The elective residency visa is targeted at wealthy persons (especially those who are retired and/or of Italian origin) who wish to reside permanently in Italy and who can demonstrate a stable and ample pension income and high financial resources.
The elective residency visa is NOT for extended tourism.
It is not an end-run around the limited validity of Schengen tourist visas or the visa-waiver program, nor is it for letting you join family members or friends who have accepted temporary jobs in Italy. An individual applies for the elective residency visa with the intention of establishing a permanent home in Italy. 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. The elective residency visa is for exactly 365 days: no more, no less.
Upon arriving in Italy, applicants must apply at the local Questura (police headquarters) for a permesso di soggiorno (residency permit, similar to a U.S. green card). The Questura will verify annually that the applicant still meets all the requirements for the elective residency visa and re-issue the permesso di soggiorno. The elective residency visa is the most strictly regulated visa.
The law requires Consular officers to investigate elective residency visa applications thoroughly. The Ministry permits Consular officers to take up to 90 days (three months) to review and process an elective residency visa application.
Therefore, although we make every effort to keep our processing time at thirty days, the visa department of this Consulatestrongly recommends that applicants do not purchase airplane tickets until they have received their visas. Processing time cannot be accelerated.

Proof of substantial and steady passive private income (including Social Security, pensions, or annuities) from property, stable economic and commercial activities, or from other sources; proof may be provided by various means, such as letters from the applicant’s bank, statements from a fund, copy of last pension check received etc.