Elective residence visa Italy: what it is and necessary requirements for obtainment
The Elective Residence Visa in Italy allows to enter Italy and is for all foreigners interested in settling in the territory, whenever there is an interest in purchasing a property.
The necessary requirements for obtainment are the following:
- Being a non-EU citizen interested in settling in Italy;
- Being able to support oneself autonomously, that is without having to rely on any type of employment. Therefore, having the capacity of a steady, regular and continuous flow of earnings not lower than €31.000 per year (earnings mostly coming from various kinds of income as real estate, economic-commercial enterprise proprietorship etc...), provided that they are not the result of subordinated employment;
- Denoting and providing documentary evidence of housing to elect as residence (by providing notarial deed of property purchase or, alternatively, preliminary agreement for the purchase);
- Having a national health insurance valid for all EU States with minimum duration of 30 days and €30.000 cover for emergency hospitalization and repatriation.
The visa can also be issued for the cohabiting spouse and minor or adult children, provided that they live with and are dependent from the foreigner who applies, as long as the financial condition is considered substantial and adequate also for the latter, that is increased by 20% for the spouse and by 5% for each child.
Elective residence visa Italy: how to obtain it
Within 8 days upon arrival in Italy, the foreigner must apply for modification of entry visa into “elective residence permit”.
Duration of Elective Residence Visa in Italy is 1 year, it is possible to renew it at the local Police Department (Questura), provided that the aforementioned requirements continue existing and, only when the foreigner has not interrupted his residency in Italy for a consecutive period longer than 6 months (exceptions are departures due to compulsory military service or other serious and proved causes).
After expiry of 5-year time period, the foreigner can apply for EC residence permit for long-term residents, it is permanent and grants the same rights of a EU State citizen.
Elective residence visa Italy: benefits for Chinese investors
The Embassy of Italy in Beijing has launched a simplification procedure which aims to speed up and simplify issuing procedures of national elective residence visa and long-term tourist visa (a 5-year business visa) for Chinese investors passionate of the “Beautiful Country” and interested to invest in real estate sector, by buying a property for residential purposes.
In this manner, foreign money flow is meant to be directed towards the Italian real estate market, that is creating a strategic system supportive of the Country's economy. It is an excellent opportunity also for those who want to sell a property to Chinese open the doors to foreign investments.
The same rules for visa issuing set for any other foreigner apply also to Chinese, and with particular reference to the proof of property purchase on Italian territory to move one's residence or simply as form of investment, in this latter case continuing to live and work in China.
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