I want to invest in the real estate market and apply for elective residency in Italy. I was told that the applicant must have a stable source of income in order to be eligible. I just graduated from an Italian college and am working as a freelancer. The money I will use for the real estate investment will be gifted to me by my parents. As a freelancer, my income is subject to the demand of the market, which can vary from time to time. Will I be considered eligible for this type of residency?
ERV requires documented and detailed guarantee of substantial and steady private income (including pensions or annuities) from property, stable economic and commercial activities or from other sources and proof of financial means, such as letters from the applicant’s bank indicating the financial status of their accounts, including amount of money in each account, copy of last pension check received, etc. Income deriving from work is not taken into account.
In order to apply for an elective residence visa, you need to be able to demonstrate that you indeed have a source of income of at least 31,000 euros per year, which can derive from pensions, rentals, bonds or shares held in companies, etc. (not from any work activity), and that can be considered steady and stable through time.
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