You do not need rocket science to buy property in Italy, but you do need to understand how the money \u201cworks\u201d. In other words, can non-residents open bank accounts and secure mortgages in Italy? The answer is \u201cyes\u201d. Are there special banking requirements and\/or restrictions that foreigners need to consider? Again, \u201cyes\u201d. Are there resources available to help navigate an unfamiliar bureaucracy? Once more, the answer is \u201cyes\u201d.<\/p>\n\n\n\n
Forecanigners open a \u201c<\/strong>conto estero<\/em>\u201d, or non-resident account, at most Italian banks<\/strong>. Necessary documentation includes: passport<\/em>, residence card <\/em>or proof of employment<\/em>, a recent utility bill <\/em>(proof of residence), and a tax code <\/em>(\u201ccodice fiscale\u201d). Tourists typically do not open bank accounts in Italy, instead relying on cash, traveler\u2019s cheques, etc., but non-residents with second homes in Italy will usually find it more convenient and less expensive to do their banking with an Italian financial institution<\/strong>. Note, however, that deposits must be made either in imported euros or foreign currency. On the \u201cplus\u201d side, you will not be subject to withholding tax on interest earned with a non-resident account, as opposed to a resident account. Additionally, non-resident accounts earn interest at a greater rate than do resident accounts.<\/p>\n\n\n\n Bank rates, services and fees vary considerably<\/strong>; shop around <\/strong>before opening any accounts. You can open accounts via correspondence, if necessary, but the general recommendation is to do so in-person, which will help you to establish a personal working relationship with your bank-of-choice, which can be beneficial if you will need a mortgage loan in order to purchase property.<\/p>\n\n\n\n Once you have completed preliminary purchase steps and you are ready to apply for a mortgage there are a number of items to keep in mind. Know beforehand that the application process is often time-consuming and heavy on paper-work; diligence and patience will be rewarded. On a positive note, the considerable red-tape also serves to protect both buyer and seller.<\/p>\n","protected":false},"excerpt":{"rendered":" You do not need rocket science to buy property in Italy, but you do need to … Read More
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