Italy is the land of hospitality, captivating architectural masterpieces, mouth-watering delicacies, and rich culture. No doubt, why it has emerged as the dream city of a large section of the world population! If you are wondering how to retire in Italy, you have come to the right place for we will soon be discussing all the protocols that you need to follow before retiring to this picturesque city.
The abundance of food and wine, provision of the best healthcare services, and low cost of living and rent in Italy have made it a popular choice among many to retire in this land of wonder. So, if you have made up your mind to retire to Italy, the time has come for you to contemplate chalking out a solid financial plan to meet your expenses in this European city. We will share with you the exact process of settling in Italy permanently.After leading an entire lifetimeworking endlessly and drawing a salary, your turn to live a peaceful life of comforts has finally arrived.Since we have a lot to unpack here, let’s get straight to the details!
What Are The Conditions To Retire In Italy?
- You need to be a foreign citizen and receive an annual income of at least EUR 31,000.
- If you are married and wish to retire in Italy with your spouse, you need to draw a minimum of EUR 38,000.
- For migrating to Italy after retirement with children, drawing a minimum of EUR 20,000 is a must for each child dependent on you.
- If you meet the income requirements, the next step will be to apply for an elective residence visa.
Who Can Enjoy Tax Benefits In Italy?
Bythe budget law introduced in Italy in 2019, the government has now started adding a 7% rate of tax on the income of foreigners who have shifted to Italy. Being an expatriate, there are mainly four conditions that you need to fulfil to avail of the tax benefits in Italy.
- You must receive a foreign pension, that can be either public or private.
- You have been a legal resident of a foreign countryfor at least 5 years before relocating to Italy.
- You need to shift your previous residency to a proper, qualifying municipality in Italy.
If you fulfil the above conditions, you can enjoy tax benefits for 10 years in Italy.
How Can You Initiate The Process Of Retirement In Italy?
The process of shifting to Italy in retirement begins with initiating the elective visa application process.Contactand fix an appointment with the Embassy of Italy located in your native country. On the day of the appointment, show up at the Italian Embassy office with all the required documents. You can now obtain the online visa application form with the Embassy of Italy while staying in your homeland. Once all the documents pass the verification test and your application form is approved, you will be called for the last round of visa application, that is,the interview. Make sure you appear for the interview as you need to pass it and get your visa.
Now that you have got a clear idea about how to retire in Italy, your wish of relocating to this land of scenic beauty and cultural diversity is soon going to be materialized for real. While here, don’t forget to explore Italy’s artistic streets, buildings, vibrant murals, taste bud-appealing dishes, and world-famous wines. Avail of the best health care services, go shopping in Italy’s supermarket and bring your pet along. Oh yes, Italy is very welcoming to pet dogs!
Go ahead with the elective visa application as the first step towards nearing your dream destination. Usethe period that you have at your disposal by learning a bit of Italian, maybe? Anyway, follow all the protocols and have a great life out in the pleasant climate of Italy. Good Luck!