For foreigners wishing to know whether they can own a piece of European real estate, Italy is one of several European countries that allow land ownership without or with few restrictions. So yes. Foreigners with money to spend or those who wish to move to Europe can buy real estate. We will focus on Italy and answer some frequently asked questions about property ownership in the land of pizza and pasta.
Are there restrictions to foreigners buying real estate in Italy?
Technically none. There are no restrictions to foreigners purchasing property as long as documentation is complete, and the buyer has no criminal records. But non-EU citizens need a temporary residence permit before being able to buy and that their native country must have a reciprocity agreement with Italy.
Are homes expensive in Italy?
Like in many places, property tends to get expensive in urban and tourist areas. But even there, depending on the condition of the property, prices per square meter are relatively affordable and even more affordable if the location goes further from urban and tourist areas. Also watch out for prices that are too good to be true because many cheap homes on sale may be fixer-uppers.
Can one stay in Italy after purchasing property?
After buying real estate in Italy (https://www.bluehomes.com/Immobilien-Italien-kaufen-verkaufen/kat.html), Italy does not necessarily grant a long period of stay. Property buyers can stay for up to 6 months and need to apply for a temporary residence permit for a longer stay. A temporary residence permit will allow a non-EU citizen a stay of 5 years, in which they can apply for a permanent residence permit.
How can I find a property in Italy?
There are plenty of online agencies that deal in Italian real estate. Upon finding your desired property, you can contact a local agent who will then work with a counterpart in Italy. Also consider hiring a lawyer during the purchase process.
Important things to consider
Italy does require buyers to have an Italian bank account and the equivalent of social security. Purchase through a trustworthy agent. As mentioned, hire a lawyer during the purchase. Acquire a sale contract from the seller to be processed by an Italian notary. Sign the contract and later pay the required taxes and fees.