Considered to be one of the best locations to retire to, Italy has top-shelf features to offer. From the Mediterranean climate to a relaxed lifestyle, from the high quality of life to the exquisite cuisine, from vibrant expatriate communities to the rich culture, Italy is every penny worthy of its nickname; Bel Paese (beautiful country).
Italy has been a center of attention for pensioners from around the world for many years, especially Brits, Americans, and Germans. In this article, we will explore how and where to retire in Italy in 2021.
It is a well-known fact that the pandemic has put pensioners in crisis. Combined with the complications arising due to Brexit and Covid-19 protocols, traveling has become even more difficult. If you have somehow managed to arrange the means and overcome these complications, choosing where and how to retire in Italy is equally complicated.
Dealing with bureaucracy and tons of paperwork in a foreign language can be tiresome and a big turn-off. So let’s begin by exploring the requirements to become part of the retiree community in Italy.
Requirements to live a retired life in Italy
For an EU resident, retiring is fairly straightforward under the “Freedom of Movement Act”, however, if you are a third country citizen the process is lengthy and complicated. First off you will need a visa to enter the country; A visa can be applied at your local Italian embassy. Secondly, you will have to establish beyond doubt that you can provide sufficient funds for yourself and your spouse (if moving as a couple) to maintain a decent living, and meet traveling and other needs. Currently, the Italian immigration law requires that a retiree must have an annual income of EUR 31000 if retiring alone, and EUR 38000 in the case of a couple. Moreover, an additional perpetual inflow of EUR 20000 for children (if applied).
The Golden Visa
If you are planning to move to this eternal heaven for good, then you may be in luck. Italian immigration offers the Golden Visa Program for those who share the aspiration. The procedure is more relaxed and flexible compared to other ways of a long-term stay. The only catch, a big one, is that you must be willing to contribute to the local community, financially. The financial requirements are:
- Investment in a business or startup company up to EUR 500,000
- Eur 1 million investment in the business that meets the Italian government’s requirement
- Eur 1 million investment in a special project which has a direct and significant impact on the Italian economy
- Purchase of the government-approved bonds worth EUR 2 million
Which city to retire to
When choosing which city to retire to in Italy, many factors should be top of the list to consider. For instance, budget, locality, community, distance from major cities, etc. Sicily, the island region in the south of Italy is preferred by retirees with a tight budget. The city offers something for all tastes too; Cultural cuisine, beautiful beaches, nightlife, pleasant weather, and a relaxed lifestyle.
Another off-the-main-stream city in Apulia. People here are friendlier as compared to other parts, and more patient towards non-Italian speaking folk. Like Sicily, the cost of living in Apulia is low. The city has some amazing and picturesque towns along its coastline such as Monopoli, Brindisi, and Bari, to name a few.
If you are looking for an authentic Italian countryside experience, Abruzzo is just the place for you. Magnificent mountains, breathtaking scenery, heavenly food, and friendly locals are just the tip of the iceberg of goodness that this town has to offer. Like Apulia, this region too is usually off-the-tourists radar. This makes the local culture and traditions uninfluenced by foreigners, hence pure and in their true form.
Though expensive, Tuscany is where the charm of wine can be experienced in full magnitude. Winding vineyards, rolling lush green landscapes, and above all other things, Tuscany is where the City of Florence is located. Florence has earned Tuscany the nickname of “Art place of Italy”.
Lazio hosts two historical sites in the world; Rome, and the smallest sovereign country in the world, the Vatican City. It is hard to tell which is more exciting, Lazio, Rome, or the Vatican! Preferred only by the rich retirees, Lazio is among the most expensive regions in Italy, maybe among the whole of Europe. Ancient cathedrals, monuments, art pieces, sculptures, and so much more.
