D&P – Jan 2015 – VISA FOR ELECTIVE RESIDENCE IN ITALY

VISA FOR ELECTIVE RESIDENCE IN ITALY

For those who have intention to buy real estate properties in Italy, the current Italian legislation concerning immigration and the relative procedures for the Visa, allows the Chinese citizens to apply for the “Visa for elective residence” purpose as stated by Decreto Interministeriale MAE n.850 11 Maggio 2011.

According to the relevant law, who is willing to purchase or, have already purchased, a real estate property (for living purpose) in the country can apply for the elective residence visa. This type of Visa is not valid for working in Italy.

Duration of the Visa

Duration of the Visa is one year, renewable in Italy at the relevant police office with the same original requirements. Within 8 days of the entry in Italy the individual shall apply for the residence permit at the relevant police office. The residence permit cannot be renewed or extended if the foreigner leaves the country for a continuous period of more than 6 months (some exceptions are provided by art. 13 DPR 394/1999).

Furthermore after 5 years is possible for the foreigner to require the Residence PermitCE, it is permanent and allows the holder to enjoy a substantial equality of treatment compared to the citizens of the other member states.

What does Visa for elective residence purpose mean?

This type of visa allows citizens from extra-EU countries to enter and reside in Italy. However the individual who is applying for this Visa shall demonstrate to the relevant authorities a stable financial conditions, with a certain amount of incomes from sources not related to employment, such as annuity/ pension, real estates, commercial activities or other sources from which is possible to understand that the annual income (without considering incomes from employment) is at least 31,000 euros.

Which documents are necessary?

When applying for the Visa, the individual shall submit any documents to prove the conformity to the economic requirements, based on documented guarantees about the availability of such financial means (during at least the last year,) bank statements, financial stocks and bonds, ownership of company shares and balances of these ones, documents giving evidence of ownership of real estates, rental agreements of owned real estates.

Whether the applicant has already purchased a real estate for living purpose in Italy, the notarial deed must be submitted.

Otherwise the intent to purchase in Italy has to be proved, at least, by presenting the preliminary act of purchase (agreement drafted by a lawyer) and documentation proving the first payment (deposit). In order to begin to evaluate the presence of the requirements it is enough to present an offer to purchase which clearly specifies the premises which are being bought, the economic offer. In case of issuance of the residence permit before the final act of purchase (notarial deed) in which the ownership of the house is transferred, it is also necessary to prove the availability of a place of residence for all the period of the duration of the visa.

Furthermore an Overseas Medical Insurance for at least 30 days of staying with minimum coverage of Euro 30,000 for urgent hospitalization or repatriation valid for the Schengen countries is required.

Is it possible to extend this Visa to relatives?

Yes, when submitting the request for this Visa, the applicant may request it for the spouse and the sons. In this case the demonstration of the monthly income of the applicant must be increased at least by 20% for the spouse, and 5% for each son of the applicant (including adult dependent sons). However in the case of minors the birth certificate and consent to expatriate from both the parents legalized by the Chinese MFA and the Italian Embassy is required.

If the parents of the minor above have already died, is required a certificate of death legalized by the Chinese MFA and the Italian Embassy

 

Disclaimer 

This article is published solely for informational purpose and does not constitute a legal advice. Although all the information contained herein is obtained from reliable official sources, no guarantee is given with regards to their accuracy and completeness.

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