Living in Italy is one of the best decisions an American can make.
It’s an enthralling experience and one you are going to benefit from as an expat. We find this to be one of the most alluring and charming nations on the planet.
It is historic, beautiful, and offers a robust society that’s easy to enjoy as an expat. For those who want something unique and authentic, there is nothing better than a city in Italy.
A lot of people that move to Italy will want to make sure they are doing their homework. This includes learning more about buying a property in Italy.
Is this possible? Is it going to be pricey?
This guide will look at buying a property in Italy as an expat, what to look for, and how to do it the right way.
Can Expats Buy Property In Italy?
Yes, expats can buy property in Italy. It’s common for US citizens to buy properties in Italy as there is a mutual agreement in place between the two nations. This allows US citizens to buy and/or sell properties in Italy normally.
Please note, you will still want to adhere to the local regulations, which are going to differ from what you would see in the US.
It’s best to consult with a real estate lawyer to learn more about these regulations if you are in doubt. This will put your mind at ease as a foreign citizen.
Tips For Buying Property In Italy
Know The Regulations
If you are moving to another country without family, it’s going to be a learning curve and the same applies to those who want to buy a property in Italy as a foreigner.
It’s best to start with the regulations.
This will act as the foundation for any decision you end up making. You don’t want a situation where you are unaware of the regulations and it comes back to bite you later.
So, what are the requirements to buy a property as an American?
Americans buying property in Italy will need to look at the mutual agreement between the two nations. This is going to include your current standing in Italy (i.e. residence permit, existing family with a residence permit, or EU citizenship.
You will want to go through these regulations to better recognize whether or not you can move forward with a property in Italy.
Get The Right Documents In Place
You will want to take the time to go through the necessary documents for buying a property in Italy as an expat.
Expats buying property in Italy need to think about what they are going to be asked for in Italy.
The nation does have strict regulations and enforces them too.
As a result, you will want to start with the basics including your passport. After this, you are going to want to understand the taxation regulations for buying property and then speak to a local real estate professional and/or lawyer.
This will help make it easier to complete the transaction without making legal mistakes.
Learn About Taxation Laws For Properties In Italy
As mentioned above, you will want to learn more about the taxes for properties in Italy.
There are stipulations for how much tax you are going to pay depending on the type of property you are investing in.
In general, an American is not going to pay extra taxes on a purchase. It is going to be the same as anyone else buying a property.
Of course, this means you are still going to be paying taxes and you are not going to receive privileges for being a foreign investor.
Keep this in mind, when you are handling your taxes later.
Type Of Property Can Dictate Your Strategy
You will also want to think about the type of property you are buying in Italy.
This is going to dictate how things turn out.
For example, it is common for people to buy vacation rentals. This is where you have a home you go to at different times of the year and then rent them out when you are back in America.
This tends to mean you stay in Italy for less than 90 days and then head back.
If that’s the case, you are going to want to see whether or not your visa is approved. This is key if you are going back and forth.
If you are looking at a permanent home in Italy, this is going to come along with additional expenses including your living costs in the city.
Account for all of this when you are moving abroad on your own.
In the end, there is nothing wrong with buying a property as an American in Italy.
You will want to take the time to consult with a real estate professional in the city you’re looking to buy in. This will simplify the handling of potential legal requirements that always come up whether you are in the US or Italy.
Don’t overlook these details because they can create issues later.
Have the right documentation ready to go, speak to the real estate professional, and then begin the paperwork.
This is how getting a property in Italy becomes easier as a foreigner.
Amanda Harper is a travel enthusiast with 10+ years of traveling experience across the planet. Her passion for writing and travel makes her a walking bibliography on modern-day tourism.