If you are US citizen buying a house in Italy you may be wondering how you can facilitate the transfer of ownership for foreign real estate legally. In this article we will discuss real estate legal advice in Italy and some of the requirements you may have as a US investor in Italian real estate.
Non- EU citizens enjoying short stays in Italy have the eligibility to purchase property if an Italian citizen can also purchase property in the country of the prospective buyer. The idea is to create an open access policy for bilateral investing in real estate. In order to purchase real estate you will also need to have a long-term permit to stay in Italy for residency, family or work.
Speaking to an immigration lawyer could be a wise idea for perspective foreigners owning property in Italy.
Propelerty taxes must be paid to the Italian government on an annual basis if you own real estate in the country. If you are spending over 184 consecutive days in Italy for your professional or personal interests you must also declare your personal taxes in Italy.
The basic rule of some is that if you work, own property and have a family in Italy for over 184 days in the year you will be considered a full resident of Italy for taxation purposes. Very important that you receive purchase assistance from a legal professional to learn more about the taxes you might be responsible for before you place an offer in on Italian real estate.
The process of banking in Italy and preparing your finances before buying a home in Italy can require some work. Most people that purchase property will want to have an Italian bank account to manage utility bills and other payments for the home. Certain banks may not allow you to open up an account as Italy can be considered a tax haven for those living in high tax jurisdiction locations.
Finding an account that allows foreign access is crucial before beginning your plan to invest in real estate.
Before purchasing property you will also need to obtain an Italian tax code number which can take up to three weeks.
Be sure to handle some of these top items before you consider the process of investment in Italian Real estate.
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