What You Need to Know to Retire Abroad in Italy

For many people, retirement offers the chance to travel the world and see things that you did not get to see while you were busy working and raising a family. But for some people traveling the world is not enough. Some people want to do more than see the world. Sometimes people want to retire abroad and live out their golden years in another country. Italy is typically at the top of the list for countries that people want retire in. If you want to move to Italy when you stop working and retire in Italy, then there are a few things you should know to help you in your planning. All it takes is a little planning now to be able to realize your dreams of living in the Italian countryside after you retire.

If you are moving from America to Italy to retire, then chances are pretty good that you are not a European Union national. But, if you do happen to be a European Union national then this process is actually pretty simple for you. For European Union nationals looking to retire in Italy, you will not need a visa of any sort to stay in Italy. However, all European Union nationals will need to apply for a permit to stay, called permesso di soggiorno per dimora in Italian, within the first 8 days of being within the borders of Italy. Now, most Americans looking to retire in Italy do not hold citizenship in a European Union member country, which means if this applies to you then you are considered a non European Union national. For any non European Union national looking to retire in Italy, a residence visa is required assuming that you plan on being there longer than 90 days. Since you are moving to Italy to retire, you will not be seeking employment while in the country so you will not be required to provide a work permit. However, you will be required to prove that you have sufficient financial resources to sustain your lifestyle while you are living within the borders of Italy. All residents that are not employed need to have proof that they have an adequate income, called reddito, or sufficient financial resources to live in Italy without working while there.

The good news is that the marker of what is considered adequate income is rather low. The bad news is that there is no way you would actually be able to live on this meager sum, so do not use this amount as a basis of how much money you will actually need for living in Italy as a retired person. Typically the amount that is considered to be an adequate amount to live on is that which is comparable to the Italian state pension, which is currently around 8,000 Euros per YEAR for each adult. There is no stipulation as to how this money is achieved. You can either have this much in bank or mutual fund or the like or have some sort of income coming in that equals this. A lot of expats retain their home in the United States and rent it out to earn rental income to help pay for their Italian retirement. A pension or dividends from investments will also suffice as your income.

Additionally, you will need to think about healthcare before you move to Italy to retire. All foreign residents that do not qualify for healthcare under the Italian national health service, called servizio sanitario nazionale or SSN, will need to have private medical insurance. The important thing here is that they want to see that you will not need to resort to using state funds which you are not technically entitled to.

Those are the things that you need to consider before you plan your move to Italy to retire. Any questions you might have concerning your retirement in Italy can be handled by your local Italian consulate.