The sense of body ownership builds on proper multisensory integration mechanisms. The Rubber-Hand Illusion (RHI) paradigm exploits a visuo-tactile multisensory conflict to induce illusory body ownership toward a fake hand, assessed by multidimensional subjective ratings and univocal objective measurements. Considering the controversy as to whether viewing the rubber hand is necessary or not to induce the illusion, we investigated the effects of targeted manipulations of visibility on subjective and objective aspects of the RHI. To this aim, we collected questionnaire and proprioceptive drift data from thirty participants receiving visuo-tactile stimulation in a setup that allowed for increasing and decreasing the visibility (illumination) of the rubber hand. We found that specific subjective ratings (Movement and Loss of Ownership) were sensitive to the interaction between rubber hand's visibility and illusory ownership. The interaction was not significant for the Embodiment subjective component and for the objective one (proprioceptive drift). Since different degrees of visibility did not differentially affect the RHI, these findings highlight that relatively abrupt changes in the visibility of the rubber hand can differentially impact subjective versus objective components of body ownership. This understanding may be critical for neuroscientific theories on the relationship between multisensory integration and body consciousness.