Moving to Italy. Is it feasable?

General.

Moderator: Daniel

Moving to Italy. Is it feasable?

Postby Anonymous » Sat May 06, 2006 3:17 pm

I am one of those seeking Italian citizenship, who wants to live permanently in Italy, and i look forward to moving there.

However, I now see a stumbling block ahead of me. That is, the monetary exchange rate.

I have been monitoring the exchange rate for almost two years. The Euro has been maintaining at least $1.20 to the US dollar. Sometimes it fluctuated at $1.17-1.19. But now, it is about $1.27-1.28 to every US dollar. The US dollar is only worth about 78 cents, to 1 Euro.

So, I would tend to lose a great deal of money, changing from the Dollar.

The only alternative that I can think of is for me to leave most of my money in my US bank, until the US dollar rises to a better level against the Euro, BUT, as I said, the Euro has been maintaining strength for the last two years at least, and I don`t wish to wait years for a more favorable exchange rate.

Does anyone have any suggestions, that will ease the loss in transition?
Anonymous
 

Postby Em » Sun May 07, 2006 11:16 am

And if Iran does as it wishes and exchanges oil money for Euros, it will be even more bad news for the dollar. It will also mean higher prices in Europe--a lose/lose situation for Americans who are financing their lives in Italy with the American dollar.

I wish I had an answer that solves the problem, but my guess is that at this point, it is better to exchange as few dollars as possible. The one thing history teaches is that nothing stays the same. When the dollar strengthens--and I have to believe it will--that's when you make your move.
User avatar
Em
 
Posts: 3028
Joined: Fri Mar 31, 2006 6:57 am

Postby Anonymous » Sun May 07, 2006 11:40 am

Thanks EM. I guess I should marry a rich Italian woman or become a Gigolo.

I do not think the US dollar will become stronger, as it has been falling for the last couple years. The Euro is steady.

As for the US attacking Iran, I believe it will have an adverse affect, but more so to Americans, (but not this American)

Anyway, I just sent an email to a yacht building company in Italy, asking them about employment. I have the skills to install electrical systems, in which they seem to have a need. I could do this until I get set up with my other business venture, perhaps for 6 months, which is just a temporary setback.

My thoughts are: since I will no doubt lose a great deal of money, I can work for a while, to replenish my money, RATHER than immediately put out money for a business. The money I would earn would be in Euros, which would help offset my loss
Anonymous
 

Postby Em » Sun May 07, 2006 1:07 pm

And isn't it great that as an Italian citizen, there will be no impediments to your working there. :D
User avatar
Em
 
Posts: 3028
Joined: Fri Mar 31, 2006 6:57 am

Postby Anonymous » Sun May 07, 2006 1:36 pm

Very great!. no work visas, no permesso soggiornos. Niente!

I am only required to be there to work my few hours and take my siesta for 3 hours. I only want to work part time anyway, so I can be free to travel a bit
Anonymous
 

Postby Em » Sun May 07, 2006 3:54 pm

It's a tough life, but someone's gotta do it. Seriously, that's perfect--just enough work to keep you busy and active, and not so much to interfere with fun. Enjoy.
User avatar
Em
 
Posts: 3028
Joined: Fri Mar 31, 2006 6:57 am

Postby Anonymous » Sun May 07, 2006 10:47 pm

I am semi retired. I have worked hard enough. At this point in my life, I just want to relax. When I arrive in Italy, I will see very little of heavy traffic, such as the New Jersey Turnpike, I-95, etc. A cabin in the woods, by the river, is looking better all the time. I want peace with a view
Anonymous
 

Postby Anonymous » Tue Sep 12, 2006 7:01 pm

To early.
Anonymous
 

Re: Moving to Italy. Is it feasable?

Postby jpp888 » Tue Oct 03, 2006 8:34 am

Angiolo wrote:I am one of those seeking Italian citizenship, who wants to live permanently in Italy, and i look forward to moving there.

However, I now see a stumbling block ahead of me. That is, the monetary exchange rate.

Does anyone have any suggestions, that will ease the loss in transition?


I am in a similar situation. I saved up a great deal of money in the US before I immigrated abroad. I have been planning for years to cut all ties with banking in the US but it has been difficult because of the exchange rates.

I earn £ now and only use my UK account for all my banking and transactions. What I have done is simply 'invest' my USD into a high earning savings account (i.e. a CD) whilst I am waiting for the exchange rates to become more favourable. I have been waiting almost 4 years now! However, since I dont need the money immediately I am able to wait. Sooner or later though I will close the account and move all my money into my foreign account. For example, maybe next year i will buy a house or decide to quit my job which means I will have to exchange it all even if the rate is not favourable. It is just a game of chance!

Look at it this way though: if you have $10.000 USD saved up and you move to Italy that $10.000 is worthless in your new home. It is better to exchange it and have 8.000 Euro which you are able to enjoy!
jpp888
 
Posts: 91
Joined: Wed Sep 20, 2006 9:27 am

Postby Anonymous » Tue Oct 03, 2006 9:11 am

Yes, I also have been looking at the Euro vs US dollar for about 4 years now, and the Euro remains strong and simply "dips" slightly, but it doesn`t dip far enough to suit me.
I am not so ready to lose $2000 on an exchange rate, if I exchange $10,000.
The downside to this, is that I would need money to live on, and so, I would have to change a certain amount. The plus side is that the cost of living is lower in Italy compared to the US, and so, in that respect, I would not be losing much.
Unfortunately, I do not have the money I need to support myself 'long term', without having to replensih my money, by working.
So, I will have to take a great loss, but I don`t want to lose any more than necessary, and so, I am still watching the rates.

Another way of looking at this, is to take the 'best rate' that comes along. for ex: The euro is usually around 1.27 on average, and so when it drops to 1.25 just go ahead and exchange it. But, I am still hopefull that the rate will become even better. But, how long should I wait, is the question. It is in a sense, a gamble, and I am not a good gambler, but I am business minded
Anonymous
 

Postby AnotherCitizenToBe » Sat Oct 20, 2007 7:10 am

What does euro vs. dollar have to do with anything? I think this conversation misses the forest for the trees.

Don't get me wrong - I am not proposing that this is not a problem, only that you are looking at the wrong data.

The correct question is, "How much stuff will I be able to buy with my converted dollars when in Italy?" If (I said *if*) prices are generally lower in Italy such that you could buy a home that would cost $100,000 in the US for $78,000 in Italy, or a $1.00 candy bar for $0.78, then I hope you can see that the euro/dollar exchange rate is meaningless.

Check out real estate and other prices in the area of Italy you would like to settle in, convert the prices of those items from euros to dollars, then compare the cost to the same/similar items purchased in the US. You will find that in some cases the difference is in your favor and in other cases it is not. However, I guarantee you that it will not be as simple as 1 euro = 0.78 dollars.
AnotherCitizenToBe
 
Posts: 360
Joined: Sat Apr 07, 2007 9:49 am

Living in Italy

Postby NOLA » Sat Oct 20, 2007 9:20 am

My husband and I have rented apartments in Italy and have shopped, prepared food and eaten in hundreds of restaurants. Living in Italy is not expensive if you avoid top sites. For instance, in Matera, an excellent meal with wine is about $45.00 a couple. Buying food is not expensive. Buying paper products and cleaning products is, just as they are expensive in the US. Buying clothing is expensive as buying quality products in the US, because there is not a tremendous influx Chinese goods. This is probably going to change, but he average Italian is happy to have less clothing, but well-made.What is more expensive in Italy is energy...electricity especially. You will note that everybody hangs clothes on the line. My relatives in Italy, even one who is a plumbing contractor, does not have a clothes dryer. This is the only thing that bothers me about life in Italy.

I burocratici are definitely a problem, but with the help of a commercialista you can overcome tax law, etc. My advice is to do a trial run. Also, you will need a codice fiscale to open a bank account. You have to be a citizen or have a permesso di sogiorno to do this. The "ex-pats" site on the internet is an excellent source of info. This is just our personal experience.
NOLA
 
Posts: 120
Joined: Mon Jul 30, 2007 12:18 pm
Location: New York City

Re: Living in Italy

Postby jpp888 » Mon Oct 22, 2007 7:11 am

To go back to the original subject, you have to realise that the exchange rate will not likely change and you have to swallow the bitter pill that the USD is worth less than the EUR. I would say the same thing to someone coming from Mexico to the US. They can wait for years for the peso to be on par with the dollar, but it is better to just exchange the money and be done with it, as the money isnt doing you any good sitting in a bank.


NOLA wrote: You will note that everybody hangs clothes on the line. My relatives in Italy, even one who is a plumbing contractor, does not have a clothes dryer. This is the only thing that bothers me about life in Italy.


This is done everywhere in Europe. France, UK, Italy, Germany, etc. I prefer it.

Think of it this way: you save 6% of your household electricity costs, are producing less waste and are helping the environment and you are saving a few hundred Euros for the price of a dryer. 90% of the time a dryer is not needed anyway and is really just an unnecessary convienience.

Look at it like an automatic transmission on your car: it uses more fuel, you have less control of the car, it is more expensive to buy and repair and it is something that is completely unnecessary!
jpp888
 
Posts: 91
Joined: Wed Sep 20, 2006 9:27 am

Re: Moving to Italy. Is it feasable?

Postby piccola_pampina » Wed Jun 03, 2009 11:10 pm

The Dollar was only higher in the exchange rate for like a year, and that was when the Euro first came out. The Dollar has since plummeted. Two years ago when I was abroad studying, Americans in Italy were almost paying twice what they would have in Dollars. Last summer, the Dollar was doing better. This summer I'm going yet again, but dread looking at the exchange rates. :cry: I feel even poorer than I already am, and think that my money that I have been saving will soon amount to nothing. Think of how the Dollar is in comparison to the Pound. :oops: Che vergogna!
piccola_pampina
 
Posts: 82
Joined: Mon May 25, 2009 12:26 am

Re: Living in Italy

Postby Nicola » Thu Jun 04, 2009 1:37 am

jpp888 wrote:
Look at it like an automatic transmission on your car: it uses more fuel, you have less control of the car, it is more expensive to buy and repair and it is something that is completely unnecessary!


It's a modern world. In Italy anything without a clutch pedal is legally an "automatic" If you could make a F1 car street legal it would be called an automatic.

I suggest you look at something like the VW DSG transmission. Off the top of my head only one of the high mileage cars [The new VW Polo ] doesn't use a similar system to the DSG. Even with the Polo I bet it's more about cost then anything else. Porche invented these transmissions for the track 20+ years ago. Turns out they are better not just on the track but better for fuel mileage to.
Nicola
 
Posts: 52
Joined: Sat Mar 21, 2009 12:54 pm

Next

Return to Living and Working in Italy

Who is online

Users browsing this forum: No registered users and 1 guest

cron