According to current Italian legislation, it is possible to issue National Elective Residence Visas and long-term multiple-entry tourist visas (5 years) for those applicants who are willing to transfer their residence to Italy and are able to financially support themselves without working .
1) to be a foreigner willing to settle in Italy;
2) to be able to financially support yourself without working;
3) to provide appropriate and documented guarantees about the availability of a dwelling in Italy to reside in;
4) to provide appropriate and documented guarantees about having an independent, stable and regular income, whose continuity in the future can be reasonably assumed. These financial resources, in the amount of no less than 31.000 euros per year, must originate from sizeable incomes (pensions, life annuities), ownership of real estate (properties), ownership of stable economic/commercial activities or from any other sources.
Obtaining an Italian residence permit implies the right of free movement within the Schengen Area, that is, most of the territory of currently 22 EU countries and seven associated non-EU countries that have adopted a common visa policy and do not enforce border controls on their mutual borders.
This includes the whole European Union with the following exceptions; the United Kingdom, the Republic of Ireland, Cyprus, Bulgaria, Romania and Croatia (the three latter of which are scheduled to join by the end of 2015) as well as the four member states of the European Free Trade Agreement, Switzerland, Norway, Iceland and Liechtenstein, and the micro-states of Monaco, San Marino and the Vatican.