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What are the Pros and Cons of Retiring in Italy
Italy has always been a popular country for the British, with warm weather, great culture and delicious food it is an excellent choice for British citizens to retire. The economy is growing, and the cost of living is more favourable than in some other European countries, making it a great place to retire to live and retire. There are considerable benefits to living and retiring in Italy, but as with most things, there may be some downsides that UK citizens need to be aware of.
This guide will explore the most popular destinations and highlight the pros and cons of choosing Italy to retire to. We will also discuss any tax implications and how much money you need to retire in Italy, and why the assistance of an English-speaking Italian lawyer can make the whole process smoother.
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The best regions to retire to in Italy
There are many benefits when choosing to retire in Italy
There may be some downsides of retiring in Italy which you need to be aware of
There are some taxes you will need to pay if you choose to retire in Italy
The amount of money you will require to retire to Italy.
You will need to seek legal advice when moving to Italy
Where are the Most Popular Destinations to Retire in Italy?
There are various districts, cities and suburbs that you can choose to retire in. Some of the most popular destinations are in the south of Italy due to the reasonable cost of living and scenic views. Sicily is an attractive hotspot for retirees, famous for its beaches and gorgeous weather. Tuscany is also a good choice, it is home to some of Italy’s best vineyards, and is close to the city of Florence.
The Lazio region is home to Italy’s capital city, Rome, and has an extensive English-speaking community. However, the cost of living is higher in Lazio. Apulia is close to the coast, and is known for being one of the friendliest regions in Italy.
The Benefits of Retiring in Italy
There is a wide range of benefits to access when retiring to Italy, such as a good healthcare system, reasonable cost of living and excellent weather.
Exceptional healthcare system
Providing you have valid health insurance, you can take advantage of Italy’s well-regarded healthcare system. The World Health Organisation (WHO) ranks Italy highly with regard to its healthcare system and it is among the top-performing countries. There are also more English-speaking doctors in the Lazio region. You can find out more about obtaining health insurance and obtaining Italian citizenship in our previous guide here.
Culture
Italian people are known to be kind and friendly people, and can make foreign retirees feel welcome. Italy is also known to be a safe country to live, and is surrounded by rich heritage and natural beauty
Weather
Temperatures in Italy can reach up to 35 degrees Celsius or more, and can drop to as low as 4 degrees Celsius in the winter.
Less strict entry requirements
Obtaining the relevant visa can be a straightforward process and much more streamlined than other European countries, especially with the right legal help. You should consult our English-speaking Italian lawyers via the website if you are planning to retire to Italy.
The Downsides of Retiring in Italy
Italy is harder to enter since Brexit
Although it may be easier than most countries to gain access to Italy, Brexit has had an impact on British nationals moving to Italy.
You need adequate funds
You will need to be able to demonstrate that you have an annual income of €31,000 (€38,000 for a couple), and an extra €20,000 for each dependant such as children.
What are the Tax Implications when Retiring in Italy?
In 2019, a new tax law was introduced in certain municipalities aimed at foreign pensioners. A retiree that has not been an Italian resident in the five years prior to retiring can claim 7% taxation on all sources of foreign income such as pension, dividends, rental income and capital gains.
In order to establish your tax position, you should consult an Italian lawyer as soon as possible.
How Much Does it Cost to Retire in Italy?
House prices and rental prices differ depending on which part of Italy you have chosen to retire to. There is a difference in the cost of buying or renting a property in a city as opposed to a rural area.
Legal Advice when Retiring in Italy
Seeking help from an experienced Italian lawyer is required in many aspects of retirement abroad. Purchasing a property, estate planning to protect your assets, organising visa and residence permits can sometimes be problematic to navigate. Giambrone and Partners has a team of qualified Italian lawyers that are highly experienced in helping British citizens retire and settle in Italy and can help with all aspects of their relocation.
To find out more, or to book a consultation, please contact a member of our team today.
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