Retiring in a dream home abroad is considered by many as the perfect reward for a lifetime of hard word work and dedication to your previous job. Italy presents one of the best places to live your retirement days primarily because of the country’s great weather, beautiful scenery, a vibrant Italian lifestyle, improved living standards, comparatively lower taxation, and availability of affordable property. However, before you move to your dream home in Italy, here are a few things you need to consider.
Photo from archer10(Dennis)
• Like other retires elsewhere, your healthcare should be your primary concern. Take time to understand the country’s healthcare system, especially what is considered as standard cover so you can make arrangements for any supplementary private insurance that you may require. Plan well to avoid accumulating medical bills despite living in a country with an efficient health care system.
• It is also important to stay updated with the currency exchange rates in your new country.
Remember your retirement income will not be as much as you were earning during your active working life so make sure to observe keenly the rate of exchange between your pension or investment and the currency of your new location. Moving to Italy from, for example, the UK gives you the advantage of living in a country with a lower cost of living where your retirement income can sufficiently sustain your budget.
• Most retires moving abroad often look for a country where they can easily integrate with the local community. Moving to a place with an already established expat community presents great opportunities to make friends and expand your network with ease. It also makes the unavoidable task of learning the foreign language less cumbersome without undue pressure. However, you should always strive to embrace the local culture as early as possible in order to fully integrate with your new community.
• If you are planning to purchase a home or property abroad, make sure the new home has easy access to all your primary needs such as shopping, medical facilities, and means of transport among others. Being close to public transport locations such as trains, buses, and airports is just as important as having the much coveted mountain views from your house’s balcony.
• Don’t forget your taxes. Some countries may give you a reprieve from taxing your retirement income or levying very low taxation but it is important to seek advice from experts in financial matters before you settle in to avoid tax related problems.
Featured image by archer10(Dennis)