Retiring in Italy can be a dream for many people, thanks to its rich history, culture, stunning landscapes, delicious cuisine, and a relaxed lifestyle. However, like any international move, there are several factors to consider when planning to retire in Italy. Retirement in Italy for EU citizens in generally easier, but certainly not impossible for those from other countries. We have all the details in our guide on how to retire in Italy.
- The cost of living in Italy
- Healthcare in Italy
- Live in Italy as a retiree
- Top 5 best places to retire
- Visa requirements in Italy
- Retiring in Italy: Pros and Cons
- Pros of retiring in Italy
- Cons of retiring in Italy
The cost of living in Italy
Is Italy an expensive country to live in? Answering this question is not easy, partly because it depends a lot on the goods and services you buy.Those who are thinking of going to live in Italy, especially pensioners, should be careful not to underestimate the cost of living as it has significantly increased over the last decade. Italy is a relatively expensive country compared to US standards and is one of the most expensive countries in Europe. That said, there is a large difference between the cost and the standard of living in the regions of Northern and Central Italy and the South, which is quite poor in comparison.
Unless you choose to live in the South or in a small inland town like Le Marche,famous metropolitan cities like Rome and Milan are more expensive, especially if you want to live on your own.Luxury and quality products such as cars are expensive, but food and drink tend to be cheaper.Research the cost of living in your preferred region to ensure it aligns with your budget.
Healthcare in Italy
Italy has a well-regarded healthcare system, and as a resident, you can access public healthcare. However, many retirees also opt for private health insurance to cover additional medical expenses and provide faster access to services. This is everything you need to know about healthcare in Italy for expats.
Live in Italy as a retiree
To live legally in Italy as a pensioner,you have toshow that you still have an income.Retirement income can come from:
- Pension Social security cheques
- Real Estate investments
- Social Security cheques
- Other types of investment
Taxation may not be the same in Italy as in your country, so ask an accountant for advice on how best to manage your tax compliance both at home and in Italy. There are also certaintax deductions for expats retiring to Italy. On the other hand, if you want to claim a state pension while you're in Italy from your home country, you have to apply to theItalian National Social Security Institute (Istituto Nazionale Previdenza Socialeor INPS) and they willhelp you to automatically transfer the money.
Top 5 best places to retire
Beyond the biggest cities in Italy like Rome, Florence and Milan,which are great choices for their quality lifestyle, architecture, history andtransport links,the following regions are really popular with pensioners:
- Abruzzo: its strong point is definitely that it's cheaper than other areas of the country. Abruzzo is an amazingregion with mountains, a coastline on the Adriatic Sea, plus plenty of national parks and nature.
- Puglia: a big region overlooking the Adriatic Sea also known as Apulia, it is the ideal choice for a retiree with an easygoing lifestyle and a love of seafood, beaches and waves.The cost of living is lower than in the rest of the country.
Check out our full guide on the best places to retire in Italy.
Visa requirements in Italy
Retiring in Italy as a foreigner, especially for EU citizens, is relatively uncomplicated in 2024, making it an appealing choice for retirees. However, if you're a non-European Union citizen, including those from the UK post-Brexit, the procedure becomes more complicated but certainly feasible. To retire in Italy, you must obtain an entry visa, a step that necessitates initiation at the Italian Embassy in your home country prior to relocation.
Foreigners who retire to Italy and draw their income from social security or a pension should apply for an elective residency Visa. It’s also a good idea to keep a valid passport from your home country.
Retiring in Italy: Pros and Cons
Retiring in Italy can offer a variety of benefits, but it also comes with its challenges. Here are some pros and cons to consider:
Pros of retiring in Italy
Cultural Richness: Italy boasts a rich cultural heritage, including art, history, music, and cuisine. Retiring in Italy allows you to immerse yourself in this vibrant culture.
See AlsoPermanent residence in ItalyScenic Landscapes: From picturesque coastlines to historic cities and charming countryside, Italy offers diverse and beautiful landscapes that can be a delight to explore during retirement.
Healthcare: Italy has a well-regarded healthcare system, and residents can access public healthcare. Private healthcare options are also available for those who prefer additional coverage.
Culinary Delights: Italian cuisine is renowned worldwide, and retiring in Italy means you have easy access to delicious and authentic food.
Mild Climate: Many regions in Italy enjoy a Mediterranean climate with mild winters and warm summers, making it an attractive destination for those who prefer temperate weather.
Community Lifestyle: Italian communities often emphasise social connections, and retiring in smaller towns or villages can provide a close-knit and supportive environment.
Historical Sites: Italy is home to numerous historical landmarks and UNESCO World Heritage sites, providing ample opportunities for exploration and learning.
Cons of retiring in Italy
Bureaucracy: Dealing with Italian bureaucracy can be challenging and time-consuming. Navigating residency permits, healthcare paperwork, and other administrative tasks may require patience.
Language Barrier: While English is spoken in tourist areas, some regions may have a language barrier, especially in more rural locations. Learning Italian can be beneficial for daily life and integration.
Cost of Living: The cost of living in certain cities, especially popular ones like Rome and Milan, can be relatively high. Housing, dining, and other expenses may need careful budgeting.
Traffic and Transportation: Traffic congestion and limited parking are common issues in larger cities. Public transportation is efficient but may vary in availability in rural areas.
Economic Challenges: Italy has faced economic challenges, and this can impact job opportunities, especially for expatriates. It's essential to have a solid financial plan for retirement.
Healthcare System Differences: While Italy has a good healthcare system, there might be differences in procedures and practices compared to what you are accustomed to in your home country.
Before making a decision, carefully weigh these factors based on your personal preferences, lifestyle, and priorities. Visiting the country beforehand and seeking advice from expats who have already retired in Italy can provide valuable insights.
