Italy offers non-EU nationals two long-stay routes that require no job offer: the Investor Visa, known as the Italian Golden Visa, and the Elective Residence Visa (ERV). Both end with an Italian residence permit, yet they test very different things.
The ERV asks whether your income is passive and whether you will live in Italy. The Golden Visa asks where your capital comes from and where you will commit it.
For investors in the US and Canada who still run a company, sit on boards or manage an active portfolio, that difference usually settles the question. Here is how the two routes compare in 2027, and why we steer most of the families we speak with toward the Golden Visa.
Italy Golden Visa and Elective Residence Visa side by side
| Italian Golden Visa (Investor Visa) | Elective Residence Visa | |
|---|---|---|
| What you commit | €250,000 to €2,000,000 in one of four qualifying routes | No capital commitment |
| What is tested | Ownership and lawful origin of the funds | Stable passive income from sources other than work |
| Income benchmark | None | About €31,000 a year per applicant, where consulates publish a figure |
| Work | Your earned income plays no role in the file | Any work is excluded, including remote work for a foreign employer |
| Housing in Italy | Absent from the documents the Committee requests | Registered lease or deed in your name before the consulate appointment |
| Time in Italy | No minimum stay to keep the permit | Ordinary rules: the permit assumes you live in Italy |
| Decision | Investor Visa Committee in Rome, 30-day statutory deadline | Your local Italian consulate, up to 90 days |
| Permit | 2 years, then renewable for 3-year periods | Visa usually issued for one year, then renewed in Italy with fresh proof of income and housing |
What the Elective Residence Visa in Italy asks of you
The Elective Residence Visa for Italy rests on Article 13 of the Interministerial Decree of 11 May 2011. It requires resources that are stable, regular and expected to continue, drawn from pensions, annuities, property, dividends or a business you own but do not run. Employment income never counts.
The decree sets a formula, and each consulate turns it into practice. Three of the ten Italian consulates in the US publish a figure:
€31,000 a year per applicant
Boston, Detroit and New York use that number. The other seven describe the resources as substantial or ample and publish no threshold, which leaves the applicant with no figure to plan against. Canadian applicants follow the same logic: the Consulate General of Italy in Toronto lists its own document requirements on its Elective Residence Visa page.
Three requirements decide most files:
- Passive income only. Consulting fees, a salary from your own company or a remote job for a US employer will sink the application. Consulates read tax returns.
- Income over capital. A large balance with little recurring return is the file most exposed to refusal. Savings you spend down read as the opposite of continuity.
- A home before the visa. You need a lease or deed in your name, registered with the Italian Revenue Agency, before the appointment. San Francisco requires a lease of at least 365 days.
Couples face one more hurdle. Several consulates apply the full figure to each family member and ask for a separate file per person. The administrative court in Rome twice ruled that reading too strict, in 2024 and 2025, yet the checklists still state the per-head figure.
Since 11 January 2025 every applicant also gives fingerprints in person at the consulate, so the process requires at least one trip to your consulate of jurisdiction.
Who the Elective Residence Visa in Italy actually suits
The Elective Residence Visa works well for one profile: a retiree living on pensions, annuities or rental income who plans to live in Italy year-round. For that person it costs less than any investment route, and a foreign pension moved to a qualifying small town in the South can access Italy’s 7% flat tax regime.
For active investors, the same rules become constraints:
- You stop working. Any work activity, in Italy or for a foreign employer from Italy, is excluded for as long as you hold the permit.
- You have to move. The visa assumes Italy becomes your home, and the registered lease comes before the visa itself.
- Your wealth has to look like income. Portfolios built for growth often produce little distributed income, and structuring them for the file takes time.
- Every renewal is a new exam. Each renewal asks again for proof of income and housing.
- The outcome varies by consulate. Ten consulates apply ten checklists, and most state that a complete file does not guarantee a visa.
What the Golden Visa asks of you
The Investor Visa for Italy was created by Article 26-bis of the Consolidated Immigration Act and has been open since 2017. Applications run through a dedicated government portal, as the Consulate General of Italy in Montreal explains. It offers four routes:
- €250,000 in an Italian innovative startup
- €500,000 in an Italian limited company
- €1,000,000 as a philanthropic donation to a project of public interest
- €2,000,000 in Italian government bonds
Buying property does not qualify, at any price. The three investment routes carry a minimum holding period of two years, and the investment has to remain in place to renew the permit.
The sequence works in the applicant’s favor. You apply online to the Investor Visa Committee at the Ministry of Enterprises and Made in Italy, which has a statutory deadline of 30 days. With the clearance (nulla osta) you apply for the visa at your consulate, enter Italy and file for the residence permit within eight working days. You then have three months from entry to complete the investment. No money moves before approval.
The Committee includes Italy’s Financial Intelligence Unit, the Guardia di Finanza and the Revenue Agency. Its focus is the paper trail: ownership of the funds, their lawful origin and their transferability to Italy. A clean, well documented €250,000 file is stronger than a poorly documented €2,000,000 one.
The feature that matters most to our investors is presence. The Ministry’s policy guidance disapplies the usual continuity-of-presence rules for investor permit holders, and investors are exempt from the integration agreement other permit holders sign. You can hold the permit without relocating full time.
Why the Golden Visa fits most US and Canadian investors better
Your career stays intact. The Golden Visa file never asks how you earn a living. You keep your company, your board seats and your US or Canadian income.
Your capital is the qualification. A family with a growth portfolio and modest distributions may struggle to document ERV income. The same family can meet the Golden Visa threshold with a single, traceable transfer.
Timing is predictable. A 30-day statutory decision compares with up to 90 days at a consulate, plus appointment waits that some consulates measure in months.
Italy becomes an option you use on your terms. With no minimum stay, you can spend a summer in Puglia, a semester in Milan for the kids, or a few weeks a year while you decide.
Your capital works in Italy. The company route puts your money into Italian businesses with real operations. At Ariete Capital we build and manage these vehicles from our team in Turin, from the first assessment through each renewal.
Where we stand: if you plan to retire on a pension and live in Italy year-round, the ERV can do the job at a lower cost. If you want Italian residence while your working life continues, the Golden Visa is the route built for you.
Taxes work the same way on both routes
Neither visa makes you an Italian tax resident or grants a tax regime by itself. Tax residence depends on registration, domicile and time spent in Italy.
If you do transfer tax residence, Italy’s flat tax for new residents covers all foreign income for up to 15 years:
€300,000 a year, plus €50,000 for each family member included
That figure applies to anyone transferring tax residence from 1 January 2026, after the 2026 Budget Law raised it from €200,000. To qualify you must not have been resident in Italy for nine of the previous ten years. US citizens remain taxed on worldwide income, so coordinate any move with your CPA.
The long term: permanent residence and citizenship
Both routes can lead to an EU long-term residence permit after five years of continuous legal residence. That permit follows ordinary rules and requires genuine residence, so Golden Visa holders who want it must actually live in Italy during those years.
Citizenship by residence for non-EU nationals takes ten years. Italy has no citizenship-by-investment program.
Which route fits you
Choose the Elective Residence Visa for Italy if:
- You are retired or fully financially independent
- Your income comes from pensions, annuities, rent or dividends
- You plan to live in Italy most of the year
- You have no plans to work in any form
Choose the Golden Visa if:
- You still earn active income from a business or career
- Your wealth sits in capital more than in distributed income
- You want residence rights without a full-time move
- You want your capital placed in Italian companies
Frequently asked questions
Can I buy a home in Italy to get a Golden Visa?
No. Italy has never offered a residence-by-property route. You can buy a home separately, but it does not count toward the investment.
Is €31,000 the legal minimum for the Elective Residence Visa in Italy?
It is the figure three US consulates publish per applicant. The decree uses a formula, and consulates without a published figure often expect more.
Can I work remotely on an Elective Residence Visa in Italy?
No. The Elective Residence Visa for Italy excludes remote work for a foreign employer, and salary income does not count toward the requirement.
Do I have to live in Italy to keep a Golden Visa?
No minimum stay applies to the investor permit. Converting to the EU long-term permit after five years does require continuous residence.
Can my family join me?
Yes, on both routes. Spouses, dependent children and dependent parents can join a Golden Visa holder under Italy’s ordinary family rules.
Plan your route with our team in Turin
Every family’s file is different, and the right route depends on how your income and capital are structured today. Book a call with Ariete Capital to map your Golden Visa path, from the first assessment to renewal.
Disclaimer: This article provides general information only and does not constitute legal, tax or investment advice. Requirements, consular practice and tax rules change; consult qualified Italian counsel and your tax advisor before acting. All investments carry risk, including the possible loss of capital. Figures verified on 10 November 2026.
