What are the income requirements to retire in Italy? Read on to find out.
Italy is not just a home to those looking for employment opportunities or starting up new businesses. Italy has become popular among retirees who want a safe and warm country to move to.
There are some income requirements to retire in Italy set by the government including getting an elective residence visa. The conditions for those who want to retire in Italy are quite easy to meet than in other countries. In fact, Italy is one of the best countries you can retire to.
The immigration lawyers offer a guide on relevant documentation and conditions for completing the entire process if you are looking to retire in Italy. The specialists will also guide you through the procedure if you need any assistance.
Before you continue, check the pros and cons of retiring in Italy.
Income Requirements to Retire in Italy
Foreigners who want to retire in this country are required to comply with some requirements including being a retiree with at least 31,000 euros in annual income. The minimum amount for married couples is about 38, 000 euros annually if they are looking to retire in Italy. Additionally, if you want to relocate with your children, you need to have an extra 20, 000 euros for every dependent.
Foreign citizens must have the elective residence visa. It resembles the Italian permit of residence but is only issued to those that respect the country’s income requirements. If you want to retire in Italy, the sum of money as earlier stated also represents the equivalent amount in your home country currency.
Italy’s immigration lawyers usually provide additional information on a few conditions relating to acquiring elective residence visa for retirees. It also applies to Italian citizenship but under different regulations.
Elective Residence Visa
Those who are looking to retire in Italy should have an elective residence visa. However, there are different visa types but older adults that are not Italian citizens can’t use their work permit especially after surpassing the employment’s age limit. The visa is not for retirees and is therefore quite versatile. If you are financially capable and want to retire in Italy, you can apply for an elective residence visa also known as Italy retirement visa.
The elective residence visa is usually issued on long-term basis and you can apply for it if you want to permanently relocate to the country. However, the applicant should provide proof of funds from various sources only acceptable by the Ministry of Interior in Italy including investments, pension and savings.
The visa also addresses non-EU natives since EU residents can register with the police in their locality if they wish to move to Italy. If you hold an elective residence visa, you’ll still need go through the same procedure once you get to Italy. The immigration lawyers usually provide necessary details on the application process for those who want to retire in Italy.
Tips for Expats Retiring in Italy
Expats should follow the following steps if they are looking to retire in Italy and apply for an elective residence permit.
- You can’t start the procedure when you are already in Italy. This therefore means that the applicant needs to get in touch with the Consulate or Italian Embassy in their country of residence.
- You will need an appointment with the Consulate or Italian Embassy
- The applicant should then gather all the necessary documents usually presented by a Consulate representative or the embassy
- You can obtain the application form online in your country of residence with the Consulate or Italian Embassy
The interview for the Italian elective visa is usually scheduled months before the actual date, that’s why you need to apply as soon as you can.
Necessary Documents When Applying for the Elective Residence Visa in Italy
When filing your application, you must have the following documents in order when the interview has been scheduled:
- A duly completed visa application form as issued by the Consulate or Italian Embassy
- Two recent passport photos
- A valid passport as at the application date
- A bank statement showing the amount of money required for applicants to have when applying for an Italian elective residence visa.
- Proof that you have somewhere to stay while in the country
- A valid health insurance with a validity period of a year covering expenses at least 30,000 euros annually.
The applicant also needs to submit birth and marriage certificates. Besides, when a couple is applying for the visa, they both need to file different application forms and pay a fee for each. The application fee is usually standard regardless of the country of residence.
The elective residence visa is only valid for a year for those looking to retire in Italy but you can always renew it. Once you get to Italy, use similar steps when applying for the residence permit of the country which requires you to register with the local police within a period of 8 days.
Italian Elective Residence Visa Validity
You can get a long-term elective residence visa if you want to retire in Italy as it enables you stay in the country longer. However, the visa is only valid for 5 years just like the regular residence permit. You can renew the permit if you decide to stay in Italy. Besides, you can apply for citizenship after living in Italy for 10 years or more. Here are some of the best cities to live in Italy for foreigners.
The golden visa program is another alternative for expats looking to retire in Italy and can be easily accessed if you are willing to contribute to the economy. The scheme is quite flexible in terms of procedure but financial requirements must meet the applicant’s investment option. The Golden Visa Program has different investment possibilities like:
- Business investment especially in start-up companies with at least 500,000 euros
- Business venture of about a million euros provided it meets the requirements as per the government of Italy
- Special project that significantly contributes to the economy with one million euros
- 2 million euros government -approved bonds
This option is usually sought by individuals with a higher net worth looking to retire in the country. The immigration lawyer can provide more information on investment when moving to Italy. Applying for citizenship is also included in the option.
You need to have a specialist to guide you through the entire process when looking to retire in Italy so that you can make informed decisions. Through expat support, the immigration lawyers can help you with both the post-application and application procedures.
The Consulate and Italian Embassy can either request fewer or more documents considering the application begins at the applicant’s country of residence. In this case, the immigration lawyers will provide information as per the Italian regulations depending on the situation. They will then see you to the next step once the application file is submitted so that you can relocate as soon as you are issued with the visa and registered with the police department. You will then be given the Italian residence permit.