Harvey Law Group (HLG) is proud to offer The Italy Retirement Visa program, officially known as the Elective Residence Visa.
The Italy Retirement Visa is an ideal option for retirees or financially independent individuals looking for an affordable option to settle down in lovely Italy and enjoy incomparable quality of life, providing a pathway to European residency (and eventually citizenship).
The program allows non-EU nationals to live in Italy without working if they can show a stable passive income of at least EUR 31,000 per annum. Successful applicants will receive an initial residence permit valid for one or two years that can be renewed.
Additional benefits of the program include the right to travel visa-free within the Schengen Area for 90 days within any 180 days rolling period, as well as access to Italy's healthcare and education systems. Those who reside in Italy for over 183 days a year may benefit from one of Italy's advantageous tax regimes such as the EUR 200,000 annual flat tax regime; the Southern/Central Italy 7% tax rate on foreign incomes; or the impatriati tax regime which applies ordinary tax after a tax rebate of around 50% to 60% on taxable income.
The main eligibility requirements for the program include:
- A minimum passive annual income of EUR 31,000. An additional 20% is required if including a spouse and an additional 5% is required for each dependent child;
- Must show an adequate stable passive income not derived from employment or business. Examples of acceptable sources include pensions, annuities, income from properties, investments or other non-employment assets;
- Have a suitable place to live in Italy (lease accepted, so not required to purchase local property although it is possible as there is no restriction on foreigners buying property in Italy);
- Intention to reside in Italy permanently;
- Have private health insurance coverage; and
- No plan to work while residing in Italy.
The Italian Retirement Visa program permits main applicants to bring their dependents to Italy. Eligible dependent family members include spouse and children (under 18). Adult children and parents who are dependent due to health conditions may also be eligible.
There is no language or education requirement. Although there is no requirement to travel to Italy as part of the application process, once approved, the applicant must enter Italy to apply for the residence permit and confirm their intention to reside in Italy permanently.
The Italy Retirement Visa process is expected to take only 2 to 4 months.
The Italy Retirement Visa program offers a pathway to permanent residency after five years, and a pathway to citizenship after ten years subject to other conditions such as B1 Italian language level.
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.
