How Much Do You Need to Retire to Italy?
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- Опубліковано 25 лип 2024
- Italy, with its rich history and picturesque landscapes, offers retirees a unique opportunity to enjoy their golden years. The country's cost-effectiveness ranges from the vibrant northern cities to the peaceful southern villages. With options to buy or rent properties at attractive prices, Italy is increasingly becoming a sought-after retirement destination. The elective residency visa, designed for retirees, simplifies the transition, while the taxation system is considerate to pensioners. Additionally, Italy's warm embrace extends to both EU and non-EU citizens, making it a welcoming haven for those looking to call it home. In this episode of the Italian Real Estate Podcast, Italian attorney Marco Permunian and dual citizen expat podcaster Rafael Di Furia cover give an overview of retiring to Italy.
For help with the Italian citizenship process and more information about Italian Citizenship Assistance visit ICA's website:
ItalianCitizenshipAssistance.com
To contact Italian Attorney Marco Permunian and his team of dual-citizenship experts and attorneys you can use the contact form on the Italian Citizenship Assistance website:
italiancitizenshipassistance....
To see more from Rafael Di Furia about life in Italy and life as a dual citizen expat check out his UA-cam channel and website:
/ rafaeldifuria
Http://RafaelDiFuria.com
#podcast #italytravel #movetoitaly
Topics & Timestamps:
0:00 - Intro & Opening Thoughts
0:35 - How much do you need to able to retire to Italy?
3:25 - What should a person expect for monthly expenses like gas and car insurance?
4:48 - What would the monthly costs be for buying or renting a property?
10:18 - What do practical aspects like getting a visa look like?
15:26 - Differences between EU and non-EU citizens
17:59 - Will your pension be taxed in Italy?
18:44 - Closing Thoughts & Outro
The thought of retirement makes me cry. My apologies to everyone who have retired and filing social security during this time after putting in all those years of work just to lose everything to a problem you weren't to blame for.it's especially difficult for people who are retired.
True, It has never been easier to understand how to build your money after retirement than it is right now with the inflation, when you may study and experience a completely variegated market passively by employing a successful portfolio-advisor. The impacts of the U.S. dollar's gain or fall on investments, in my opinion, are complex.
Even if you’re not skilled, it is still possible to hire one. I was a project manager and my personal portfolio of approximately $850k of my retirement pension took a big hit in April due to the crash. I quickly got in touch with a financial-planner that devised a defensive strategy to protect and profit from my portfolio this red season. I’ve made over $250k since then.
@@LucasBenjamin-hv7sk Could you kindly elaborate on the advisor's background and qualifications?.
I won't pretend to know everything, though. Her name is Sharon Ann Menys but I won't say anything more. Most likely, you can find her basic information online; you are welcome to do further study.
Thanks a lot for this recommendation. I just looked her website up, and I have sent her an email. I hope she gets back to me soon.
These videos are the bomb. Absolutely excellent content. These guys really know their stuff. We are just in the "Investigating stage" at the moment and these vids have saved us a lot of agro. Very interested in the 7% zones which makes it very possible to bring forward our retirement plans. There is absolutely zero chance I'm retiring in the UK.......
Always such great information and I always recommend you to all my friends! Thank you once for the fabulous information :D
Great content-grazie!
Great info. Thank you
Great info
Thx
very informative
A graphic for “cheap, mid, and very comfortable” budget range would be helpful.
Hello! Thank you for the info! ❤ I left the Uk to Portugal and I was looking at Italy but I am not sure! I will visit first 😊
Great idea! Keep in mind, Italy is significantly larger than PT (area, population, number of cities, etc). To facilitate your visit, I recommend focusing on those areas that are similar to where you live in PT today (seaside, mountains, city). Finally, given the recent inflation of rental and purchase prices in PT, I personally believe housing costs in Italy are now more favorable than in PT. Best of luck!
Mais barato que Portugal... Vivo no UK ainda, estou á procura de um apartamentozinho ou casinha para passar umas ferias em Itália, e aprender uma lingua 😊
@@lucchese20Agree 👍
Great voice!
Quick question about the private health insurance policy mentioned around timestamp 16:20. Am I understanding correctly that the policy needs to be in effect before we apply at our consulate and this could be approximately 6 months prior to approval of the Elective Residency Visa? So we'd be paying for the coverage even when we're still in our home country and not getting benefit from the insurance. I'm just trying to understand this point. I do realize that there will be some overlap, but just hoping it can be minimized. Thank you very much for this great content by the way.
Wow, good to know, the car insurance is good, the monthly expeses seem fair
The rent is great and so are the prices
Any news on the digital nomad visa? I work remotely in the US and would like to relocate to Italy, but I don’t want to retire.
Thank You Rafael DiFuria and Marco Permunian for another Very Informative Video.
Thank You Rafael DiFuria and Marco Permunian. I've read online that a couple seeking the Elective visa needs 31,000 euros + 20%. If the couple buys a property as a permanent home and owns no other property anywhere in the world....I've read the combined financial requirement for the couple to obtain Elective visas is reduced to only 31,000euros without the additional 20%...is this accurate? Why savings of any amount is excluded from determine one's financial stability is a "head scratcher". ;)
Hi Rafael. Happy New Year. Would you kindly let me know if it is possible to move to Italy and apply for dual citizenship by decent if you have a monthly income to support yourself coming from the UK? Thank you
I heard that they are about to more than double the income requirement for the Italian Elective Visa. When does that go into effect?
It's already happening the consulates in USA are already asking for that increased figure it's at their discretion
Will interest income from saving accounts and CDs be considered towards income requirements?
From what I understand it isn’t considered because you can withdraw that $ at any time. You must have a guaranteed passive income
A question that I hope isn’t stupid! I’m looking at retiring to southern Italy when I retire with my husband. I know the annual requirement is €38000 a year. We would be getting that from our pension but it seems such a huge annoying to have to prove I have if I retire at say 60 and live to (hopefully) 90! Do I have to prove that I have over €1000000 euros in the bank (which I wouldn’t have!) or do they look at my bank account every year?
What about people seeking dual citizenship jure sanguinis.. could we start with a visa if we own a business in the US?
For retirees from USA whose sole income is from
Social Security, is that income taxed by the Italian government?
I think there is a tax treaty, Google it?
Great presentation! Quick question if anyone can answer about the ERV, if your pension income is only half the required minimum, would they consider assets amounting to 6 or 7 figures?...
If a Married Couple who one of them is a Dual Citizen like US &Italy then is there an Income Requirement for One or Both of the Couple? Or is there No Income Requirement for the Non-Italian Spouse of the Italian Citizen through some sort of Vias?
Sorry this is vastly understated.
you may have to replace your car, or gix your car, Insure your car, see a medical specialist without waiting 6 months. Dental treatment, unexpected flights home for family illness.
2,000 including rent is not going to happen! I am a single person and pay a modest rent for my area, but utilities cost a lot,
So no I would struggle to pay for a modest rent and come out on 2,000 a month no way
A one bedroom apartment is 800 -1200 with condiminiale included. So sorry you are understating the costs
Maybe if you own your own home already paid for you could come out on 2,000
How much will you pay for INPS?
Is the €31000 figure for passive income before or after tax? In some instances you would pay tax to two countries, in other instances only one country. Does EEC citizens have the same rights as EU citizens?
Can anyone give me numbers on renting in Tropea?
2000?? It is nothing if you have to pay rent! Pensioners want to stay comfortable not miserable!
Will savings work in lieu of monthly passive income? My grandparents were born in Italy but I don't have proof of their paperwork. Would a retirement visa be easier to get than Italian citizenship? How much is the health care for non EU? Can the value of your Italian home be used in lieu of income?
Please clarify what you mean by, "First House" in the context of annual taxes. Do you mean primary residence, or do you literally mean that it's a special benefit for the first house you purchase, and if you ever decide to sell and buy a different home, the lower annual tax rate is no longer available?
Primary home.
very good content. We own property and easily can live on 1500 (with my wife) incl. car and eating out sometimes. 2000 should be enough incl rent. Of course it is not living in piazza san marco in venice or piazza navona in Rome. BUt every cities in a reasonably good residential neighbourhood should be 2000 enough.
Bonjourno!
We are retired educators considering moving to Italy using the ERV. What is the time frame? I read online about the required documents, but must these documents be transcribed? Would you recommend a lawyer? Grazie! Dean & Cindy
I have a quick question. Is there anyway to get around the 50% down payment to loan ratio? I want to buy a apartment in Milan. I currently have a little over $180k in cash, but most places in Milan are $500k and up (in the City Center). My income is more than sufficient to retire and live in Italy and I don't plan on selling my house in California. How can I get a larger mortgage?
It is my understanding that it isn’t possible to get a more American-styled mortgage. Milan is probably the most expensive location you could choose.
Based on my research by talking to several banks..if you have an income from a country outside Italy.. You will need a 50% down payment and they will consider only 50% of your income. So for example if you make $200K they will compute your income as 100K and that income should be enough to cover the mortgage payment.
@@andregen2009 This! The work contract in Italy means everything, so that make sense.
Fact is there are plenty of place the OP could buy in Italy for $180K…but not in Milan.
Curious, should one apply for ERV if you qualify for dual citizenship jure sanguinis? Or is it easier to apply in Italy and just do the travel 90-day-in / 90-day-out travel visas until your case is heard? Our goal is to retire in Italy buy purchase 3 apartments- one for our primary residence and two for renting out part time and allowing family to use them when they visit. (We have multiple grown children who would like to live between Italy and the states so the renting is not likely to make profit but more likely to offset costs of owning multiple apartments.) If the ERV disables the opportunity to rent out the apartment to tourists because of “potential income earnings” it seems maybe purchasing the properties and just waiting through the process is easiest? Thoughts?
If you obtain dual citizenship, you are a citizen of Italy. You do not need to apply for a an ERV. You can come and go as you please. You can set up residency there and you can work and make income in Italy. If you on an ERV you can't make income or work in Italy. Your best bet is to try to obtain dual citizenship.
@@rastaph I am aware of the things you are saying but I think my question may have been unclear...I do not want to wait to get my citizenship to be in Italy. Dual through the Miami consulate (I'm in FL) is taking 5-7 years. I have heard (but admittedly, I am not too familiar with doing the dual applications in Italy) that if you do it in Italy it usually takes less than 2 years, but you have to be there. So I guess I am asking if my plan is to go through the local offices in Italy, wouldn't I have to be there on an ERV so I can stay longer than 90 days since we would not know when the case is being heard? (I am presuming I will need more than 90 days there?) And to get the ERV I have to get my codice fiscale, have a residential address in Italy (whether we buy or rent can be determined later, but we still need an address), passive income, and health insurance as well as a clean background check. Also, what about my youngest child who is only turing 12 this April? And my husband, who we are not sure qualifies for the DC (we think his chain was broken with his grandmother), will need his ERV, so I guess I am trying to figure out the simplest yet completely legal way to do this.
I am most positive that if I go on a travel 90-day visa, I cannot apply while there to extend, so wouldn't I have to get the ERV first (and my son would automatically get one too as he is a minor) and is there any chance my husband could not get one? If we have the verifiable passive income, perfect background checks and good health along with purchasing whatever insurance is required, our codice #s and an address, is there anyway that we would be denied?
Once we have the ERV would we apply for the DC rather than the permesso di soggiorno within the first 30 days? (Of course we know I can apply for DC, but he may need the PDS instead, to be determined before of course.)
I hope I am making sense - I sometimes struggle to get my thoughts into logical words. I am sorry. Thank you for the help.
@@dontsaycant2448 The Italian Citizens Assistance group can assist you in this process. They can even process it by a legal filing in Italy without you being there to get the dual citizenship. If your husband doesn't qualify, he can apply for citizenship through marriage. From my understanding your 12 year old child would qualify as a citizen once you get your Italian citizenship. But if you want to go there earlier on a visa the group I mentioned above can assist you as well. Just contact them via their website.
Ciao (and Olá) Rafael! What about an American spouse (me) of an EU citizen (my wife). If she can show the required savings and/or remote income to relocate to Italy as an EU citizen, can I apply for some type of spousal visa without proving passive or active income? She is a Finnish citizen, and we actually met in Italy, but we've lived in the US for the past 20 years. We're 50 years old and are considering the move within the next 5 years. Thanks, grazie, and obrigado!
I thought that, if you hold an Italian passport (are a dual citizen) you can be in Italy for 6 months, not to exceed 183 days without claiming residency. Isn't that correct?? 2x I heard Marco say "3 months" but is that a mistake? Grazie mille.
What? If you are an Italian and American citizen you can live wherever you want.
You just have to make sure which country will tax you based on the decision you make
If you become a dual citizen with italy, do you get the medical benefits as an italian citizen
Only if you establish residency, thus being a full time resident and of course, paying taxes.
I have heard different time frames stated as to how long a retiree from USA must wait before being eligible to sign up for the Italian national health care system. Once residency has been established is the waiting period 6 months or is it one year?
Was wondering same thing.
What happened when the person receive disability from USA ?
Does that count as an income?
Thank you
Yes HOWEVER if your check each month is less than $16,000 per year you’ll need additional funds in order to live there 🙄🙄 Since most peoples SS dont exceed $30,000 per year if it does they are into some funny business or retired when they were 20🤣🤣🤣🙄 Unless they had a seriously good job for many many years
Hi. Can a British / Australian dual citizen buy a house in Italy? Thank you
Yes! You buy as foreign, non resident.
That passive income requirement is too high. Especially since the cost of living is so low. I have been searching for a county that will allow anyone on Social Security. I would sell my house and have some money to buy a home. This is disappointing.
How much do you really need to spend? Buy from local market and vendors. Cook at home. Spend time enjoying the friends/family and scenery around you. Play chess with friends instead of watching TV or social media. You know, actually enjoy life. Can't cost that much.?
Same everywhere, if you live like that you save 💰.
Until you have to replace your car, Insure your car, see a medical specialist without waiting 6 months. Dental treatment, unexpected flights home for family illness.
2,000 including rent is not going to happen! I am a single person and pay a modest rent for my area, but utilities cost a lot,
So no I would struggle to pay for a modest rent and come out on 2,000 a month no way
A one bedroom apartment is 800 -1200 with condiminiale included. So sorry you are understating the costs
Maybe if you own your own home paid for you could come out on 2,000
@@relocatetoItaly You have some agenda as you've written the same twice under this video. This guy talking lives in Italy so why are you telling us to not believe him.
@@YogaBlissDance 20 years of Living in Italy, so yes I know
@@YogaBlissDanceshe has right. The guy was referring to people who have their own property already
Italian here, yes you can live for 2k/month but no freeking way you can do it "comfortable"... Just saying.
Hi your channel is fantastic may i say:)
My question might sound awkward, I was born in italy but lived in Canada all my live , I hold an Italian passport but my residence is in Canada , what would my requirements be should i retire to Italy with a canadian pension and some work pension as well for income?
txt
Did he ever respond? Born here, have Italian passport, so looking for that answer as well!
What if I have a $1,200 per month just for food and rent or just rent or close to it THEN between $50,000 to 180,000 to live on plus maybe I could sell my art work? 🤔 to make extra spending money could I live in Florence with No problem? keep in mind I don’t party I would not be doing much just Art galleries and museums from time to time maybe have a dog and shop sometimes is this doable? Plus I WOULD NOT have a car maybe IF I had millions then they would let me stay well wishful thinking 🙄🤣🤷🏼♀️Does this mean I could live three months at a time leave then go back while I wait for the visa? But after I get the visa whether or not I have money could I sell my paintings privately?
But I understand I can’t let my other money run out 🙄🙄🤣🤣
My worry is if I want to rent, will being in my early 70's be a reason I won't be able to find anyone willing to rent to me even if I have dual citizenship (via court case)?
Money is money and Italy has an older population so I don't think it's a problem.
If you own a house or condo, you should be able to live off 3-5k a month.
If a Person has a New York City Pension through NYCERS (New York City Employees Retirement System) is this type of Pension Taxed for an Expat as well as for a Dual Citizen? And if this Person chooses to live in a 7% Town or Not, then what happens with any scenario listed?
I get confused by some of the terms I see in the real estate ads, detached house, semi detached, terraced, villa. Is there someplace that has definitions?
As usual these videos are like fried air…. SAY NOTHING!!!
So many variables .. the cost of living we have here in the US don’t change once we retire !
Rent or Own…. City or suburb
Groceries , transportation and so on.
I have my family in a town northern Italy close to France and if I was to go back there now as a retiree and decide to rent I would easily rent a 2 bed 2 bath for around $600 ( half of city price ) then you have electricity and gas to pay every month and so on.
The most important question is how much your pension will be?
That’s the game changer….
This content provides nothing cause all you have to do is looking for the cost of living regarding the country you want to spend your time at after you retire.