First the good news: retiring in Italy could be the most fun you ever had in your entire life. And now the bad news: if you don’t plan accordingly, your dreams of fun and leisure will quickly turn into a nightmare: on the surface I can’t argue with you if you happen to point out that Italy is getting kind of expensive (although a lot less than some other countries in the European Union). But I would point out that Italy can make a great retirement haven is spend wisely by scrutinizing where exactly you want to live. Let’s face it, before Italy fell in line with the European Union’s efforts to stabilize the UE with one common currency – the not-so-almighty Euro dollar, Italy was a real bargain for retirees. The Italian Lire was strong, the conversion rate was still about US1.00 = l.4 lira (and was actually as high as 2.6 in 1986), and believe me you could live pretty darn well depending on where you chose to hang your hat.
Retirement in Italy means being realistic. Not everyone can afford a lakeside retreat on Lake Como and have George Clooney as a neighbor. The fact is, northern Italy is expensive. Northern Italy is expensive for Italians not to mention for Americans. But with a little foresight you can still find a nice property to buy or rent and have enough left over to have some fun. And if you can’t have fun once you retire, then maybe it’s not time for you to retire yet.
I would humbly suggest you cast your eye towards the Puglia region and beyond. Calabria in particular is becoming a haven for expats. You can still find property along the coast for less than $100,000.00. You can find rental property for about $300.00 a month from September to May with rent increasing substantially from June – August. But a shrewd realtor can help you overcome that so you can nail down a contract with a ‘no-increase’ clause. The challenge is finding a good realtor.
A quality rental in one of Italy’s major cities or top resort towns costs substantially more than in the South. If you can find a furnished apartment in Bologna for less than $600 per month, you’re doing o-k. In Rome expect to pay at least $780; and in Milan, studio apartments begin at about $890. Hey, all of a sudden living in the South by the beach is starting to look pretty good. If I want to go to the Coliseum, I’ll take the train.
But not every Italian city will have you reaching deep into your pockets and your savings. In most of the big cities that I just mentioned you’re paying as much for the location and ambiance as you are for the property itself. So $720 a month for a small apartment in Florence isn’t bad when you consider you’re living in one of the most famous cities in Europe.
You won’t get hammered by heating bills if you live in the South. There have been years when I’ve still gone swimming as late as October. In the north, it’s already probably snowing by then so expect to pay between $620 and $750 annually for electricity, water and local taxes.
I recently wrote about pre-fabricated houses. As long as you have a “portable house” there’s nothing preventing you from buying a small piece of land ($15,000 – $40,000 dollars) and sitting you house or trailer on it.
Maybe I’m biased for Southern Italy, because that’s where I live. I’m not going to sell you a bill of goods. It’s not one big constant party over here. People are pretty friendly and life is pretty laid back. But folks need to work, they have to eat. If you have something to offer them – which is your money – then you’re going to get along fine. Go ahead and make yourself comfortable in a land of citrus trees, vineyards, and olive groves.
Italy is vast. They don’t call Italy “the land of 20 regions’ for nothing. You could spend an entire summer hopping from North to South and from East to West and you STILL wouldn’t see everything there is to see that could enable you to make a balanced decision on where to retire. So I’ll tell you again – head south!
Beyond Naples sit the Sorrentine and Amalfi coast. The islands of Capri and Proceda lie just off the shore. And the ruins of Pompeii and Herculaneum will have your imagination running wild. Make a pitstop in Ostuni, Brindisi, Martina Franca, LocoRotondo or Lecce. Go farther south to Selia Marina.
Think of it: retire in Southern Italy and enjoy Art and archaeology in the mornings, long lunches and siesta-shuttered afternoons and an evening stroll after dinner where you’ll want to join the locals chit-chatting in the piazza. It’s a tough life but someone has to do it.
Before you pack your bags check out some important resources: www.escapeartist.com has plenty of information on how to purchase property, extend your visa, get a work permit and more.
Retire in Southern Italy. Give it some thought. It could be what’s right for you!
