American nationals are granted a number of immigration exclusions while visiting Italy on short-term visas, but they must apply for specific immigration paperwork in order to retire here. The Italian Elective Residency Visa, which is the most common way to come here for retirement purposes, will probably need to be applied for if you really want to retire in Italy from US.
Since it does not offer the ability to work in Italy and the majority of retirees are not willing to develop work-related interests here, this visa type is especially popular amongst retirees from non-EU countries.
If you want to move to Italy, the Italian Elective Residential Visa is a great option because it allows you to live here and only receive passive income, like the pension you are obligated to after working in your native country or shares, securities, and other assets you have managed to amass through involvement in various corporate ventures, etc.
Documents Needed if you’re Retiring to Italy from the US
Any applicant for the Italian Elective Residency Permit must submit a specific set of documents, as required by Italian law. Americans should prepare the very same set of documentation required of any other foreigner interested in this visa system, in addition to the application form. Our Italian immigration experts have put together the following brief presentation on this topic:
- Two current passport-sized pictures, together with a valid passport;
- Evidence of the receipt of the application fee for filing the visa request;
- Details about the region in Italy where the American will settle;
- Evidence of the Italian address (rental contract, utility bills, purchase contract for real estate);
- Bank statements from the American bank where the candidate holds an account, together with confirmation that they have the required income;
- The results of the Federal Bureau of Investigation’s criminal history investigation.
It is also necessary to have a good health insurance plan. Please keep in mind that the health insurance you now have in your home country will not be accepted in Italy; as a result, you will have to obtain a private health insurance contract that has been approved by the Italian government. American retirees in Italy should be aware that their visa application may be rejected if they don’t have all the necessary paperwork.
This is why we urge you to consult with one of the Italian immigration lawyers before beginning the process. The staffs can walk you through the full process, including where and when you must complete each step of the immigration process to Italy. For legal support if you require a digital nomad visa in Italy, get in touch with experts in this field.
What Legal Foundation Exists in Italy for Retirement?
You might be curious about how to retire in Italy from US if you plan to retire there. Old age pension, early old annuity, minimum pension, as well as early retirement fund are the four primary types of retirement in Italy. Various actions and policies were made in this area over time, however at the present time, the following are applicable:
- irrespective of the job group they are in, those who are eligible for the old age pension may retire at 67;
- All employee types that apply for the old age pension must reach this age by the year 2026 in order to receive benefits;
- pension for this group of people will begin three months after attaining pension age;
- Italians may, under certain cases, seek a pension after twenty years of contributions;
- The amount of the monthly pension might range from EUR 1,500 to EUR 6,702, depending on what type of pension to which a person is entitled.
Of course, Americans who retire to Italy will not profit from this process, which is why they must prove that they have adequate financial resources from a range of sources. The current bare minimum for a year’s worth of living expenses in Italy is EUR 31,000. The sum will significantly rise to EUR 38,000 if you retire to Italy with a partner.
The Bottom Line
Please contact the lawyers if you require any additional information about how to retire from the United States to Italy. Hope you now have a clear understanding of how to retire in Italy from the US. Wishing you success as you take this wonderful step and have fun arranging your Italian retirement.
Also read: How to Make the Most of Your Retirement
