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Hi All,
I went off this forum, for political reasons, 1-1/2 yrs ago (Ides of March, 2020, more or less), none of which I admit were untrue, as I saw them. It turned out that my 'use-by' date for helping others had expired, and that was that. It was time for me to go elsewhere.

We've all had those 1-1/2 yrs to gain some 'perspective' on that that then-looming disaster of covid that wasn't any sort of a 'disaster' . Nobody, but nobody, says I was right, though I suspect those 'facts' given by, oh, 'the Administration' generally-speaking, could be 'somewhat-less-than-truthful' if viewed in the looking-glass of reality.

I have now been in Italia for almost four years, and am willing, once more, to help where I can, under circumstances of my own dictate. Otherwise, I am gone like yesterday's news.

Miki in Umbria: If that was you, then I am not sorry. That apology ain't gonna happen, especially in light of now-known (also known at that time!) 'facts'. Sorry. One can be intentionally blind, but it serves little purpose in Life. I may not always get the 'big picture, but I will never be intentionally-blind.

If that wasn't you, then please ignore the above.

Vinnie: Sorry for the same reasons, without really being sorry for same. One picks a side or washes between 'here-and-there'. I prefer solid ground of my own choosing. Life goes on. I am here in Padova. Talk to me if you wish. Sorry if I insulted one of your friends. Didn't know, didn't care. One deals with attacks as they come. You, more than most, know this.

All others: I am here to answer questions about "Moving to Italia" (see my earlier post from about June, 2017).

Damn the Torpedoes; Full Speed Ahead!
And if not, then "Adapt, Improvise, Overcome!".

Cheers, John.
 

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Hi All,
I went off this forum, for political reasons, 1-1/2 yrs ago (Ides of March, 2020, more or less), none of which I admit were untrue, as I saw them. It turned out that my 'use-by' date for helping others had expired, and that was that. It was time for me to go elsewhere.

We've all had those 1-1/2 yrs to gain some 'perspective' on that that then-looming disaster of covid that wasn't any sort of a 'disaster' . Nobody, but nobody, says I was right, though I suspect those 'facts' given by, oh, 'the Administration' generally-speaking, could be 'somewhat-less-than-truthful' if viewed in the looking-glass of reality.

I have now been in Italia for almost four years, and am willing, once more, to help where I can, under circumstances of my own dictate. Otherwise, I am gone like yesterday's news.

Miki in Umbria: If that was you, then I am not sorry. That apology ain't gonna happen, especially in light of now-known (also known at that time!) 'facts'. Sorry. One can be intentionally blind, but it serves little purpose in Life. I may not always get the 'big picture, but I will never be intentionally-blind.

If that wasn't you, then please ignore the above.

Vinnie: Sorry for the same reasons, without really being sorry for same. One picks a side or washes between 'here-and-there'. I prefer solid ground of my own choosing. Life goes on. I am here in Padova. Talk to me if you wish. Sorry if I insulted one of your friends. Didn't know, didn't care. One deals with attacks as they come. You, more than most, know this.

All others: I am here to answer questions about "Moving to Italia" (see my earlier post from about June, 2017).

Damn the Torpedoes; Full Speed Ahead!
And if not, then "Adapt, Improvise, Overcome!".

Cheers, John.
Hi John!

here’s question for you:

I am looking to get a long stay visa and considering the elective residence visa. I have 4 properties in various regions of Canada that generate about €52k annually, which I know is enough for the passive income qualification for the visa. However, that is before expenses. Properties are mortgaged so obviously after I pay it the number is not that significant. I wonder, are they looking at the “revenue” of the passive income, or “profit”? Meaning, will they ask for expenses or no?

thanks
Asia
 

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They would care about income not revenue.

You also need to wonder how they'd class rental income. They likely have different amounts based on the "safety" of the income stream. Pension income is considered very safe but everything else is less safe.
 

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They would care about income not revenue.

You also need to wonder how they'd class rental income. They likely have different amounts based on the "safety" of the income stream. Pension income is considered very safe but everything else is less safe.
Maybe I didn’t maybe myself clear. By revenue I mean income from rent before expenses on those investment. Anyways, thanks for your opinion, I will wait until my lawyers respond to this question and update people on this forum.
 

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Just to clarify - in most tax systems (at least over here) "revenue" refers to gross revenue (like Nick says "before expenses") while "income" refers to the net profits left over after all expenses, credits and allowances have been taken out. (Gross simplification, I realize, but adequate for our purposes here.)

Real estate can be tricky because different countries have very different rules about how Income from real estate revenue is determined. Some "expenses" allowed in your home country may or may not be considered in Italy, while there may be specific reductions and/or credits allowed that replace some of those expense items. Or, they may just be interested in the net cash flow from your properties. (Trust me on this, I'm an accountant and had to learn this over here through experience as I "helped" my husband deal with his rental properties on our tax declarations.)
 

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No, your income won't work for an elective residence visa in Italy. Reason being is that sort of income could dry up tomorrow and is not considered guaranteed. If you have pension income from a guaranteed source like US Social Security or other government source (I don't know enough about what Canadian retirees get), that is the kind of income they want to see.
 
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