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Explore the essentials of acquiring Italian property from the UK and discover how to save on international money transfers.
Have you ever dreamt of owning a charming property in Italy as a UK resident? Whether it’s a vacation villa, a retirement haven, or a permanent residence, purchasing property in Italy from the UK can be a fulfilling experience. However, navigating the process and managing international money transfers can be overwhelming. In this blog post, we’ll walk you through the key aspects of buying Italian property and discuss how to get the most out of GBP to EUR international money transfers to optimise your investment.
The initial step in acquiring property in Italy is to determine the location and type of property that best aligns with your needs. Popular areas include the romantic city of Venice, the picturesque Tuscany region, and the breathtaking Amalfi Coast. It's essential to acquaint yourself with Italian property law and engage the services of an Italian lawyer or notaio (notary) to handle the legal aspects of the transaction.
Your Italian property purchase can be financed using a UK mortgage, an Italian mortgage, or cash. UK banks generally require a more substantial deposit and may have less favourable terms than Italian banks. To save on international money transfers, consider using a currency exchange specialist instead of a traditional bank. These specialists often offer more competitive exchange rates and lower fees, helping you save on your GBP to EUR transfers.
The Italian property buying process typically involves three main steps:
When buying property in Italy, you will need to pay various taxes and fees, including:
To ensure you're getting the best value on your international money transfers, consider the following tips:
*Equals Money can only offer forward contracts to facilitate payments for goods and services