Italy is one of the most attractive destinations within the EU for foreigner retirees who wish to spend their golden years abroad. As a matter of fact, Italy is often referred to as the Bel Paese, a neoclassical appellative meaning “beautiful country”, due to its amazing landscapes, mild weather, cultural heritage and some of the world’s most celebrated food and wines, among other reasons. Italy’s Mediterranean climate and lifestyle have always attracted many foreigners, and even more so in recent years. However, the possibility of relocating to Italy is not only limited to those who wish to retire to Italy, in fact, the Italian government has designed several visas for people who wish to work or study in Italy. In this article we will examine a scheme whereby foreigners who would like to retire to Italy can do so by applying for an Elective Residence Visa.
What is the Elective Residence Visa?
The Elective Residence Visa (also referred to as Retirement Visa) is a specific type of visa which is designed for individuals with high self-sustaining incomes. Despite its name, the “retirement visa” is not meant exclusively for retirees. This type of visa is issued to applicants who are planning to move to Italy permanently; in other words, the Elective Residence Visa cannot be used for extended tourism. Furthermore, and most importantly, this type of visa does not allow the applicant to work in Italy. However, the holder of this visa can purchase one or more properties in Italy. The minimum age for applying for the visa is 18, however, there is no maximum age limit. If you would like to apply for the Elective Residence Visa, you need to check the specific requirements on the website of the Italian consulate that covers the jurisdiction where you reside; this procedure cannot be started in Italy. More specifically, you will need to book an appointment at the Italian consulate that covers the jurisdiction where you reside a few months in advance and although there might be some differences among Italian consulates, as a general rule you will need to provide the following:
- official letters from banks or financial institutions that prove substantial and stable private income originating from pensions, properties or investment funds or from stable economic commercial activities. Income deriving from subordinate work is not taken into consideration;
- tax returns from the last two years;
- a letter specifying your reasons for moving to Italy permanently;
- a valid passport;
- the visa application form which must be duly completed and signed – the application form can be found on the consulate’s website-;
- a registered lease or deed for property in Italy.
The passive income required by law for one individual must be at least €2,596.60 (at an exchange rate of $1.30 the amount is equal to $3,375.58). Please note that if you apply with your spouse, each of you will need to pay a visa application fee. You will also need a certified copy of your birth and marriage certificates (if applicable). The visa can also be issued to minor children and dependent children over 18 living with their parents provided that you can demonstrate adequate financial assets to support them. Due to it being one of the most strictly regulated visas, by law, consular officers are required to process applications thoroughly. This usually takes up to 3 months approximately.
The Elective Residence Visa is valid for 365 days. It is worth mentioning that this visa is for non-EU residents as EU citizens benefit from freedom of movement within the EU’s member states and can relocate to Italy and live in the country without any time limitations or restrictions. On the other hand, if you hold an Elective Residence Visa, once you arrive in Italy you will need to go to the Questura (“local police headquarters”) within 8 days from your arrival and apply for a residency permit (permesso di soggiorno). Every year the Questura will verify that you meet the requirements and it will re-issue the residency permit; after 5 years you can apply for permanent residency in Italy; if you wish to apply for Italian citizenship by residency you will be able to do so after 10 years of legal residency in Italy.
Are there any other similar types of visas?
Aside from the Elective Residence Visa, the Investor Visa (also known as Golden Visa), which was introduced in 2016, allows non-EU citizens, and investors more specifically, to stay in Italy for a 2-year period provided that they invest in strategic and specific areas of the Italian economy with the aim of contributing significantly to the country’s economic growth. The Italian Ministry of Economic Development has categorized the strategic areas and the minimum threshold of invested capital for each as follows:
- Investing in an Italian innovative start-up: € 250,000
- Investing in an Italian limited company: € 500,000
- Making a philanthropic donation: € 1 million
- Purchasing government bonds: € 2 million.
The requirements to apply for this type of visa include proof that you have the funds and that you do not have criminal convictions or pending charges. In addition to this, you need to provide a declaration of commitment with proof of consent from the recipient. The application for the visa can be submitted on the website of the Italian Ministry of Economic Development. Once you submit your application, the Committee reviewing it will have 30 days to assess your application. If the Committee approves your application you will have 6 months to request an Investor Visa at the Italian consulate which covers the jurisdiction where you reside. You will then be able to enter Italy within 2 years from the date of issuance of the visa and request a residency permit. As previously mentioned, the visa is valid for 2 years and can be renewed for an additional 3 years.
Which are the best places to retire to in Italy and how much does it cost?
Although Italy is home to many foreigners who have moved to the country for various reasons, there is a tendency for foreigners to choose specific locations. Among these are Sicily, Apulia, Tuscany, Abruzzo, Lazio and Lombardy.
According to some expats’ personal experiences, on average a couple in Italy spends up to €1,200/€1,500 per month; however, this applies to individuals who do not own a property and so have to pay a monthly rent. A couple who relocates from the U.S. to a midsize city in Italy, for instance, usually spends about €550 on rent. People who live in big cities such as Milan, Rome, Bologna and Firenze might need an additional €400 euro per month. As for utility bills (water, gas, electricity and internet connection), the average monthly cost is approximately €150/€200. However, these may be higher during the winter. Finally, an individual might spend up to €300 per month on food, transport and recreational activities. The cost of living and the lifestyle vary among the regions mentioned above, but on average the cost of living in the north of Italy is higher than in the south. The geographical features also vary from one region to the other. Apulia and Sicily, for instance, are renowned for their beautiful coastal spots and breathtaking beaches, whereas Abruzzo, for instance, is ideal for those who enjoy living in the mountains. On the other hand, Tuscany is an ideal destination for those who are interested in the local gastronomy and wine and for those who love culture and art at its finest.
In conclusion therefore, if you wish to relocate to Italy you will be spoiled for choice. Please bear in mind that the visas described above are the most popular ones that allow non-EU residents to stay in Italy for over 90 days. However, there are also other types of visas one might apply for based on one’s specific circumstances. These include the work visa, the study visa, the family visa and the self-employment visa.
Please note that if you have Italian ancestry and you qualify for Italian citizenship by descent, or if you are married to an Italian citizen there may be a quicker path to obtaining residency and citizenship.
If you are planning on relocating to Italy, or applying for Italian citizenship, and you need advice, feel free to contact us at [email protected]. We will be happy to help you!
