Italy is a country of great history and beautiful traditions. The mesmerizing tourist spots are hard to neglect for anyone. No doubt it is one of the most intriguing and beautiful countries of Europe.
If you a foreign income from abroad or you do not need to work, staying in Italy enjoying Italian lifestyle may certainly be intriguing.
Is It Possible to Live in Italy Without Having a Work Visa?
Yes. For citizens of EU countries, it is permissible to spend ninety days or less without having a Visa or a special permit from the Italian Government. In this duration, they can be a tourist there, be on a professional trip, studying or researching. However, if their visit overpasses this limit of 90 days, they require a visa.
Talking about the citizens of a non- EU country, they have to be on Visa there in any case, no matter what the duration of their stay in Italy is.
People Who Want to Get Settled in Italy
If your residence in Italy is not going to be temporary plus you want to live there without working, then you need to get yourself an Elective Residence Visa first. For this, you have to produce enough proofs that you possess enough wealth to take care of yourself while being in Italy. If you are planning to live in Italy with your whole family then you will have to apply for a family visa. This type of visa is most popular among the foreigners who are retired and now want to spend their remaining days in this exquisite county.
For this, you have to provide your passport and valid identity proof from your native country with an application. Anyone who wants to obtain a visa for staying in Italy has to follow this procedure.
It is to be taken in consideration here that if you are planning to live in Italy without having any source of earning there, you might find it hard to live in the country for long as Italy may be not so cheap.
Furthermore, it is not easy to get a job in Italy as the unemployment rate is high and the knowledge of Italian is extremely valuable.
You should expect to spend between 1500$ and 3000$ per month per person but the cost of life varies a lot from city to city.
However, if you have already earned well or you have income source from your home country, there can be no better place than Italy to spend the rest of your life. In fact, recently Italy has introduced many tax benefits as well for retired people who want to move to the Mediterranean country.
Cost of Living in Italy
Like many other countries, it majorly depends on the location. The bigger the city, the higher the price of everything, you have to be on a good budget to live in countries like Rome, Milan, Bologna, Verona etc. However, in the small towns of the southern part of the country, the cost of living is really low.
Talking about income tax in Italy, the rules are quite simple. You are not needed to pay tax there on your income from some other country if your stay in Italy is less than 183 consecutive days in the last 12 months. However, if your stay is more than this limit then you have to pay tax in Italy on your worldwide income as well.
For more information about this topic, read this article about Income Tax Rate in Italy.
For the residents of EU countries, the income is not double taxable which means if you have paid tax on the income in your home country, then it is not taxable in Italy and vice versa.
For saving yourself from the complications of taxation, you may take the services of Tax Consultation Firms like Accounting Bolla.
There are many such firms in Italy which are providing trusted tax consultation services to foreigners at reasonable fees. Just surf around the internet and you will find many in the town you located in Italy.