Help Please - UK Resident Buying Property in Italy

Hi Guys

I really need some help and wondering if someone can help.

I would like to buy a property in italy, its only 8000 euros, needs alot of work but I wish to purchase outright.  I understand that i need an italian tax code, which should arrive soon.

What I don't understand is the need for an italian bank account.  Is this necessary as i will be purchasing outright?

If it is necessary would it be possible to use my brother in laws italian bank account as he has an account?

If not can I open an italian bank account online?  In this current climate with covid 19 going there in person doesnt appeal to me!  This will be a gift for my italian girlfriend so trying to get the deal done.  Will of course be in my name, but its  suprise.

Any help would greatly b appreciated.

Kind Regards Robert

You will need a bank account to pay your taxes and utilities. If the house is going to be in your name and you will be paying the bills the Italian authorizes will expect you to have an account. You will need to be present at the bank to open an account - it's all part of the anti money laundering laws.

Strictly speaking it is not required that you own an italian bank account, since you can pay the real estate by wire from your foreign account. The quetion is that the seller want to be sure of the money transfer, and you don't want to pay before signing the purchase deed.
Owning an italian bank account allows you to write a cashier's check that you will give to the seller upon signing the deed.
At the same time since you will be also required, as a buyer, to pay the taxes imposed on the deed through the notary, he/she will ask you that tax in advance, and as before the italian bank account is the easiest way to solve that matter.

The only way around this is to find a notary who will allow you to pay into his escrow account  by SEPA transfer.  You will pay for the privilege - around 600 euros.  Then you transfer the cost ofthe house, notaio fees and taxes to the notary account and once the sale is complete and trasncribed the notary releases the money to the vendor.    HOw are you planning to buy the house if you are not in Italy?  You will have to give a POA for someone else to act on your behalf.

Hello Robert,As you will discover things are very tight regulation wise here regarding tax.The fact you wish to buy a house cash could be problematic using cash.You will need a code fiscale (Tax code) and a bank account.The Notary (legal) will not be comfortable handling cash ( in our experience) and would look alot better if you open a bank account and pay by a bank cheque.Alternatively you could pay from your English account.
It's not like England regarding cash.

due to the anti money laundering Law, in Italy, since July 2020 it is not allowed to pay by cash more than 2.000 €.

Hi Robert

I own a property in Italy and I do not have an Italian bank account.

I have a Revolut Euro account and use my debit card to pay EUR bills - mostly online. The only problem I have had is that some utilities (notably the national electricity company) will not allow a direct debit from my account because they can't handle UK formatted IBAN numbers. Easily solved, they email me bills and I pay with debit card. I do this from my Revolut EUR account although I have used a UK debit card on occasion.

The topic is not to manage the daily matter  as the ones you listed but to manage the payment with the seller and with the notary that has the duty to pay in the name and behalf of the purchaser, the tax due upon the deed.


Personally Id be wary of a 'company' that has no partita IVA, no address, no inscription at the REA and just seems to be a couple of self promoting 'experts'.

Hi ***

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The topic is not to manage the daily matter  as the ones you listed but to manage the payment with the seller and with the notary that has the duty to pay in the name