Ciao!When we move from the US to Sicily we will sell nearly everything we own because the cost of international shipping is quite expensive. Once we get there we will need to purchase many things and start all over.
We have been pre-approved for an Italian mortgage, with a choice of taking it in Euros or Dollars. The exchange rate is currently pretty good, but the economy is very volatile and it's hard to predict what the future holds here or there. Italy c
Hi Everyone,My husband and I are planning to retire in Sicily in a few years. We are looking at places to buy in Giardini-Naxos. We have visited a few times and we would definately rent for a while first.
Thank you to everyone for your input. The bank is Popolare di Sondrio Succursale. The interest rate is a negative number + Libor. Since we will be living on money coming from the U.S., and after considering all your comments, I think it will be best if we get the mortgage in USD.
We have already secured a mortgage offer from a private swiss bank with offices in Italy willing to accept payment in dollars or euros. They will pay the italian seller in euros. We understand about the fees relating to the purchase. I have italian citizenship. I was merely speculating about wether it would be more financially advantageous to take the loan in dollars vs euros given currency value fluctuations. We are leaning toward dollars because our retirement income will be in dollars and there will be no exchange fees.
Thank you both for your insight and suggestions. The article links were especially helpful and I appreciate you both taking the time to post your comments. I understand it’s difficult to advise someone you know little about, so here’s my story. All four of my grandparents were born in Sicily and that’s how I acquired dual citizenship. At the time, I didn’t have any plans to use it; it just felt like an important thing to do. Next, I decided to see if I could locate relatives. I knew some of my ancestors immigrated to Melbourne, Australia and owned a winery, others came to the USA (my branch of the family), while many more stayed on the island. I Googled my way to a news article about wineries near Melbourne and stumbled across an interview with a fellow who said he emigrated from a small village in Sicily. I took a chance and emailed the winery and it turned out they were, in fact, my family. They provided me with the name and address of a cousin in Sicily to whom I wrote a letter. Just two weeks passed before I got a response and we began corresponding.A few months later my husband and I went to Sicily. We explored the Taormina area and fell in love with Giardini-Naxos. I felt at home, at peace, and very comfortable in a way that’s hard to explain and unlike I’ve felt on any of our previous trips to Europe. Next, we rented a car and drove an hour and a half to meet my cousins who live in the country. To our surprise, we were warmly greeted by 25 cousins, a welcome home party, a 5-course meal, and an invitation to stay with them, which we did for several days. Much of that time was spent looking through old photo albums, working on the family tree, and visiting cemeteries. Of course, there was also lots of eating and drinking! I cried when it was time to say goodbye. Now I am obsessed with going back.In five years I will retire from federal employment and my husband will retire from state employment. We don’t want to stay in Oregon and watch the moss grow. We want to live near the beach but Southern California and Hawaii are too expensive for us. We are also ready for an adventure, a change of environment, and a different way of life, so we’ve decided on Giardini-Naxos. After much contemplation and some research, we are thinking that a small 2 or 3 level home would be ideal. This way, we can live on one floor, have one for visiting family and friends, and possibly rent to tourists to supplement our retirement income. This, and a terrace for gardening, would keep us occupied and content, I think. The articles warn readers about the bureaucracy there. I have no doubt its bad but this is a problem where we live now and at least there we will have better weather and food. Case in point, just last week I spent 40 very frustrating minutes on the phone with my credit union trying to get them to divulge my member number. Regardless of all the passwords, security questions, mother’s maiden name, account number, social security number, etc., that I gave them they said they are not authorized to give me that information. The purpose for the call was because they upgraded their online banking website and first time users to the new system must enter a member number. Their website read “If you don’t know your member number, please give us a call.” After trying various menu options, being put on hold three times, and receiving poor customer service at its best, the woman on the phone gave me a number to call where someone could help me. It was the same number I called to get her.This is one example, but similar scenarios are common whenever dealing with the post office, utility companies, or government agencies. We’ve dealt with unscrupulous real estate agents and merchants, ridiculous property covenants, and found that renting a car or boat here is way more complicated than it was in Sicily. As government employees, both my husband and I can attest to the fact that incompetence, inefficiency, and nepotism are alive and well in the United States. There is a high level of homelessness, crime, and drug problems here and we rank much lower than Italy in health care, according to the World Health Organization.I could be completely wrong and in for quite a shock, which is why I am more than willing to listen to your advice and plan to rent for six months to a year before committing. I’m hoping that citizenship and family will make the adjustment a little easier and although my cousins are anxious to help, they cannot know what it’s like to be an expat there.Thank you!
Comments posted
Thank you to everyone for your input. The bank is Popolare di Sondrio Succursale. The interest rate is a negative number + Libor. Since we will be living on money coming from the U.S., and after considering all your comments, I think it will be best if we get the mortgage in USD.
We have already secured a mortgage offer from a private swiss bank with offices in Italy willing to accept payment in dollars or euros. They will pay the italian seller in euros. We understand about the fees relating to the purchase. I have italian citizenship. I was merely speculating about wether it would be more financially advantageous to take the loan in dollars vs euros given currency value fluctuations. We are leaning toward dollars because our retirement income will be in dollars and there will be no exchange fees.
Thank you both for your insight and suggestions. The article links were especially helpful and I appreciate you both taking the time to post your comments. I understand it’s difficult to advise someone you know little about, so here’s my story. All four of my grandparents were born in Sicily and that’s how I acquired dual citizenship. At the time, I didn’t have any plans to use it; it just felt like an important thing to do. Next, I decided to see if I could locate relatives. I knew some of my ancestors immigrated to Melbourne, Australia and owned a winery, others came to the USA (my branch of the family), while many more stayed on the island. I Googled my way to a news article about wineries near Melbourne and stumbled across an interview with a fellow who said he emigrated from a small village in Sicily. I took a chance and emailed the winery and it turned out they were, in fact, my family. They provided me with the name and address of a cousin in Sicily to whom I wrote a letter. Just two weeks passed before I got a response and we began corresponding.A few months later my husband and I went to Sicily. We explored the Taormina area and fell in love with Giardini-Naxos. I felt at home, at peace, and very comfortable in a way that’s hard to explain and unlike I’ve felt on any of our previous trips to Europe. Next, we rented a car and drove an hour and a half to meet my cousins who live in the country. To our surprise, we were warmly greeted by 25 cousins, a welcome home party, a 5-course meal, and an invitation to stay with them, which we did for several days. Much of that time was spent looking through old photo albums, working on the family tree, and visiting cemeteries. Of course, there was also lots of eating and drinking! I cried when it was time to say goodbye. Now I am obsessed with going back.In five years I will retire from federal employment and my husband will retire from state employment. We don’t want to stay in Oregon and watch the moss grow. We want to live near the beach but Southern California and Hawaii are too expensive for us. We are also ready for an adventure, a change of environment, and a different way of life, so we’ve decided on Giardini-Naxos. After much contemplation and some research, we are thinking that a small 2 or 3 level home would be ideal. This way, we can live on one floor, have one for visiting family and friends, and possibly rent to tourists to supplement our retirement income. This, and a terrace for gardening, would keep us occupied and content, I think. The articles warn readers about the bureaucracy there. I have no doubt its bad but this is a problem where we live now and at least there we will have better weather and food. Case in point, just last week I spent 40 very frustrating minutes on the phone with my credit union trying to get them to divulge my member number. Regardless of all the passwords, security questions, mother’s maiden name, account number, social security number, etc., that I gave them they said they are not authorized to give me that information. The purpose for the call was because they upgraded their online banking website and first time users to the new system must enter a member number. Their website read “If you don’t know your member number, please give us a call.” After trying various menu options, being put on hold three times, and receiving poor customer service at its best, the woman on the phone gave me a number to call where someone could help me. It was the same number I called to get her.This is one example, but similar scenarios are common whenever dealing with the post office, utility companies, or government agencies. We’ve dealt with unscrupulous real estate agents and merchants, ridiculous property covenants, and found that renting a car or boat here is way more complicated than it was in Sicily. As government employees, both my husband and I can attest to the fact that incompetence, inefficiency, and nepotism are alive and well in the United States. There is a high level of homelessness, crime, and drug problems here and we rank much lower than Italy in health care, according to the World Health Organization.I could be completely wrong and in for quite a shock, which is why I am more than willing to listen to your advice and plan to rent for six months to a year before committing. I’m hoping that citizenship and family will make the adjustment a little easier and although my cousins are anxious to help, they cannot know what it’s like to be an expat there.Thank you!