When you want to retire, you begin to make a lot of considerations towards where you plan to stay and what you choose to keep doing.
Statistics revealed that 42% of individuals who retired chose Italy as a place to reside after retirement.
We can probably acclaim it to their racial tolerance, artistic attractions, and beautiful weather.
If you want to retire in Italy, it would cost you some amount of money. And that is part of what we will reveal in this article.
The Cost of Housing
Italy has quite a good level of accommodation facilities available for both residents and even tourists. However, as someone who seeks to retire in Italy, you need a comfortable apartment.
According to Numbeo, the average monthly rent for a one-bedroom apartment in Italy ranges from about $519 outside a city to $680 in a city center. Buying an apartment costs about $214-$366 per square foot, depending on location.
Although this price is pretty what you need to get an apartment, the government will demand that you show an income level that can sustain your lifestyle.
Meeting Visa Requirements
To obtain an Italian Elective Residence visa, you must show that you have the income and stability to live in Italy. Although there is no minimum amount stated, every individual undergoes the evaluation process. The evaluation does not take your current income into cognizance as the visa permit doesn’t function as a work permit.
To start your visa process you need to produce certain documents. Some of them are your proof of income and assets, proof of a leased or owned home in Italy, proof of overseas health insurance covering 100% of all medical expenses, and even a confirmed flight reservation.
To get the process started, you need to visit the Italian Consulate in your country. On reaching there, you communicate your desire to get a “visa permit”. You must go with the latest documents.
Finally, you must sign an “integration agreement”. After which you run an over two-year period by taking classes or passing a test, in Italian, on the country’s civil structure and culture, and completing a number of other requirements.
The Cost of Feeding
When factoring in food, you will need to either expand or reduce your budget depending if you’re moving with your family.
According to TravelTips, a meal at an inexpensive restaurant, for one person, is usually around $18 to $20, whereas a meal for two people at a mid-range restaurant, with drinks, will typically cost around $70 to $80.
When you calculate that in a month, you could be looking at $2,000 or more. This price is considerably lower when you cook at home although you would incorporate other costs as well.
Whether you choose to retire in Italy or the United States, the costs mildly differ. More so, the adjustment can be tiring and may take a lot of time. But, it’s a beautiful thing to learn a new pattern of living and growing. Indeed, that’s what life is about!