It's a permanent EU residence card you can apply for once you've lived legally in Italy for at least 5 years. Unlike a normal permesso, it doesn't expire (the card itself gets renewed, but your status is permanent). It also gives you easier mobility to live and work in other EU countries.
You stop being locked into renewing every 1 or 2 years, and you get stronger legal protection against losing your status. It's basically the closest thing to permanent residence before citizenship.
"After 5 years on a regular permesso in Genoa, Tariq applied for the long-term EU permit. He had to show 5 years of tax returns, a clean record, B1-level Italian, and a stable income above the social allowance threshold."
It's not citizenship. You can't vote in national elections, and Italy can still revoke it if you leave the EU for more than 12 months in a row, or the EU for 6 years.
Official source
Polizia di Stato
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