My wife and I are U.S. citizens and retired. We receive $6,000 per month from social security and pension. Our pension is drawn down from our IRA's and savings and totals $460,000, or approximately a 4% drawdown rate per year. We also own a house with $300,000 in equity that we can sell. My question is, will the Italian government view our pension savings as a stable source of distributions going forward? Can we apply for Italian elective residency visas?
This should be fine, we have been told informally that Italian Consulates in the U.S. expect the applicant to show an income of 60,000 U.S. dollars per year, and the law indicates that you must add 20% for the spouse. Your income should be ok but take into account that ERV are suspended until Oct.15 and it is likely that the suspension shall be extended until early January.
An elective visa applicant shall prove to have substantial and steady private income not lower than 32,000 euros per year (even though the threshold can be set to an higher amount by the Italian Embassy/Consulate for the visa application). The amount may also include pensions or annuities, and the applicant need to be able to submit supporting documents to demonstrate this circumstance such as statements from the bank indicating the details of the accounts and the amount of money as well as copies of last pension check received.
I think that your income would for sure be considered proof of sufficient financial resources to support yourself without working as required. You must have a minimum of 31,000 euros per year if you are applying alone, and 38,000 euros if you are applying as a married couple. However, before you move to Italy, you will need to find a suitable place to live and prove it through a lease/rental agreement or proof of purchasing, and provide a proof of health insurance to cover 30,000 euros a year and all medical expenses in every EU member state.
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