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In the following article, we continue to talk about the topic of retiring in Italy. Italy is a popular destination for retirees due to its warm climate, beautiful scenery, and rich culture.
WHAT IS THE LEGAL FRAMEWORK FOR RETIREMENT IN ITALY?
If you want to retire to Italy from the USA, you might be interested in how the retirement system works in this country. Retirement in Italy is divided into four main categories – old age pension, early old pension, minimum pension and early retirement allowance.
Over the years, various policies and measures were taken in this matter, but currently, the following apply:
Those who qualify under the old age pension can retire when they reach 67 years old, regardless of the working category that they are in;
This is the age that is regulated until 2026 for all categories of employees who qualify for the old age pension;
Pension for this category of persons will start three months after receiving the entitlement to assistance;
Italians are entitled to request a pension after 20 years of contributions in certain situations;
Depending on the type of pension one is entitled to. The monthly pension can vary from EUR 1,500 to EUR 6,702.
Of course, Americans retiring in Italy will not benefit from this system, so they must prove to have sufficient financial funds from various sources.
The minimum amount required for one year of living in Italy is EUR 31,000. If you retire to Italy with a spouse, the amount will slightly increase to EUR 38,000.
AMERICANS, DO YOU WANT TO VISIT ITALY?
Americans represent one of the most important groups of foreigners in Italy, as many Americans live in Italy or travel there.
For instance, in 2022, it is estimated that the tourism recovery in Italy will be mainly driven by American tourists who opted to visit various regions of the country.
The estimates for the summer of 2022 are the following:
HOW MANY AMERICANS LIVE IN ITALY?
More than 15,000 Americans are living in Italy. Most of them have chosen as the place of residence popular, large Italian cities, such as Milan or Rome, but they can also be found in other Italian regions.
The lifestyle one influences the choice of an Italian region/city wants to have while relocating here and the available budget.
Large cities tend to have a higher cost of living, while regions such as Palermo or Genoa are more suitable for persons with a lower income.
However, Americans benefit from good purchasing power when arriving here, even though Italy is one of the most developed economies in Europe, so choosing a destination such as Rome or Milan is quite common.
Which way should be chosen so that Americans can acquire citizenship in Italy? This procedure can be completed based on the American's relationship with Italy.
If the person has no kinship ties to Italian citizens, they can start the naturalisation process. If there is a link between the Americans and Italians, citizenship by descent is possible.
However, the citizenship question will likely not be attractive to older Americans. Still, citizenship may interest younger Americans who will move to Italy using the elective residence visa.
Americans are in the process of applying for the Golden Visa in Italy in case in which they want to relocate here for business purposes.
This visa allows relocation with close family members entitled to live, work and study in Italy and obtain other benefits, including permanent residency. The program also provides a faster visa application process.
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I'm Natalia Bertelli, an English/Spanish to Italian legal translator. Since 2008 I have been working on contracts, judicial deeds, certificates, corporate translations for foreign clients who want to do business in Italy, get a dual citizenship or simply settle in my beautiful country.