Expat Community > Italy

355Shawn
Joined 2018
Posts: 9

Elective Residence Financial & Length of Stay

6 years ago

Hello,

My wife and I are looking to move to Italy for a period 1 year. We are reviewing the process to file for the Elective Residence Visa with the intention of living in Italy for the period of 1 year - we will be applying to the Chicago consulate.

I understand there are multiple requirements for this visa, however I am focused on locating bonafide answers on 2 topics - hopefully from people who have been through an identical situation as ours.

TOPICS:

1) Regarding "Proof of Financial Means", I would like to specifically know if we can use our savings and only our savings to qualify for this section? There is a lot of conflicting information on this topic, some people say that you need "income", while others imply that savings will be sufficient, but I have not seen a post anywhere on the internet that describes an exact example of someone who has used ONLY savings to qualify, and not an income stream.

Among other significant assets, we have $250,000 in a savings account which we would use to fund our stay in Italy. Since we only plan on being there for a period of 1 year, I cannot imagine that this amount would not be enough to qualify us to have the "financial means" to spend the year in Italy without having to work - however I want to confirm this with someone, or multiple people who have qualified on their savings alone, and have not had to rely upon an income stream to show "Proof of Financial Means".

If there is someone who can help on this topic, it would also be great to know how you went about explaining in your visa application how your savings would be used to fund your time in Italy by using your savings account.

2) Regarding our length of stay in Italy, we plan on being there for 1 year. This seems like it would be straight forward enough since the maximum amount of time you can apply to be in Italy with the Elective Residence visa is up to 365 days (based on line 25. in the visa application).

I have read some comments that indicate the Elective Residence visa is intended for people who are permanently moving to Italy for retirement, there are a few conflicts that I can see with the thought that it is only for people permanently retiring to Italy, I'll get into those below - but the basic question here is "can someone who only intends to stay in Italy for the period of 1 year apply for this visa, or is it only for people who are intending to retire in Italy permanently?

In the instructions for the ER visa it states a few things that would indicate that the visa would be perfect for people who only want to be there for 1 year:

1) Line 25. of the application says that the maximum amount of time you can apply for is 365 days. One would believe that since the visa is only good for the period of 1 year in this instance, and that permanent retirement to Italy would last more than 365 days, that this visa is for people who are looking to be in Italy for between 91 - 365 days.

2) As part of the requirement to file for the ER visa, you need to have your flights booked, including your return flight. If the intention was that you were moving to Italy permanently, why would they ask to have the return flight booked?

To sum up the questions:

1) Can you show proof of financial means by using ONLY savings?

2) Can you apply for the ER visa with the intention of only going for 1 year?

Any information which would prove that applying for the ER visa is a reality under these circumstances would be fantastic!

Shawn

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Elective Residence Financial & Length of Stay

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