Overseas Property Series: A Foreign Buyer in Italy

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buying property in italy
Sorrel Barnard
Researcher
Sorrel is a new addition to the writing team at FXcompared. A resident of Brooklyn, she is married to an English expat and is very familiar with the processes and challenges of transferring money… Read more

La dolce vita! Whether it’s the rolling hills of Tuscany, the art and architecture of Florence, or the wine and food just about everywhere, the culture and Italian way of life is undeniably appealing.

If you find yourself dreaming of a vacation home on the Amalfi coast or spending your retirement learning to make pasta and driving Ferraris, there are some practical considerations to make before looking at any Italian property for sale.

Will it be a primary residence or vacation home; restoration project or holiday rental? How will a purchase fit into your overall finances and what are the possible practical, legal and personal challenges of maintaining a home in another country or possibly retiring there? Visit the area you are considering multiple times, rent a home similar to the one you’re looking to buy, shop for food, do laundry and go about your daily life as if you were living there to allow yourself the full residential experience before taking the plunge.
Before entering any agreements, it is wise to engage an attorney in your home country who is bilingual and familiar with both international and Italian property law. You will also want to engage an estate agent local to the Italian region you wish to buy. The good news is there are no restrictions on foreign ownership. But be warned! The slow pace of life is a large part of Italy’s charm. A good marinara stews all day, the best wines are aged for years and similarly, buying property in Italy can require much patience.
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Other Payments and Fees

In addition to the purchase price, the property will be subject to various other payments and fees including: Registration Tax, VAT, Land Registry Tax, Notary Fee, Legal Fees, Real Estate Agent’s Fees.
When purchasing international property, particularly property for sale in Italy, the ability to compare exchange rates and the services international money transfer providers offer, can make a huge difference in the ultimate purchase price as well as the costs of ownership and maintenance.
Once the purchase is complete, be sure to check out the FXCompared Guide for Regular Overseas Payments for information on how best to pay for regular expenses like management and maintenance of your new home.

Planning for your purchase

The sheer logistics of purchasing international property can seem daunting. How can you know you’re getting the best deal? International money transfers are easier than ever thanks to mobile applications and online tools. Engaging a money transfer provider early in the process allows you the benefits of a dedicated account manager and fair exchange rates. Additionally, a money transfer provider can help you automate international payments and advise you on strategies to hedge risk in future international payments.


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FXcompared.com is an fx money comparison site for international money transfer and to compare rates from currency brokers for sending money abroad. The website and the information provided is for informational purposes only and does not constitute an offer, solicitation or advice on any financial service or transaction. None of the information presented is intended to form the basis for any investment decision, and no specific recommendations are intended.  FXC Group Ltd and FX Compared Ltd does not provide any guarantees of any data from third parties listed on this website. FX compared Ltd expressly disclaims any and all responsibility for any direct or consequential loss or damage of any kind whatsoever arising directly or indirectly from (i) any error, omission or inaccuracy in any such information or (ii) any action resulting therefrom.