Yes, Is a formal way, but it's possible

What about receiving a letter that ends with this text: Wish good health to you. That's exactly the original meaning of 'saluti' from the Latin expression 'salus tibi', and 'wish' as an implicit verb. Saluti!

You can use 'saluti' in the closing line, andf it's nice to see it in emails for instance. There are two more options: a) cordiali saluti b) distinti saluti (a) adds a touch of 'warmth', BUT don't use with friends and not even here, it would not add but subtract warmth, it is used when you are just doing plain business with somebody. (b) is used when 'adding the warmth' and friendly hint will not be felt sincere, as when you are into a confrontational argument. So (b) means 'I know you are still a human being and I respect you just for that, don;t expect any more courtesy from me'. There are other conetxts for (b) less confronational. Ho cercato di essere chiaro, ma sono curioso di vedere altre risposte! Saluti da Roma.