This article was created in partnership with Western Union.
Like moving away from home to any country, settling in Italy isn’t always easy. Navigating migration to Italy pushes you out of your comfort zone, challenges you with new customs and potentially takes you far away from loved ones. But despite these difficulties, moving to Italy can also be exciting and rewarding, allowing you to experience life in a beautiful country filled with historic cities. And with the right financial services at your fingertips, it can also be lucrative.
Understanding the finances involved in migrating to Italy doesn’t have to be daunting. Here are some financial tips you should consider when making the move.
Establishing employment in Italy prior to your move is an important step in ensuring you have regular income upon arrival. Without a contract or firm evidence of employment in Italy, you may find yourself in financial difficulty when you get there. You can source employment individually, through personal connections already in Italy or through agencies that can help connect you with employers.
Securing work and residency permits is also essential. These, too, can be obtained before you arrive in Italy via the Italian embassy in your native country. The Ministry of Foreign Affairs can provide you with a list of the right addresses and contact information.
Immigration rules, as well as the availability of work permits, residency permits and Italian visas, vary depending on your personal circumstances. Your age, skill set, family dependents and, most importantly, your country of origin all impact the details of your work visa, so it’s best to apply well in advance of your trip and to research your country’s relationship with Italy before migrating. If you are coming from a European country, however, you’re entitled to live and work in Italy without the need for a permit.
Set yourself up financially
If you live and work in Italy, you’re likely going to have to pay taxes there, too. In some cases, your employer may pay your taxes on your behalf by taking the money directly out of your wages. Be sure to check with your employer to see what percentage, if any, they pay on your behalf.
There are also two basic actions you should take upon arriving in Italy:
- Acquire a “codice fiscale.” A codice fiscale is a tax code that’s required for many financial transactions, including when signing a rental contract or opening a bank account. You can easily acquire a codice fiscale at a local branch of the Agenzia delle Entrate, the government revenues agency, but before you move to Italy, check with a branch to see what paperwork you’ll be required to submit.
- Open an Italian bank account. As a foreign resident in Italy, you’re entitled to open a bank account with an Italian bank. It’s best to choose a large bank with a national presence, as you’ll have access to more locations. To open an account, you’ll be required to provide a codice fiscale.
Together, these steps will enable you to take control of your money and give you independence and security as you begin working and living in Italy.
Send money home
Once you’ve set yourself up with your new life in Italy and begun earning money, you may well want to get some of those funds to people in your country of origin. Money transfer services, such as those offered by Western Union, are a reliable and convenient way to move money to friends, family or business partners back home. You’ll be able to track your weekly or monthly payments and have access to a global network of hundreds of thousands of agent locations worldwide. Before you move to Italy, set up recurring payments using the Western Union® app by inputting your loved ones’ bank account information and scheduling future payments. This will give you the peace of mind you need when establishing your new life in Italy.
While migrating to a new country can be difficult, having the right financial tools in place can make the transition much smoother. And with money transfer services, you can rest assured your family and friends back home are taken care of, even as you embark on a new chapter of your life.