The Cost of Living

It’s true that it isn’t cheap to live in Italy. In fact, this country has one of the highest cost-of-living rates in Europe. In addition, the dollar has a weak exchange rate in Europe, so it won’t go as far there. In the fall of 2007, one U.S. dollar equals just under 0.70 Euros. Nonetheless, if you take some time to explore the different regions, you can find plenty of areas that are reasonably priced. Keep in mind that prices vary a great deal depending on where you choose to settle. Even if you have your heart set on living in an area such as Tuscany or Venice, you may be able to make it work for your budget if you are willing to live economically. Generally, you will find the best deals in the countryside and interior areas away from the water. Here, property, food and other expenses will be far lower than in the more popular tourist areas.

A two-bedroom apartment in Rome can cost about $2,000 or more a month. Compare this to the cost of living in a more rural area, where a charming rental apartment can be found starting at about $400 monthly. There is also a monthly service charge on rentals, which varies depending on where you live. It can be anywhere from $30 to $300 a month.

In addition to housing costs, you can expect to need about $1,500 to $2,000 or more each month to cover your food, utility bills and other expenses to live a reasonably comfortable lifestyle.

Therefore, you can expect to need anywhere from $2,000 to $4,300 a month to live in Italy.

Property Prices

If you prefer to invest in property, expect prices to start at $100,000 in Rome for a studio apartment, or $200,000 and up for a bigger apartment. In the countryside or rural areas, you can find an efficiency apartment for $30,000 or you can scoop up an old village house that needs to be renovated for under $60,000 plus improvements. If you have more money to spend, $500,000 will buy a small farmhouse in Tuscany.

Getting There

If you think you can swing the costs and want to explore retiring to Italy, most Americans who live there recommend spending some time visiting the different regions to determine what will be the best fit for you and your lifestyle.

Once you decide where you want to live and have arranged the logistics, the next step is to apply for an elective residency visa. To achieve this status, you need to prove a monthly pension or retirement payment that is big enough to cover your living expenses. You will also need to have proof that you have lined up a place to live in Italy and have medical insurance in effect for the country.

People usually apply for a visa for an extended visit 90 days before they plan to leave for the country. You should contact the consulate for the region in which you plan to live to find out specifics about how to go about this process and the specific requirements you will need to meet, since they vary from area to area.