Italy becoming prime retirement destination

Saturday, 11, Aug 2007 02:59

Italy is becoming a destination of choice for retiring Brits seeking a quieter and longer life, according to international property investors RealPointProperty.co.uk.

While Spain and southern-Europe have long been popular destinations for Brits seeking a place in the sun, recent changes in Italy have made it a more attractive destination.

Italy abolished inheritance tax in 2001, providing a financial incentive for those looking to retire.

"I think it's always been popular for the people who like Italy, who have an affinity for Italy. But since the law changed in terms of the inheritance tax, it's a lot more interesting for people who are looking at the financial angle as well," stated Eddie Crompton, director of RealPointProperty.

This change means those with assets they hope to pass onto children will not be penalised in Italy as they would be in the UK.

A stronger family atmosphere and also a sense of community is also still present in the south-European nation, according to RealPointProperty.

The climate and diet of the region also provide a further spur to move.

"It doesn't need to be stressed very much, really. Given the summer we've just had in the UK it's not difficult to convince people of [Italy's] benefits.

"Longevity as well - it's well known that people in the southern parts of Mediterranean countries, their diet is considered very healthy, so the quality of life increases . . . You get more for your money and you can enjoy a simpler and longer life, really," concluded Mr Crompton.