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Italy Hopes to Lure Retirees to Sicily, Sardinia and Calabria With Massive Tax Break
Melanie Lieberman
Managing Editor for Global Features
Melanie is currently the managing editor for global features at TPG, where she oversees daily travel and lifestyle news, destination coverage, travel features and reports. Prior to TPG, Melanie was an editor at Travel + Leisure magazine, and her work has appeared in Bloomberg Pursuits, Yahoo Travel, Jetsetter, Boston Common magazine, Luxe City Guides, Thrillist and Saveur magazine, among others. She has been recognized for her journalism, poetry, prose and playwriting in various competitions and festivals, and has been featured as a travel expert by notable outlets across radio, podcasts, in print and on television, including "Good Morning America," MSNBC, Fox Business and The Weather Channel.
Sept. 12, 2018
•
2 min read
Italy Hopes to Lure Retirees to Sicily, Sardinia and Calabria With Massive Tax Break
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If you’d prefer to put your IRA toward limoncello and a charming Italian casa di campagna rather than taxes, you might be in luck. A new proposal from the League — Italy’s nationalist, far-right party — hopes to attract retirees to southern Italy for a decade of tax-free retirement.
“We’re trying to provide an incentive for the transfer of older people [toward the south],” Alberto Brambilla, economic advisor to deputy prime minister Matteo Salvini, told La Repubblica.
According to the Italian paper, both local as well as foreign pensioners will be eligible for the project, which aims to repopulate the rapidly declining southern regions of Sicily, Sardinia and Calabria.
If the scheme is ever realized, it would aim to welcome some 600,000 residents to southern Italy, which is experiencing rapid depopulation and severe unemployment. (La Repubblica reported that an estimated 60,000 retired Italian families have fled to destinations such as Panama, Mexico, Portugal and Cyprus — places where favorable rents will help them stretch their pensions.)
To qualify, retirees would be required to settle in villages and towns with a population that has declined by at least 20% in the last decade, and with fewer than 4,000 residents.
Brambilla said that Italy could expect to welcome those 600,000 new silver-haired inhabitants in as few as three or four years “as a result of the [tax] relief.” Each family could contribute up to €25,000 (nearly $30,000) a year to the local economy.
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For those enticed by the promise of “total tax exemption for the first 10 years” of a dreamy retirement in Italy — not to mention Mediterranean views and pasta con le sarde — don’t rush to put your house on the market just yet. The proposal is far from becoming law.
If the League's bold plan is ever realized, however, expats won't have any trouble finding a place to call home. Last month, The Independent reported that abandoned stone homes in the Sicilian town of San Piero Patti were being exchanged for €1 (about $1.20), and the promise that the new homeowners would restore the property in the traditional fashion.
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- Earn 4X Membership Rewards® points per dollar spent at US supermarkets, on up to $25,000 in purchases per calendar year, then 1X points for the rest of the year.
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Best for dining at restaurants
TPG Editor‘s Rating
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Rewards Rate
| 4X | Earn 4X Membership Rewards® points per dollar spent on purchases at restaurants worldwide, on up to $50,000 in purchases per calendar year, then 1X points for the rest of the year. |
| 4X | Earn 4X Membership Rewards® points per dollar spent at US supermarkets, on up to $25,000 in purchases per calendar year, then 1X points for the rest of the year. |
| 3X | Earn 3X Membership Rewards® points per dollar spent on flights booked directly with airlines or on AmexTravel.com. |
| 2X | Earn 2X Membership Rewards® points per dollar spent on prepaid hotels and other eligible purchases booked on AmexTravel.com. |
| 1X | Earn 1X Membership Rewards® point per dollar spent on all other eligible purchases. |
Intro Offer
You may be eligible for as high as 100,000 Membership Rewards® Points after spending $6,000 in eligible purchases on your new Card in your first 6 months of Membership. Welcome offers vary and you may not be eligible for an offer.As High As 100,000 points. Find Out Your Offer.Annual Fee
$325Recommended Credit
Credit ranges are a variation of FICO® Score 8, one of many types of credit scores lenders may use when considering your credit card application.Excellent to Good
Why We Chose It
There’s a lot to love about the Amex Gold. It’s a fan favorite thanks to its fantastic bonus-earning rates at restaurants worldwide and at U.S. supermarkets. If you’re hitting the skies soon, you’ll also earn bonus Membership Rewards points on travel. Paired with up to $120 in Uber Cash annually (for U.S. Uber rides or Uber Eats orders, card must be added to Uber app and you can redeem with any Amex card), up to $120 in annual dining statement credits to be used with eligible partners, an up to $84 Dunkin’ credit each year at U.S. Dunkin Donuts and an up to $100 Resy credit annually, there’s no reason that foodies shouldn’t add the Amex Gold to their wallet. These benefits alone are worth more than $400, which offsets the $325 annual fee on the Amex Gold card. Enrollment is required for select benefits. (Partner offer)Pros
- 4 points per dollar spent on dining at restaurants worldwide and U.S. supermarkets (on the first $50,000 in purchases per calendar year; then 1 point per dollar spent thereafter and $25,000 in purchases per calendar year; then 1 point per dollar spent thereafter, respectively)
- 3 points per dollar spent on flights booked directly with the airline or with amextravel.com
- Packed with credits foodies will enjoy
- Solid welcome bonus
Cons
- Not as useful for those living outside the U.S.
- Some may have trouble using Uber and other dining credits
- You may be eligible for as high as 100,000 Membership Rewards® Points after you spend $6,000 in eligible purchases on your new Card in your first 6 months of Card Membership. Welcome offers vary and you may not be eligible for an offer. Apply to know if you’re approved and find out your exact welcome offer amount – all with no credit score impact. If you’re approved and choose to accept the Card, your score may be impacted.
- Earn 4X Membership Rewards® points per dollar spent on purchases at restaurants worldwide, on up to $50,000 in purchases per calendar year, then 1X points for the rest of the year.
- Earn 4X Membership Rewards® points per dollar spent at US supermarkets, on up to $25,000 in purchases per calendar year, then 1X points for the rest of the year.
- Earn 3X Membership Rewards® points per dollar spent on flights booked directly with airlines or on AmexTravel.com.
- Earn 2X Membership Rewards® points per dollar spent on prepaid hotels and other eligible purchases booked on AmexTravel.com.
- Earn 1X Membership Rewards® point per dollar spent on all other eligible purchases.
- $120 Uber Cash on Gold: Add your Gold Card to your Uber account and get $10 in Uber Cash each month to use on orders and rides in the U.S. when you select an American Express Card for your transaction. That’s up to $120 Uber Cash annually. Plus, after using your Uber Cash, use your Card to earn 4X Membership Rewards® points for Uber Eats purchases made with restaurants or U.S. supermarkets. Point caps and terms apply.
- $84 Dunkin' Credit: With the $84 Dunkin' Credit, you can earn up to $7 in monthly statement credits after you enroll and pay with the American Express® Gold Card at U.S. Dunkin' locations. Enrollment is required to receive this benefit.
- $100 Resy Credit: Get up to $100 in statement credits each calendar year after you pay with the American Express® Gold Card to dine at U.S. Resy restaurants or make other eligible Resy purchases. That's up to $50 in statement credits semi-annually. Enrollment required.
- $120 Dining Credit: Satisfy your cravings, sweet or savory, with the $120 Dining Credit. Earn up to $10 in statement credits monthly when you pay with the American Express® Gold Card at Grubhub, The Cheesecake Factory, Goldbelly, Wine.com, and Five Guys. Enrollment required.
- Explore over 1,000 upscale hotels worldwide with The Hotel Collection and receive a $100 credit towards eligible charges* with every booking of two nights or more through AmexTravel.com. *Eligible charges vary by property.
- No Foreign Transaction Fees.
- Annual Fee is $325.
- Terms Apply.