Italy was the fifth most visited country on the planet in 2022, according to the United Nations World Tourism Barometer, with 49.8 million international tourist arrivals. Stunning ancient architecture, gastronomic delights, an incredible music and art scene, thriving cities, beautiful mountains, golden sandy beaches and more all bring visitors to Italy’s shores.
Italy also attracts many Britons wanting more than just a holiday, with some 30,000 calling Italy home. There are distinct fiscal advantages for those who make the move. These include a fixed €100,000 substitute tax per year for high-net-worth individuals on income generated abroad, a 90% income tax exemption for workers relocating to southern regions and a 70% exemption for works in other regions. In addition, retirees who move to the south of Italy can enjoy a flat-rate 7% tax on their pension incomes from abroad.
Many Britons who have moved to Italy have settled in the north of the country for work, according to a 2021 survey from the British Embassy, with a fifth of respondents living in Lombardy and nearly as many (18%) in Lazio. Other popular areas for Britons living in Italy include Tuscany, where 12% of those surveyed by the British Embassy have settled, Piedmont (7%), Veneto (6.5%) and Emilia-Romagna (5%). Abruzzo, Umbria, Puglia, Calabria and Sicily also have their own communities of British settlers.
“Italy is an incredibly diverse country, meeting the needs of Britons who move here for a wide range of reasons. Retirees looking to make their money go further, families looking for a better quality of life and dynamic individuals looking to build their careers on their own terms can all find what they are looking for here in Italy,” said, Alessandro Belluzzo, President, Italian Chamber of Commerce and Industry for the UK
Italy’s unemployment rate surged after the global financial crisis, peaking at 12.7% in 2014. It has fallen steadily in the years since, though, dropping to 8.2% in 2022. Monthly figures for 2023 show that it has dropped further still, falling to 7.4% in June. For digital nomads, working in Italy is an attractive option, with co-working spaces dotted around some of the most exciting cities in Europe. Italy provides a self-employment visa option for non-EU nationals, as well as a range of long-stay visas for those not intending to work while living there.
Long stays certainly seem to be what many Britons who move to Italy are seeking. The British Embassy survey found that a fifth of the 1,200 respondents had lived in Italy for between 10 and 20 years, while a third had been there for two decades or more.
The low cost of living in Italy is another attraction for many of those who move there. According to the latest figures from Numbeo, living la dolce vita is, on average, 4.2% cheaper than life in the UK. In some areas of daily life, the savings that Italy can offer are particularly significant. Rent there, for example, is 37% lower than it is in the UK on average.
Italy also offers significant health and wellbeing benefits. The climate, cuisine and plentiful opportunities for enjoying the great outdoors mean that Italy has the sixth highest life expectancy in the world, at 84.20 years. The UK ranks 30th globally for life expectancy, at 82.31 years.
“Italy ticks many boxes when it comes to providing a lifestyle that makes people want to stay, as well as being a superb luxury travel destination. For Britons who are interested in starting a new life here, we are holding a free-to-attend Moving to Italy Show in London this November,” said, Alessandro Belluzzo, President, Italian Chamber of Commerce and Industry for the UK
Taking place in the Royal Automobile Club in Pall Mall, London on 28th November 2023, the Moving to Italy Show will provide expert information and insights for those considering making the move. Seminars, panel discussions and networking with select exhibitors will provide plenty of opportunities for delegates to access details on property, finances, employment, lifestyle and the legal aspects of living in Italy.
To book tickets to attend the free Moving to Italy Show and Seminar on 28th November 2023, visit https://www.italchamind.org.uk/events/moving-to-italy/.