Cultural wealth, gastronomy, a warm climate … all of Italy’s traditional assets attract foreigners year after year.
However, the country is still struggling to emerge from the financial crisis and find real growth. “The boot” is still facing regional inequalities, between a dynamic North and a poor and rural South, with organized crime still rampant in some areas. Despite these shortcomings, Italy has become one of the primary countries for immigrants in the European Union.
Italy is a country where life is simple and satisfying: amazing food, beautiful weather, and a slower pace of life. With its varied landscapes and its ancient culture, future retirees or freelancing nomads will have plenty of options for their life in Italy.
Average journey times:
- Paris – Rome: 1 hour 43 mins
- London – Rome: 2 hours 06 mins
- New York – Rome: 8 hours 38 mins
- Los Angeles – Rome: 12 hours 34 mins
- Sydney – Rome: 19 hours 50 mins
Property price per sqm: 2000 € to 4000 €
HDI ranking: 26/196 countries
HDI: 0.880 High human development index based on 3 criteria healthcare, education and longevity.
Big Mac Index: 4,64 USD
1 EUR: 1,13 USD
How to live in Italy
Residency requirements: No visa necessary.
If you are a European National, to live in Italy, you only need to apply for a residence permit. Any European can have a residence permit. This residence permit should be renewed every 5 years.
Housing in Italy:
It is not easy to find an empty home in Italy, as most owners prefer to rent furnished accommodation. In Italy, the rule is that the tenant pays the equivalent of two or three months rent. The lease (usually for 4 years) is subject to registration fees – usually half is paid by the tenant and the other half by the owner.
If your landlord has chosen the tax option “Cedola Secca”, the lease is automatically exempt from registration fees. The rental agreement must state the duration, the monthly rent, the obligation of notice in case of revocation of the contract, the obligations relating to the expenses of ordinary and extraordinary maintenance of the house. Charges are not included in the rent. Rents are often paid in cash.
Taxation:
In Italy, income tax is based on a sliding scale depending on annual income. If you live in Italy for less than 183 consecutive days during a 12-month period, then you will only pay income tax for any income earned in Italy. If you live there for 183 consecutive days or more, then you will be responsible for income tax on your worldwide income. There are tax allowances and deductions available for many situations, including dependent children, large families, medical expenses, etc. Couples are subject to a separate tax.
In addition to income tax, you will be subject to +1 to 1.5 % for regional tax, + 0.8% for municipal tax. There is no wealth tax, but a solidarity tax of 3% for income over 300,000 € / year.
Safety:
Pickpocketing and petty crimes occur mainly in touristy places and on public transport. In large urban centers, pay attention to your belongings when driving, as they can be targeted by motorcycle thieves. If you are vigilant and don’t attract unwanted attention, there should be no problems of security.
