You Might Be Able to Retire to Beautiful Southern Italy Without Paying Taxes for 10 Years
Even if retirement is years away, it’s OK to dream about your ideal place to settle into your golden years.
While some think packing up and retiring to an exotic location once they’re done with doing the daily grind seems unrealistic, some parts of Sicily, Calabria, and Sardinia are rolling out the welcome wagon and making the idea of living there even more attractive for prospective retirees.
The Italian government may soon discuss a proposal, put forth by the far-right coalition called The League, that would help repopulate these specific areas that have suffered severe population loss by offering people a chance to retire there and pay no taxes for 10 years, Lonely Planet reported.
The proposal requires prospective residents to spend at least six months plus one day in these areas out of the year and live in the qualifying towns in order to receive a tax break. Towns included in the proposal have populations of less than 4,000, have suffered population declines of more than 20 percent in the last 10 years, and provide good healthcare and waste management.
It also stands to assume that newcomers to these regions will boost local economies. So the towns, as well as the residents, are also getting quite a bit out of the deal.
There is currently no timeline as to when this new plan could be passed or take effect, but creators of the proposal hope the plan will attract at least 60,000 new residents, not just because of lack of taxes but also because of the lower cost of living and higher quality of life. Who can complain about living on a gorgeous Italian island, after all?