Q. I am ready to buy an Italian property. Is this the time to open an Italian bank account?

A. In order to complete an Italian property purchase it is not necessary to hold an Italian bank account, even if you are not an Italian citizen nor an Italian resident. Typically you would transfer the needed funds to your Italian lawyer or Italian solicitor. Said legal representative will settle the purchase price balance, the notary fee, the transfer taxes etc. on your behalf in favour to the respective beneficiaries. However, if you own or will own an Italian property, an Italian bank account might be convenient, for instance to establish direct utility payments and other local bills for which international money transfer might not be convenient. In order to open a bank account, you need an Italian Tax Code (Codice Fiscale).

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Related information:

• Italian Tax code
  
• Can I have credit card, cheque, online access, etc. connected to my Italian bank account?
• Can I get an Italian mortgage to finance the purchase?
• Joint or individual purchase: tax implications
• Purchasing jointly with my spouse or separately?
• Purchasing in a condominio building
• Property taxes
• Double taxation
• ICI - Municipal Tax
• VAT on Italian property purchase
• Income Tax
• Italian property purchase taxes
• Inheriting seller's debt
• Vendor's solvency affecting the buyer

 

*The information presented in the Studio Legale Metta web site has been written and reviewed by Italian lawyers. However, it should not be construed to be legal advice, nor promotion of the establishment of a relationship between lawyer and client. The case studies and answers contained in this web site pertain to the specific situation referenced and should not be understood to generally apply to other circumstances. Persons accessing this web site are encouraged to seek independent counsel for advice concerning their individual needs for legal assistance.