Sunny Italy has always been one of the favorite places to travel and buy real estate due to the unique combination of year-round sun, natural attractions, cultural heritage, amazing tasty food and the charm of the Italians themselves.
Demand from our customers to buy property and at the same time getting a residence permit in Italy is always high. The most popular program has been and remains a residence permit for financially independent individuals (Italy Elective Residence Visa, Residenza Elettiva). The purpose of this state program is to allow wealthy people from other countries to live in Italy all year round and invest in the economy, spending money received outside of Italy.
How to obtain a residence permit in Italy on the basis of financial independence?
To apply for this type of residence permit it is necessary to prove a high legal passive income in the country of your residence in the amount of € 2570 per family member. You also need to demonstrate that you have a place to live in Italy, it may be your own property or a long-term lease agreement.
We help our clients to apply for residence permits at the same time in the process of buying property in Italy, since the resident status allows you to get a tax relief on the purchase of real estate (2% of the cadastral value, instead of 9% for non-residents).
In which EU country is it easier to get a residence permit for financial independency?
Similar residency programs in the EU for financially independent people are now operating in France, Italy, Spain and Portugal. But what is the fundamental difference between them? In France, unfortunately, in recent times we’ve been getting refusals, if the applicant does not own a property in this country. Spain and Portugal require a new resident to spend at least 183 days a year in the country.
Therefore, the Italian residence permit for the financially independent persons is the best option for those who do not plan to live in Italy for most of the year and and don’t want to become a tax resident.
How long does it take to get a residence permit in Italy in 2023
It takes about 3 weeks to prepare the documents for the application. The approval process for type D visa (Residenza Elettiva) at the Italian consulate takes 90 days. Then, upon arrival in Italy at the post office it is necessary to submit an application for a residence card on the basis of visa D (about 60 days, depending on the municipality). On average, to get a residence permit for Italy in 2023, the whole process takes about 6 months.
“Trevi Elite is an Italian licensed Real Estate Agency, registered with the Chamber of Commerce of Rome (number in the register of intermediary agents 9683) and is a member of the professional federation of intermediary agents FIMAA, insurance policy number 502088818. The company has been operating since 2006 on the luxury real estate market in Italy. The office of Trevi Elite is located in Rome.
We provide services for legal support in buying and selling real estate, obtaining a residence permit in Italy, as well as provide legal assistance and advice on starting and running a business, investment in a hotel and commercial property, as well as obtaining citizenship in Italy.
