Retiring in Italy: What you need to know

09 Apr 2019

viewDreaming of spending your latter years in a villa overlooking the calm, Mediterranean seaside? Every goal is achievable if researched efficiently. That is why we’re listing some basic key points you should know about living and retiring in Italy:

Currency
The Euro has been Italy’s unit of currency ever since 2002. Ulterior currencies are not often accepted, so getting accustomed to the Euro is important. Luckily, living in the EU provides the opportunity to travel to most neighbouring countries without a need to convert currencies.

If you need to transfer money to Italy or vice versa, you should take note of the exchange rate. Banks and other transfer services tend to charge low up-front fees but use a higher exchange rate and embezzle the remainder. Make use of Vault to avoid such situations and instead be made aware of the exact exchange rate prior to committing to a conversion.

Cost of living and property
Cost of living can vary depending on where in Italy you choose to reside. Italy is a prime destination among expats looking to transfer for work and education opportunities, so it is not difficult to see why cities like Rome or Milan are costlier to live in than southern regions.

According to the cost comparison indicator provided by Numbeo, you can expect to spend an average of €1,028 monthly on a one-bedroom apartment in central Milan. On the other hand, renting a one-bedroom apartment in central Bari would cost you approximately €461. Naturally, choosing your preferred city depends entirely on your reason for moving. Milan is an exceptional city to live and work in, but if you are looking to retire while spending less and relaxing more, southern regions are preferable – and who wouldn’t want to live in the countryside or overlooking the clear blue waters?

If you are set on buying property, remember to plan the process in advance to avoid any bureaucracy delays. It is also worth noting that a down payment of 10%-20% is required by law.

Healthcare
One of the many perks that comes with living in Italy is not needing to pay for health insurance. Its national health service is also ranked in the top 10 by the World Health Organisation. Prescription drugs are paid for by the taxpayers, but over-the-counter drugs are out-of-pocket expenses. Depending on where you choose to reside, private medical plans are also available.

Lifestyle
If there is any guaranteed advantage to living in Italy, it is the lifestyle. Food is a key aspect here, so you can be sure to satisfy your every craving in an instant. When not working, Italians stroll through the city or spend time relaxing at cafes, sipping on an espresso and reading the newspaper under the Mediterranean sun. Naturally, there is a lot of architectural splendour and cultural beauty to enjoy, as well as some of the most spectacular museums. If you do choose to retire in Italy, you should certainly explore the many options!

Have we convinced you yet? Contact us for expert financial advice and any queries you may have!