A recent report ranked Italy as one of the top 10 countries to retire abroad.
Italy, with its picturesque regions and small towns, stunning coastlines, romantic islands, and renowned cuisine, has long been a favorite vacation spot for Americans. However, a recent report by Global Citizens Solutions (GCS), a global investment firm, reveals that Il Bel Paese is also a top contender for retirement. Italy ranked seventh among the best countries for American retirees in 2024 based on its exceptional quality of life, security and integration, and economics.
The cost of living is one key factor making the country on the Apennine Peninsula an excellent retirement alternative. GCS points out that Milan and Rome, Italy’s largest cities, are significantly cheaper than comparable destinations in America.
“For instance, the average monthly rent for a city apartment is approximately $1,140.44 in Rome and around $1,529.76 in Milan, both much lower than New York’s average of $4,189.81,” GCS pointed out in the report. Earlier this year, GoBankingRates.com estimated that retirement savings of $1 million can last over 56 years in Italy.
In general, monthly expenses for retirees can be 30 to 70 percent lower than in the U.S., according to InternationalLiving.com. Besides lower living costs, some retirees can also enjoy lower taxes. The flat tax incentive, a program in which foreigners pay just seven percent tax, was introduced in 2019 to attract nationals with foreign pensions who reside full-time in one of the country’s Mezzogiorno regions: Sicily, Calabria, Sardinia, Campania, Basilicata, Abruzzo, Molise, or Puglia.
Additionally, those investing more than €250,000 (around $272,000) in the country could qualify for a Golden Visa and obtain a residency permit.
Italy’s universal health care system, which the government supports, is a significant advantage for seniors moving abroad. GCS noted that non-EU ex-pats who are not yet legal residents in Italy must be insured privately, with estimated monthly premiums ranging from $120 to over $350. Italy boasts the second-highest life expectancies in the European Union and is home to one of only five Blue Zones with a large number of centenarians located in Sardinia.
According to GSC’s report, Italy is also one of the best retirement destinations for Americans due to its high level of safety and moderately welcoming environment towards migrants. The country is preceded by New Zealand, Mexico, and Uruguay, which are sixth, fifth, and fourth, respectively.
Costa Rica (third), Portugal (second), and Spain (first) round out the list of the best countries to retire in 2024. You can read the full report on globalcitizensolution.com.
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Source Agencies
