Italian Residence Permit for a Financially Independent Person - What are the Requirements and How to Obtain the Status in 2023?

Spain, Greece, France and Italy - in these states successfully operates a program on the basis of which wealthy individuals can legally live in the territory of the chosen country under the program of obtaining a residence permit for financially independent persons. Italian residence permit for financially independent persons is one of the most frequent requests of the clients of the migration agency GARANT.IN. Our experts have prepared a complete overview of the program and have broken down the most important points.

Permesso di Soggiorno per Residenza Elettiva is called Permesso di Soggiorno per Residenza Elettiva. Permesso di Soggiorno translates as temporary residence permit and can refer to any type of residence permit (student, for entrepreneur, family reunification). Residenza Elettiva - residence permit issued depending on the chosen place of residence (territorial).

The state program of residence permit for FNL was launched by the Italian authorities in 1999. It is a type of long-term visa with a lot of privileges and few restrictions. It is important that the applicant has a sufficient amount of passive income that he regularly receives outside Italy.

The residence permit status is valid for 12 months, the residence permit card is active for 2 years. Thereafter, the status is allowed to be prolonged annually for up to 5 years. 

Advantages of the FNL residence permit (Residenza Elettiva)

The holder of the residence permit card FNL gets access to a lot of advantages:

• Italy is a beautiful country with a mild comfortable climate, diverse nature, delicious cuisine, rich history and high standard of living. A resident can visit and leave it at any time. He also has access to entry even if the borders are closed.
• The ability to visit Schengen countries visa-free. Italian residents can freely travel to EU countries and spend there up to 90 days out of 180.
• Access to quality medicine and education. Residents can receive education themselves or send their children to state educational institutions.
• Optimization of taxation. Residenza Elettiva holders are obliged to pay all taxes in Italy. If they have not been Italian tax residents for the last 10 years, they can claim a special tax regime for 15 years.
• Extend the migration path - obtain a residence permit and an Italian passport. If the holder of the residence permit card during 5 years is in Italy for at least 183 days annually, has no problems with the law and fully complies with the conditions on the basis of which the status was obtained, he can apply for a residence permit. After 5 years - for citizenship and obtaining a passport of the country.
• The opportunity to receive favorable conditions for the primary purchase of housing.
• To borrow under a simplified scheme in banks in Italy.

What requirements must be met to obtain a residence permit FNL

Residenza Elettiva is optimal for those persons who can afford a comfortable life in Italy, who do not plan to be employed, registered and engaged in business. Such residents are not entitled to current social benefits (allowances, payments, financial assistance, etc.).

Requirements for the applicant:

• Show a stable passive income from abroad in the amount of 2,580€/month or 31,000€/year. Pension, rent, deposit income, interest from investments in stocks and bonds, royalties or rental income are considered as sources. Salary that the applicant may receive from remote activities is not considered;
• show the presence of real estate - personal or long-term rented;
• register at the place of residence;
• pay tax liabilities on worldwide income;
• be in the country for at least 183 calendar days annually.

The husband/wife of the main applicant, children under 25 years old and parents financially dependent on the applicant may also apply for the FNL residence permit. Important! If the children are already 18 years old and married, they can no longer participate in the program with their parents. 

What documents will be required for registration of residence permit FNL

The full list of documents is formed individually, depends on the composition of the family and the country of citizenship of the applicant. Documents must be submitted to the Italian consulate:

• completed application form in English and Italian;
• copy of a valid passport;
• copy and original of the resident's passport;
• documents that can confirm the presence of passive income and the origin of funds - checks, statements;
• documents on the ownership of real estate in Italy (it is possible the intention to buy with a down payment) or a lease agreement;
• receipts for payment of the necessary government and consular fees and charges;
• a detailed letter in English and Italian, in which the applicant explains why he/she wants to come to live in Italy;
• if the applicant is applying for a residence permit together with his/her family, documents confirming the relationship - marriage certificate, birth certificate - are required;
• medical insurance with a coverage of 30 000 €.

It is important that all documents that are submitted to the consulate, have duplicates in Italian.

Stages of obtaining a residence permit for FNL Italy

The process of formalizing a new status takes about 4 months and is divided into several mandatory stages:

1. Applying for a Residenza Elettiva visa. The applicant submits a package of documents to the Italian consulate. The current list can be found on official resources. The process takes about 7 days.
2. Review and approval of the visa application. The consulate may take up to 90 working days to review the documents received. In reality, the verdict is given in 30-40 days. If the applicant has received a positive decision, he must visit the consulate and receive a visa sticker in his passport.
3. Visiting Italy to apply for and obtain a residence permit card. The Residenza Elettiva visa has a validity period of one year. During this time the applicant must have time to enter Italy and submit documents for registration of a residence permit card.
4. Registration of residence permit. As soon as the future resident has crossed the border of Italy, he has 8 days to settle all the formalities. To formalize the new status, it is necessary to apply to the local police department (Questura). When submitting documents, it is obligatory to submit biometric data and pay the fee.
5. Obtaining a residence permit card. The issuance of the card is considered within 60 days. In some cases, staff need more time, which is communicated to the applicant. 

The residence permit for FNL Italy - how to extend the validity status?

The residence permit card for FNL is valid for 2 years, then it must be extended. The applicant needs to submit documents identical to those that he handed over when applying for the primary residence permit. It is also necessary to attach an active residence permit card and provide proof of stay in Italy for at least 183 days annually.

It is allowed to extend the status if:

• The government of the country does not close the program under which the residence permit was obtained.
• The applicant continues to receive the required minimum income from third-party sources outside the country.
• During the period of residence, the resident has not violated local legislation, has not been brought to criminal responsibility in the country and abroad.
• The applicant can prove the fact of personal or rented housing for further residence in the country.

Residenza Elettiva visa - why an applicant may be rejected

An applicant's visa application may be rejected for various reasons. The most common reasons are:

• the applicant's information is incorrect or misrepresented;
• the forms have been filled out incorrectly or with errors;
• the minimum income level is not confirmed;
• the applicant has provided an incomplete set of documents;
• the applicant could not prove the receipt of passive income and the legality of the origin of the money.

To guarantee a positive outcome of the case, the lawyers of the migration agency GARANT.IN advise not to waste time and initially cooperate with professionals. Even one small mistake in the form or lack of a single certificate can be a reason for rejection. GARANT IN - a leading company in the field of investment immigration will take care of all issues related to obtaining, registration and extension of residence permit status. We will draw up, translate and submit the documents ourselves. Our clients can be calm and confident in a positive outcome of any case.