Below are the guidelines issued by the Italian consulate in San Francisco. I suggest you also check for instruction the website of the Italian consulate where you intend to apply. Individuals who receive an elective residency visa cannot work in Italy; they must be able to sustain themselves from their existing financial assets, such as annuities, stocks, pensions, bonds, and so forth. 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.
