This Italian film from director Henrique Goldman traces the journey of teenage transsexual Fernanda (Ingrid de Souza) as she heads from her native Brazil to the seedy world of Italy's transsexual prostitution scene. Unlike most of her fellow prostitutes, Fernanda's most cherished desire is to have a sex-change operation, fall in love with a man, and live the "normal" life of an Italian woman. When a new client, Gianni (Cesare Bocci), approaches her one night, it seems that her dreams will come true. However, as Fernanda makes the transition from streetwalker to housewife, she discovers that what she left behind might be more fulfilling that what she thought she always wanted.

Goldman's treatment of his chosen subject is never judgmental and rarely one-sided--he not only shows great affection and understanding of the transsexual prostitutes, but also seeks to humanize and understand the numerous Italian men who come to them as clients. From the carnival-like Milan street market of the hookers to Fernanda's placid and ordered life with Gianni as a homemaker, PRINCESA avoids lingering on the characters' unusual lifestyles and instead focuses on their complex inner lives.