Many of us dream of owning a home abroad. But purchasing a significant asset in a foreign country in a different currency comes with a particular set of complexities. If you are buying a house abroad, in Italy or in a country with a different currency, you should be aware that you could lose significant amounts of money due to the bank charges on both your side and the receiver’s side, and also due to the fluctuating exchange rate. There are large amounts to be saved or lost when transfering the money in order to buy a property, depending on the service you use.

Whether you buy or sell property in Italy, or in other countries and you are paying in a different currency, you're paying a cost for converting those amounts from one currency to another. For this reason we recommend our clients to ask the advice of a company with expertise in this sector instead than simply transfer the money from their own bank account in the U.S.A. or in the UK to a bank account in Italy.

International property purchases, and the financial transactions that go with it, require specialist brokerage services that make the process straightforward and secure, and get the best possible deal in a world of fluctuating exchange rates.

With an account manager that is on hand throughout the process from start to finish, clients can access expert guidance and service from a foreign exchange specialist that understands the client’s needs and has a constant eye on the market to lock in the best deals possible.

In the past years we have worked with many international clients who have opted to work with specialist companies to avoid losing money on exchange rate and international transfer fees.

With the property market on hold and in-person house viewings suspended, many agents are offering online viewings instead – but would you buy or rent a home you’ve never seen in person?

Read here the true experiences of three American couples who have dared to buy in Italy during lockdown and travel ban.

Yes, We Purchased Two Houses Through
a Video Call

2020 has been a challenging time for the world due to the Coronavirus Pandemic. In early 2020, many states in the U.S. were shutdown with a stay-at-home order in effect. During that time, we decided to look at homes in Europe via the Internet. Italy was at the top of our list because we had recently visited and because we love the history, culture and traditions of the Italian people. Pat and I are both of European descent, Me from Italy and Pat from Spain.

The main reason we were looking to invest in Italy is we began to see a declining stock market in the U.S. and wanted to invest our money in Real Estate. This enabled us to seek a great opportunity for a return on our investment along with an amazing country to visit. Purchasing during the pandemic, we were able to find many properties with reduced prices, creating great value for us. We also were driven by the accessibility to the rest of Europe by Italy’s central location.

In the beginning, we conducted hours, days and weeks of research on the process of purchasing property in Italy. We discovered many laws, rules and regulations which needed to be followed. The process is very different from the U.S. At first, we were hesitant but the more we learned about the process the more comfortable we felt.

Back in March, when Italy started its first very strict lockdown, I thought that 2020 was going to be a very quiet year with no clients and no sales; As I am a positive person by nature, I started to focus on other aspects of my job: finding new beautiful houses to put on the market, writing nice blogs for our readers, catching up with the always neglected boring admin jobs.

At the same time, I wanted to give people abroad the possibility to carry-on dreaming about their house in Italy and start planning for the future, also as a “therapy of happiness” during the various lockdowns around the world and continuous bad news from the media.

I thought we could give our clients the possibility to visit their favorite houses remotely from their homes, through a Video Call during which they could walk around the house, ask to stop and see a particular detail, ask to look at the view from a window or just have a little walk in the neighborhood to breath in the atmosphere of the town.

Today’s technology makes it possible and easy, so why not?

I did not expect to sell houses this way. I simply considered it as a little service for those people who were planning to eventually visit in person and also as a good way to start narrowing down their list of favorite properties.

What kind of visa can you get as a US citizen looking to move to Italy, and how much money will you need?

Over the past few years, as more American citizens have purchased houses in Italy, the demand for more information on how to buy property here has increased. Many American clients write to us asking whether special documents are necessary to go through with the purchase of property in Italy and if they have to pay higher taxes compared to EU citizens.

In response we decided to write this article to answer to the most frequently asked questions American citizens may have.

FAQ about buying property in Italy as an American

Table of contents

1. I am an american citizen: Can I purchase a house in italy?
2. What are mutual agreements?
3. Do americans pay higher taxes to purchase a house in Italy?
4. I am an american citizen who would like to purchase a holiday home in Italy: Which documents do I need to have?
5. I am an american citizen who wishes to become a resident in Italy: Which documents are required?
6. How long does the elective visa last?
7. How to register as a local resident?

I am an american citizen: Can I purchase a house in italy?

The answer is yes! American citizens can buy houses in Italy without needing to have any special documents and do not have to pay higher taxes compared to EU citizens. This is because Italy has mutual agreements which enable the buying and selling of real estates in Italy by foreign citizens.

What are mutual agreements?

Basically, the current regulations allow the purchasing of property by foreigners as follows: