Italy could be the right choice for expatriate retirees on a pension? | Italian Prestige Houses
No Comments

Italy could be the right choice for expatriate retirees on a pension?

Italy could be the right choice for expatriate retirees on a pension?

Above all we will examine the cost of living in Italy.

Large, metropolitan cities like Rome and Milan are more expensive than rural areas. Budget-conscious retirees who still want to experience life in the old country should seek to settle in the countryside or south. The cities are always there for visiting. There are ways to enjoy the splendor of Italian life on a modest salary. You can find a cheaper home or rental property in the south of the country, or in northern Lazio in Tuscia region for example. Word to the wise, If you’re looking to buy property in Italy, start early. Italy has a notoriously slow and frustrating bureaucracy, and it may take many months of filings, detours and false starts to secure your dream villa. Additionally, you’re legally required to make a down payment of 10%-20%.

One aspect of Italian life that will help you keep costs low is the healthcare because you don’t have to pay for health insurance and the World Health Organization ranks Italy it in the top 10 nations for quality care.

Italy is happy to welcome retiring expats and their spending money. But to legally live in Italy as a retiree, you’ll need to be able to show that you still have an income.

Even if all of your income comes from abroad, you’ll still need to file an annual tax return with Italy. When they file their taxes, expats may be required to complete additional filings and be subject to specific reporting requirements. Taxation regulations vary between countries, so consult an accountant for advice on how to remain tax compliant back home and in your new country.

Retirees should also take advantage of Italy’s rich cultural and architectural offerings.

Let’s talk about one of the best place to retire to. Beyond the major cities, Tuscia in northern Lazio is the perfect region to move in. Tuscany is Italy’s most popular region for scenery, wine and cuisine, and is priced accordingly. But a few people know that, if you have a lower retirement budget you can choose the cities and villages at the border with Lazio where the landscape, food and culture are the same of Tuscany but the houses cost less!

Viterbo is the main city of this area called Tuscia which is near to Florence and Rome and it is rich in lakes, hills and coastline on the Mediterranean sea. Tuscia has a lower cost of living than northern regions or Tuscany itself and a rustic, easygoing lifestyle.

At this point is crucial to collect information about Visa requirements.

Foreigners who retire to Italy and draw their income from social security or a pension should apply for an elective residency visa. It’s also a good idea to keep a valid passport for your home country.

You can apply for an elective residency visa at the Italian consulate in your home country, and then apply for a long-term permit once you arrive in Italy. You’ll need to provide proof of the financial holdings that provide your passive income, like bank statements, stock portfolio paperwork or real estate investment paperwork. You’ll also need to provide proof of residency through a rental contract or deed for property you have purchased in Italy.

Best of luck with this exciting step and enjoy planning your retirement to Italy. If you need us, we are here for you!