza elettiva — within 8 days after arrival in Italy on a D visa. Documents confirming the availability of housing and passive income are submitted to the Questura Police Department at the place of residence. You also need to go through the procedure for submitting biometric data.
- Get a residence permit card 20 days after submitting the application.
Documents for a residence permit
- International passport
- Documents for real estate in Italy: a contract of intent to purchase real estate and a certificate of deposit, a purchase and sale agreement or a long-term lease
- Documents confirming passive income for the last year: rent, royalties, dividends, income from bank deposits, profit from securities, pension
- Receipts for payment of state fees for the issuance of a D visa and a residence permit
- A motivation letter in English or Italian explaining the desire to live in Italy
- Documents confirming kinship — marriage and birth certificates of children
- Medical insurance valid in Italy
All documents are provided in the original and copies with translation into Italian.
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