It’s the first question you need answered when seeking to buy a property in a new country: am I allowed to? It’s a good first question; after all, there are restrictions on non-resident buyers in countries like Australia and Denmark. But can you buy property in Italy?
Contents
- Can EU citizens buy property in Italy?
- Buying property in Italy as a non-EU citizen
- Can I get a visa via a property purchase?
- Getting your tax number to buy
- Can I invest in Italian property?
- Can I work remotely from my home in Italy?
- Can I buy a €1 property in Italy?
Can EU citizens buy property in Italy?
All European Union (EU) citizens can purchase property in Italy without restrictions. This straightforward process allows EU nationals to invest in Italian real estate freely, contributing to the growing market appeal. Additionally, citizens from countries that have bilateral agreements with Italy, such as the United States and United Kingdom, can also buy property.
Get your complete guide to buying property in Italy
Buying property in Italy as a non-EU citizen
Non-EU citizens face no legal barriers in purchasing property in Italy. The only non-EU citizens who cannot buy in Italy are those sanctioned – such as Russians at the moment, those on terrorist watch lists and other such extreme cases.
Can you buy property in Italy? Yes, even in Venice!
So buying property in Italy is a possible for many foreign citizens. However, it is crucial to be aware of additional considerations such as the potential requirement for visas and taxes applicable to foreign property owners.
Can I get a visa via a property purchase?
No, Italy does not have a property-based golden visa, like they do in Greece, for example. Non-EU citizens intending to remain in Italy long-term will need to apply for an appropriate visa, such as a retirement visa or a digital nomad visa.
There is a golden visa too, but it is based on investments in business start ups, equity in a company, government bonds and philanthropic donation.
Getting your tax number to buy
When purchasing property in Italy, acquiring a Fiscal Code Number (codice fiscale) is essential. It is required for paying taxes, accessing healthcare, and completing property transactions. You can obtain the codice fiscale from local tax offices.
Can I invest in Italian property?
Investing in Italian property is indeed feasible, and recent increases in property values suggest it could be a lucrative endeavour.
However, if you’re considering rental income, note that it involves navigating local laws applicable to rental properties. While non-residents can rent out their properties, they must comply with any regional restrictions and regulations.Non-residents earning rental income must pay IRPEF (Imposta sul Reddito delle Persone Fisiche), which is a tax assessed on gross rental earnings without deductions for expenses.
Can I work remotely from my home in Italy?
As well as the digital nomad option, if you intend spending fewer than 90 days in any 180-day period in Italy, you don’t need a visa.
However, if your stay is shorter and you continue to be a tax resident in your country, you can work while staying in Italy without visa constraints.
You could work from your home in Italy, with a digital nomad visa
Can I buy a €1 property in Italy?
Yes! The one-euro homes concept has gripped many potential buyers in the UK, US and elsewhere. It is an eminently sensible, eye-catching solution to a big problem: depopulation in remote but often very beautiful regions of Italy. The catch is, of course, that the property is likely to need an extra €50,000 at least of work to make it habitable.
The price is a strategic move to attract buyers willing to invest in renovation over the long term. It also helps to bring employment to the area – a major reason why local families left in the first place.
Before making an offer on a €1 property, plan out the necessary renovations and budget for additional fees associated with the purchase. It can be hard to find workers in the area, so it will help if you are very hands on yourself, with some expert building knowledge extremely useful.
In summary, Italy presents appealing opportunities for foreign buyers in its property market. Understanding the nuances of the purchase process, including residency regulations and potential taxes, is vital for a successful investment.
