** "Italy as a new place of residence: Residency for the financially independent"
Italy provides residence permits for financially independent foreign nationals who can prove a permanent high passive income. One of these residence permits is called "Residenza Elettiva" or "Chosen Residence". Here are the main conditions and requirements for obtaining this type of residence permit:
1. Passive income:
The minimum passive income is at least €31,000 per year.
If the applicant's spouse also wants a residence permit, the minimum income amount is increased by 20%.
For each child included in the application, an additional 5% is added to the minimum income amount.
2. sources of income:
The applicant must prove to the Italian authorities that he or she has a high income that will remain uninterrupted in the future and does not depend on his or her place of residence.
Possible sources of income include rental property, interest on deposits, dividends from securities, business income and pensions. Income from employment is not taken into account.
3. Buying or renting real estate:
An applicant for a Residenza Elettiva must also convince the Italian authorities of their financial solvency when choosing a property.
There are no formal requirements on the value of the property, but it is important that it is a quality property.
When buying or renting a home, property owners have an advantage over renters.
It is sufficient to provide a contract of intent to purchase the property and a certificate of deposit.
4- Restrictions:
Residenza Elettiva holders do not have the right to work or do business in Italy. This residence permit is intended for financially independent people who simply want to live in the country, enjoy its culture and lifestyle.
5. Timeline:
The processing time for Residenza Elettiva is 4 months.
Italian citizenship requires residency with a residence permit for 10 years.
It is important to note that foreigners with a residence permit can receive a benefit for the purchase of a first home (Prima Casa), if it is the main residence, and reduce tax costs by 2-4 times.
The Residenza Elettiva program gives you the opportunity to live in Italy, enjoy its beauty and culture if you have a stable source of income and the desire to spend time in this wonderful country.
Key points of the program:
Spreads to the whole family:A residence permit in Italy is also granted to family members, including spouse, children and even adult children if they are unmarried and financially dependent on the applicant, as well as parents.
No right to employment:The residence permit is issued without the possibility of employment, business or social benefits in Italy.
Permanent residence:The residence permit grants the right to reside permanently in Italy and the freedom to travel visa-free to the European Union countries. However, in case of prolonged absence from the country for more than 6 consecutive months, the residence permit on the basis of Residenza Elettiva may be revoked.
Renewal of residence permit:A residence permit based on financial independence is initially granted for one year.
Without the right to permanent residency:The residence permit for financially independent persons does not give the possibility to obtain a permanent residence permit. This residence permit is regularly renewed until Italian citizenship is obtained.
Citizenship:The right to Italian citizenship arises after 10 years of residence in the country on a residence permit.
No change in the type of residence permit:The residence permit for financially independent persons cannot be changed to other types of residence permits, such as for business or employment in Italy.
No knowledge of Italian is required:There is no need to prove Italian language proficiency when applying for a residence permit or its renewal.
Tax residency:The holder of a residence permit becomes a tax resident of Italy if he/she spends more than 183 days a year in the country. The resident is obliged to pay taxes on the same basis as Italians, even if his income is derived outside Italy. There is also a special flat tax regime for financially independent persons, which is levied on all income regardless of its size.
Stages of obtaining a residence permit:
Applying for a long-term visa: Apply to a visa application center or Italian consulate in your country for a long-term D visa based on your chosen residence. Proof of real estate and passive income is required. All documents must be translated into Italian. The visa processing period is 90 days.
Applying for a residence permit: Apply for a residence permit based on the chosen place of residence (Permesso di soggiorno per residenza elettiva) within 8 days of arrival in Italy on a D visa. Documents proving the availability of housing and passive income are submitted to the police department of the Questura in the place of residence. It is also necessary to undergo the biometric data submission procedure.
Obtaining a residence permit card: You will receive your residence permit card 20 days after submitting your application.
List of required documents to obtain a residence permit in Italy:
A passport.
Documentation related to real estate in Italy: contract of intent to purchase the property, proof of deposit, agreement for sale or long-term lease.
Documents certifying passive income for the previous year: rent, royalties, dividends, income from bank deposits, profits from securities and pension payments.
Receipts for payment of government fees for issuance of D visa and residence permit.
A letter of motivation in English or Italian explaining the desire to live in Italy.
Proof of relationship, including marriage and birth certificates for children.
Medical insurance valid in Italy.
All documents submitted must have originals and copies translated into Italian.
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