Usually when Americans choose to retire somewhere other than the United States they choose to retire in a place that looks nothing like the United States. For this reason many Americans are choosing to spend their remaining years in Europe.
Although there are some parts of Europe that have been “Americanized” to accommodate the swarm of tourists that visit every year, there are still some vast parts that are unique and still have the feel of Old Europe. This is where we will focus this article on where to choose to retire in Italy.
Europeans like to preserve their history and their buildings as they consider it a massive achievements that structures that were constructed a number of centuries ago are still standing and being used.
This is something foreign to an American. Americans value space more than they value tradition Plus the United States does not have the culture or the history that Europe has which is what makes Europe so attracting to Americans.
Once you chose to retire in Italy or Europe the question now has to be, where? There are a number of countries in Europe each with their own unique culture and history. There is something for everybody.
Today we are going to talk about one of the most visited countries in Europe and a place that has been hosting a vast number of American Expat communities in different parts of the country. I am talking about Italy.
Any person who wishes to retire in Italy, which means you will stay in Italy for a period of more than 3 months, needs to file an application at the Italian embassy in the United States or the local embassy in Italy. The documents that you need to apply for a permanent residency are:
- Completed application form
- Valid Passport
- Copy of your Passport
- Four Passport size photographs
- An Electronic Revenue Stamp
- Documents Supporting your claim for the type of residence that you are applying for
The most common forms of visas that can lead to a permanent residency in Italy include studying in the country, getting a job offer from an Italian company, retiring in Italy, a research project in Italy, or investing in Italy.
It takes about 60 days for your application to be approved, much shorter than any other country in Europe. Once your application is approved you are a resident of Italy for a period of 2 to 5 years, depending on your situation.
The only difference between applying for an Italian residency if you are not a member of the EU and if you are one is that you have to tell the local authorities about your intention of staying in the country.
Once you open a bank account in Italy, pay taxes, and purchase property then the process is almost identical. It should be noted that once you obtain the permanent residency it would be wise to create as many ties with Italy as possible.
Another detail that you must consider if you are not a member of the EU is that you must maintain a private health insurance until you are eligible to obtain a certificate of permanent residency.
In your application for permanent residency you may include spouse and children, but you must be able to prove that you can maintain them. There is not an exact amount of money that you need to show, but it needs to be enough for the Italian authorities to let you inside the country.
If you maintain your permanent resident status for a period of 10 years then you can apply for a citizenship. Meaning that you will have to renew your permanent residency as long as it is necessary to reach 10 years.
The United States does not allow for a dual citizenship, but it does not prohibit it either. Americans who obtain an Italian passport can keep their American one. An American with an Italian passport will be judged by Italian law.
The Italian Golden Visa is pretty straightforward, but it is expensive. There are other cheaper Golden Visa options in Europe, but if you are looking to live in Italy then these are some of your options:
- €2,000,000 invested in government bonds
- €1,000,000 loan to an Italian limited company
- €1,000,000 philanthropic donation
- €500,000 invested into an innovative start-up
I hope you’ve found this article on choosing to retire in Italy to be helpful. For more information, or for assistance with residency in Italy or elsewhere, please contact us below by filling out the form, Thank you.