The Italian embassy in Beijing has announced that a five-year tourist visa may be granted to Chinese nationals buying real estate in Italy if they demonstrate substantial financial resources. The elective residence visa allows foreigners to relocate to Italy without employment, provided they prove stable financial support, with a minimum income requirement of €31,159.29 per year and suitable housing arrangements. Eligibility for citizenship can be achieved after ten years of residency, with specific tax regulations for those not considered permanent residents.

1. 1
The Italian Embassy in Beijing has informed that a Five-Year Tourist Visa (for stays up to 90 days within 180 days) may be issued
to Chinese nationals purchasing a real estate in Italy
2
The deciding factor is showing a considerable amount of money and, even if the minimum income requirement set forth by the
Ministry of Interior is met, there is no guarantee that the visa will be issued as each Consulate evaluates the applications on a
case-by-case basis and has discretional power to make any additional request. For instance, some consulates have indicated as
adequate income an amount of “at least $4,000 per month per person, to be reflected in the last 6 months financial statements”
Elective residence visa
Scope
The elective residence visa (residenza elettiva) allows entry into Italy for an open long-term visit to
foreigners who intend to relocate to Italy and who are able to do so by financially supporting
themselves autonomously, without the need for employment.
Requirements
Individuals must submit suitable and documented proof of housing in Italy (though it is not
necessary to own a property in Italy and the accommodation can be a leased property, owning a
property in Italy will be evaluated positively by the Consulate1) and more than a substantial amount
of regular and stable financial resources which are likely to remain steady in the future. Such
resources cannot be less than 31,159.29€/year (three times the annual amount set forth by the
Ministry of Interior directive of March 1st, 2000)2.
Proof of
Income
Resources must derive from prolific revenues (annuities, pensions), properties ownership and
stable economic-financial activities but NOT from employment. Resources can derive from:
- bonds / stocks in companies;
- bank deposits, provided that funds are stable (the Consulate will ask to see if they have been
recently deposited, for how long funds have been in deposit)
- dividends or revenues from company’s ownership
– Pensions and retirement funds
- Real estate income – ownership of real estates that generates income (i.e. rent)
Procedure
1) Elective Residence Visa Application at the Italian Consulate in the foreign country of residence;
2) Residence Permit Application in Italy– Police registration (within 8 days of entry in Italy with
visa); 3) Residency Registration with City Hall (not mandatory but necessary for future citizenship
application and to be eligible for ancillary rights listed below i.e. Health Service Registration. Also
necessary to obtain lower fees on bank accounts; for buying a car; for issuance of Italian ID Card;
parking permit; duty free shipping of personal goods etc.)
Remarks
The law does not indicate the minimum value of property that if purchased can give right to the
visa. Recently an Italian Embassy has provided the following information in an email: “the amount
of 500K Euros as the value for a property is not a fixed figure. The property where residency is
supposed to be established should be of relevant interest for the Italian economy and suited to the
use of the applicants, i.e. should the applicant be the head of a family of five members the property
should be selected to fulfil the use of a family of said dimension”
Ancillary
rights
Education: free public education is available to children who reside in Italy (charges may be
applied for school meals where applicable)
Registration with National Health Service: holders of an elective residence permit can register
voluntary with Italian National Health service by paying a registration annual fee. Registration
entitles to have a family doctor, access to all specialist tests and visits, be admitted to hospital, etc.
Permanent residency: holders of an elective residence permit can apply for the EC residence
permit for long-term residents after 5 years of legal stay in Italy. In order to be eligible they must
have registered as residents and filed tax returns
Citizenship: after 10 years of legal residency in Italy an individual should be eligible to apply for
Italian citizenship. In order to be eligible one must have registered as resident and filed tax
returns at least 3 years before filing and show a taxable income of not less than € 6,000 (adjusted
every year).
Note
Taxation: An individual who obtains an elective residence visa shall not pay taxes in Italy if: (1) is
not registered in the City Hall (Comune) of the place where living; (2) and lives in Italy less than
183 days during the fiscal year (January to December); (3) and does not have his habitual abode
in the country (e.g. his family lives in Italy and he has in Italy his principal center of business and
interests)
Extension of residence permit: those willing to stay in Italy for less than 183 days and not take
residency, in order to obtain the extension of the permit of stay they must not stay out of the
country more than six months continuously