Italy Bank account

How to open a bank current account in Italy

About to buy a property in Italy and you are a non resident Italian then you will need to open an Italian bank current account in Euros.

Why do I need specifically an Italian bank account?

With an Italian current account you could obtain a mortgage to purchase the Italian property, pay the vendor and after the purchase pay bills and Italian taxes.

1) Current account and mortgage
Some Italian banks dedicate services to no resident citizens to help them to buy a property in Italy. Read the rest of this entry »

Italian property – 66% rise for a property investment in Italy.

Close Tresury report that property prices in Italy increased by 30% since 2005. Together with the rise in value of the euro against sterling in the same perio of 27% makes a combined increase in the value of italian property of nearly 66% for UK sterling property investors in Italy.

This 66% rise in value of property in Italy (based on a sterling investment portfolio) only applies if you bought a house in Italy without a sterling mortgage. If you took out a  mortgage in Italy in Euros to finance your italian property investment and managed to pay your monthly italian mortgage installments from your Euro rental  income in Italy then the calculation is still valid.

Mark Taylor, head of foreign exchange with Close Treasury said: ““Even though overseas property prices tend to have fallen in the last year, in many cases the fall in the value of Sterling will have offset this, and many people may still have seen the value of their homes increase in Sterling terms.”

If you are an italian property owner and wish to liquidate your earnings please contact MIPC to sell your property in Italy, we have clients whom wish to buy a house in Italy and we are currently looking for quality italian property.