Retiring to Italy – Five Reasons To Do It
Retiring to Italy. With a lower priced real estate market than much of the world, the second longest life expectancy on the planet, a slower pace of life and attractive tax breaks to draw retirees, it is no wonder that Italy is fast becoming the country where many people want to spend their retirement.
Most of us visit Italy to explore the culture and architecture, with world famous sites such as Rome’s Colosseum and Pisa’s Leaning Tower, combined with lush landscapes, pristine beaches, and beautiful stone houses lined with terracotta roofs. But which is the best region to spend your retirement? How does healthcare compare to other countries? How easy is it to live in Italy with or without a visa?
Read below for our advice on retiring to Italy.
We love Italian living. After moving to Le Marche in 2016, we were struck by the slower pace of life where people take the time to speak to each other in the street and, at least in our region, leave front doors unlocked and keys in cars. Forbes Magazine has even rated Le Marche as one of their top places to retire to in 2019.
There is a 7% flat tax scheme that attracts foreign pensioners, as well as good systems in place that permit foreigners to stay in Italy year round. Our tax adviser and visa specialist will be able to determine what works best for you, depending on where you are from and the type of pension you are collecting.
Unlike the rest of Europe, Italy’s property market has not picked up since the crisis in 2008, with prices remaining far lower than the country’s Euro counterparts. This is good news for the buyer, who can choose from a variety of homes to purchase from country estates to town residences.
We are currently renovating a property that was purchased for €38,000 by an American client in a large Medieval town in Le Marche – vaulted ceilings and amazing views included!
Renovations and restorations of period properties also come with tax breaks, with the Italian government contributing to the restoration to anyone who pays tax. Several of our clients who are retiring to Italy have benefitted from this scheme.
READ MORE: BUYING A HOUSE AS A FOREIGNER – THE COSTS
The Italian healthcare system is currently ranked at number two worldwide. Social care is funded by contributions, with some elements requiring small payments. I recently was sent for an ECG, Angiogram and blood test and within 14 days I had received all three, for less than €100. (The tests were all clear I am pleased to say!) A small price to pay for peace of mind.
In a country where buying local food produce is the norm, wine from a nearby winery, cheese from a farm and designer goods at affordable prices, Italy is also a cheap place to live – once the taxes have been paid!