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The United States and Italy, one of the original members of the European Union (EU), have a number of long-standing political and economic alliances, as well as one of the most valuable trade and investment relationshipsin the world. Currently, there are no restrictions for American citizens or businesses who wish to transfer money from USA to Italy and convert USD to EUR for their personal or professional requirements.
American citizens who are visiting Italy for work, study, or business and plan to stay less than 90 days do not need a visa. Italy, as part of the Schengen zone, requires only a valid passport for US citizens who wish to stay less than 90 days. For stays of 90 days or longer, American citizens must apply for a visa through their nearest Italian embassy or consulate. For Americans seeking stays longer than three months or permanent residency, Italy requires the submission of a visa application before arrival, and then a residency permit application (permesso di soggiorno) must be completed once within Italy.
Purchasing property for American citizens is relatively easy in Italy, as there are currently no restrictions on foreign property ownership. Obtaining the services of a licensed real estate agent is advisable, however, as there are two important steps required by Italian law before a property purchase is considered legal and complete. Once these steps have been completed, a US citizen may then arrange to transfer money from USA to Italy to complete their property purchase.
To initiate a property purchase, the buyer and the agent must write up a document called the commitment agreement, which provides details on the property, including the price to be paid. Once the commitment agreement is signed, the deed of sale is written, which is then notarized by a public notary. While it is not mandatory that the commitment agreement be notarized, the deed of sale is required to be notarized by an authorized public notary. In real estate transactions, the public notary acts as an official representative of the Italian state and is also responsible for registering the transfer of the property at the land registry office.
If planning to study in Italy for less than 90 days American students do not need a short-stay visa. For study periods of longer than 90 days, American citizens must apply for a longer-stay student visa. Once in Italy, the student must visit their local questura, or immigration office, to validate their student visa and obtain a resident permit. Currently, there are no restrictions on Americans who wish to transfer money from USA to Italy to pay for student fees.
American citizens living abroad must declare their earnings by filing tax forms annually, and must pay taxes on their worldwide earned income to the US government. By Italian law, non-residents are taxed only on the income they generate from local work. The US and Italy have a tax treaty agreement in place to avoid double taxation of citizens living and working in either country. Currently, an American citizen who pays taxes in Italy is eligible to receive tax credits with the US government. There are no restrictions in place at this time for US citizens who need to make an international funds transfer to Italy to pay for any taxes owed.
Italy’s national health insurance is managed by the National Health Service. All residents pay taxes to help fund this system, and non-citizens who have a resident card are permitted to enroll in the service. Under the national health plan, hospital services are free of charge. For non-residents or visitors, emergency treatment is available free or low-cost. However, it is advisable for American citizens traveling in Italy to have a private insurance policy that covers overseas healthcare services, or to obtain traveler’s insurance for the duration of the visit.
US citizens living in Italy are eligible to vote by absentee ballot in American presidential, primary, and state elections. American citizens must first register for absentee balloting with the last American state precinct in which they were registered, and will then be eligible to vote by absentee ballot.
As one of the founding countries in the European Union, Italy and the United States have one of the largest two-way trading relationships in the world, with two-way trade of goods and services between the countries estimated at $1.06 trillion in 2013 with large amounts of dollars converted to euros every day. Currently, the US and the EU are in discussions for their latest trade agreement, the Transatlantic Trade and Investment Partnership, a trade and investment agreement which seeks to reduce tariffs and trade regulations and enhance business and investment opportunities.
The US and the EU also work together on a number of other global and regional initiatives in support of human rights, global safety, and political alliances. The EU represents the second largest imports market for the US. Total imports to the EU in 2013 were valued at $262.3 billion, accounting for 16.6% of overall US imports that year. US foreign direct investment and money transfers into the EU was valued at $2.2 trillion in 2012.
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