The Italy residence retirement visa is commonly used by retired foreigners who wish to receive income from a retirement or pension plan. Before leaving your home, you must apply in person to the specific Italian consulate that handles your jurisdiction for an elective resident visa. To be qualified for this visa, you must present proof of financial means, such as actual financial statements from banks, investment/brokerage businesses, Social Security, and so on, as well as a few official papers. Current employment or other work activities cannot provide such balances. In other words, you cannot fund your stay in Italy by working. You must also produce a rental agreement or deed for property in Italy and confirmation of current medical insurance.
However, Italy is one of the most appealing EU destinations for international retirees looking to spend their golden years abroad.
Italy is commonly referred to as the Bel Paese, a neoclassical appellation meaning “beautiful country,” for various reasons, including its spectacular scenery, moderate weather, cultural legacy, and some of the world’s most recognized food and wines. Italy’s Mediterranean climate and lifestyle have traditionally drawn many foreign visitors, and this trend has only grown in recent years.
However, the possibility of transferring to Italy is not restricted to individuals who intend to retire; the Italian government has developed many visas for persons seeking to work or study in Italy. In this post, we will look at a program that allows foreigners who desire to retire in Italy to apply for an Elective Residence Visa.
What is Retirement?
Retirement can be a withdrawal from one’s position, occupation, or active working life. A person may also semi-retire by reducing work hours or workload.
Many people choose to retire when they are elderly or incapable of doing their job due to health reasons. People may also retire when eligible for private or public pension benefits. However, some are forced to retire when bodily conditions no longer allow them, person, to work (by illness or accident) or as a result of legislation concerning their positions.
In most countries, retirement is recently introduced during the late nineteenth and early twentieth centuries. Previously, low life expectancy, lack of social security, and the absence of pension arrangements meant that most workers continued to work until death. Germany was the first country to introduce retirement benefits in 1889.
What is a Visa?
A visa can be a conditional authorization granted by a polity to a foreigner that allows them to enter, remain within, or leave their territory.
Visas typically include limits on the duration of the foreigner’s stay, areas within the country they may enter, the dates they may enter, the number of permitted visits, or if the individual can work in the country in question.
Visas are associated with the request for permission to enter a territory and thus are, in most countries, distinct from actual formal permission for an alien to enter and remain in the country. In each instance, a visa is subject to entry permission by an immigration official at the time of actual entry and can be revoked at any time.
Visa evidence most commonly takes the form of a sticker endorsed in the applicant’s passport or other travel document but may also exist electronically. Some countries no longer issue physical visa evidence, recording details only in immigration databases.
What is a Retirement visa:
Retirement visas are not always compulsory, and there are many countries throughout the world where retirees can reside without any formal citizenship. Countries are increasingly trying to attract retirees by offering unique programs that make retirement easier.
However, retirees are usually required to show proof of their retirement income. They may also be asked to deposit a pre-determined amount of money in a local bank account. In most countries, retirees are not permitted to participate in any paid activity or run any business.
However, a retirement visa is a residence permit that allows you to spend your retirement years in a foreign country. To qualify for this type of visa, you must be at retirement age and have enough money to support yourself.
When you commence an application for retirement visas, you must have all the necessary documentation. You do not want to risk failing the application process and finding that you must repeat the whole experience at your own cost.
Retirement visas generally last for one year and can be acquired from the local immigration office. You will need to speak to a local embassy or immigration official who can give you more specific information on applying for a retirement visa.
Every country has laws about retirement visas; it is worth researching visa requirements in full. See our international relocation guides for comprehensive information about the type of visa available to you in your chosen destination.
The Eligibility Criteria for a Retirement visa in Italy:
To be eligible to apply for the visas that allow retirement in Italy, you must meet the following criteria:
- You must be 55 or older (applicable for primary applicants).
- You must not have dependents (children or other family members).
- You must be of good character.
- You must be in good health condition.
The Requirements for Retirement visa:
The general rule is that as an applicant for this visa, you will need to provide the following:
- Your retirement visa application form.
- Your valid passport.
- Passport-sized identity pictures.
- Copy of national ID.
- Birth certificate.
- Marriage certificate (if applicable).
- Divorce certificate (if applicable).
- Proof of financial funds to support your stay.
- Proof of life insurance.
- Proof of health insurance.
- Evidence of accommodation.
The Required Income for this Visa.
The passive income required by law for an individual must be at least €2,596.60 (at an exchange rate of $1.30, the amount is equal to $3,375.58). Please note that you must pay a visa application fee if you apply with your spouse. You will also need a certified copy of your birth and marriage certificates (if applicable).
The visa can also be issued to minors and dependent children over 18 living with their parents, provided that you can demonstrate adequate financial assets to support them. Due to it being one of the most strictly regulated visas, by law, consular officers are required to process applications thoroughly. This usually takes up to 3 months approximately.
The Elective Residence Visa is valid for 365 days. It is worth mentioning that this visa is for non-EU residents as EU citizens benefit from freedom of movement within the EU’s member states and can relocate to Italy and live in the country without any time limitations or restrictions.
On the other hand, if you hold an Elective Residence Visa, once you arrive in Italy, you will need to go to the Questura (“local police headquarters”) within 8 days from your arrival and apply for a residency permit (permesso di soggiorno).
Every year the Questura will verify that you meet the requirements, and it will re-issue the residency permit; after five years, you can apply for permanent residency in Italy; if you wish to apply for Italian citizenship by residency, you will be able to do so after ten years of legal residency in Italy.
How to Apply for a Retirement Visa:
Below are a few steps on how to apply for a visa.
- Locate a visa application center or the immigration office.
- Gather your documents as listed above.
- Submit your application rightly as directed.
Frequently Asked Questions:
How do I get a retirement visa for Italy?
The requirements for an Italy Elective Residence Visa are:
- Proof of sufficient financial resources to support yourself without working.
- Proof of lodging.
- Proof of health insurance.
- Valid passport.
- Italy Long-Stay Visa Application Form.
- Passport-size pictures.
- Civil status documents.
Who is eligible for a retirement visa?
For a retiree to be eligible for a 5-year renewable retirement visa, he must fulfill one of the following criteria: invest in a property worth AED 2 million. have financial savings of no less than AED 1 million. have an active income of no less than AED 20,000 per month.
What is the cost of a retirement visa in Italy?
The initial non-refundable fee of the retirement visa application costs USD 25 per applicant and dependent. If the GDRFA or DLD approves the application, then a total amount of AED 3,714.75 (approx. US$1,011) per applicant and dependent must be paid.
Is it reasonable to retire in Italy?
Italy enjoys a year-round sunny climate and benefits from a low crime rate, which makes it an ideal place to retire. The city also has abundant recreational activities and offers residents a convenient and comfortable lifestyle.
Can family members be included in a retirement visa?
This can include a cohabiting spouse, minors, and adult dependent children who will receive the same visa provided that the above income is deemed adequate to support them.
Can a foreigner retire in Italy?
Yes, everyone can retire in Italy. Non-EU citizens must apply for an Elective Residency Visa, also known as Italy Retirement Visa. EU citizens can freely relocate to Italy. From 2022, the retirement age in Italy will be set at 67 for both genders.
Conclusion:
The Italy Retirement Visa is a detailed essay that discusses how foreign nationals can retire in Italy.
The article also discussed the eligibility for this visa, the visa requirements, the definition of a retirement visa, how to apply for the visa, and some frequently asked questions from applicants.
