Italian Golden Visa vs Elective Residency Visa

Apr 14, 2025

The Italian Golden Visa (or Italian Investor Visa) and Elective Residency Visa are the most popular options for non EU citizens who want to move to Italy. Which are the main differences between the two options and their pros and cons?

Italian Golden Visa / Investor Visa

1. Investor visa is the only visa that allows the Investor not to spend any minimum time in Italy
2. Investment must be executed only after obtaining the visa, within 3 months from the arrival in Italy
3. Investor visas are processed by the Consulate with priority. Per our experience processing time is max. 1–2 weeks
4. If Investor spends in Italy less than 183 days/year, it may not have any tax obligations (subject to some condtions, check with your tax counsel)
5. Visa can be extended to spouse and children up to 18
6. Investor will be given a 2 year permit which will allow to travel freely within the Schengen area (for no more than 90 days any 180 days period)
7. After 2 years the permit can be extended for periods of 3 years, on condition that the original investment is maintained
8. Should the Investor become tax resident and pay taxes in Italy (there are favorable tax schemes for HNW individuals, new residents and pensioners), can apply for permanent residency after 5 years and for citizenship after 10 years
9. Investor and spouse are allowed to work. The permit can also be converted into a work permit, if Investor meets the requirements for the relevant permit applied for
10. Investor permit holders are exempted from the Integration Agreement obligations (unless they apply for permanent residency) therefore they do not have any obligation to pass a language test

Elective Residence Visa

An individual applies for the elective residency visa with the intention of establishing a permanent home in Italy.

1. Individuals who receive an elective residency visa cannot work for a domestic employer or rely on a salary; they must be able to sustain themselves from their existing financial assets, such as annuities, stocks, pensions, bonds, and so forth
2. most Consulates require the applicant to prove a passive income 2–3 times the minimum set forth by the law
3. can be applied also for the spouse, if financial resources are considered sufficient
4. Consulates also request the applicant to submit the last tax returns, they expect the passive income to be clearly listed in the returns;
5. if they see that the applicant has also in income deriving from work, they tend to deny the visa because they consider that the applicant will not stop working while in Italy;
6. if the applicant does not own a property in Italy, it must execute and submit a minimum 1 year lease agreement (to e stamped by the tax office) and it is increasingly difficult to find landlords willing to lease a property with such conditions. It is also likely that the applicant will need to pay the rent for several months before being sure to obtain the visa;
7. in most Consulates it is very difficult to book an appointment for filing the visa application and when available appointments can be given after some months. To book an appointment, aplicant must register with the online portal and choose the Consulate that has jurisdiction on its domicile;
8. the processing time for the visa is by law up to 90 days (and the Consulate will keep the passport) and if the Consulates request more documents the time can be extended. Consulates recommends that applicants do not purchase airplane tickets until they have received their visas. Processing time cannot be accelerated.
9. Its issuance is discretionary on each Consulate and the outcome of the application has become extremely unpredictable.

Related articles

• Italy Investor Visa : Things you should know before entering Italy
• Visa Options for Family Members of Italian Investor Visa Holders
• Is the Elective Residence Visa (ERV) the easiest visa option for those who want to move and live in Italy?
• Elective Residence Visa and taking Residency in Italy

Marco Mazzeschi

Attorney at law.
One of the leading corporate immigration lawyers in Italy. Admitted to the Milan Bar Association (1988) and to the Taipei Bar Association (2016), a member of the American Immigration Lawyers Association (AILA) and an accredited partner of Invest in Tuscany.

Related posts:

Italian Elective Residence Visa vs Investor Visa for Italy: Which is the best option for you? Is the Elective Residence Visa (ERV) the easiest visa option for those who want to move and live in Italy? Navigating the Italy Golden Visa : An In-Depth Handbook Visa Options for Family Members of Italian Investor Visa Holders