| Affording
to Live in Italy with an Italian Mortgage |
| By Rhiannon
Williamson |
| October 2006
It’s all
very well mortgage companies in the UK or US telling us that we can re-mortgage
out principal residence, release equity and use this money to buy a
home overseas if we want to – but what about those people who actually
want to live abroad, how can they raise the finance to buy abroad and afford
to live abroad? Well the good news is for those wanting to live in Italy
for example, is that there are a number of well established international
banking and financial institutions who make affording to live in Italy
with an Italian mortgage entirely possible and in this article we examine
the home financing and lifestyle affordability possibilities and options
for those planning a new life in Italy. |
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When choosing
to raise a mortgage to buy a family home in Italy it makes sense to raise
the mortgage in euros as euro interest rates are often lower than UK equivalents
for example and what’s more, if you’re going to be living in Italy you’ll
experience difficulties raising finance elsewhere anyway as you’ll have
the status of an expatriate in your old home country once you have established
residency or citizenship in Italy!
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The good news
is that it doesn’t have to be difficult and you don’t have to be fluent
in Italian before you can approach a lender. Barclays Group PLC which
is originally an old and respected British banking institution but which
now has international presence is actually the only UK based bank to have
an established presence in Italy |
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| ...they’ve
been in the market for over fifteen years and they know not only the
financial marketplace but they know the housing market and how the property
buying process works too - meaning that if you approach such a lender you
will have the benefit of their experience and professionalism too. Naturally
enough Barclays aren’t the only choice – Italian lenders can be equally
competitive and each major town will have branches of the most popular
Italian banks from Monte dei Paschi di Siena which is apparently the oldest
bank in the world to Banco di Napoli which lends substantial amounts annually
for home purchases.
While it
makes absolute sense to shop around, approaching an institution like
Barclays in the first instance will give a prospective purchaser a clear
idea of what they will likely be able to borrow based on their affordability
and armed with this information a property buyer can go out and begin searching
for a home as well as the most competitive mortgage offer. |
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Offshore
Resources Gallery
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| You can
get in touch with Barclays in Italy by clicking here, you’ll be redirected
to a short form on their site which you complete and they’ll call you back
for an initial chat about what’s available to you in terms of home financing
options and even ongoing overseas banking options and you’ll even be able
to discuss your ideas for a property in Italy and get some local know how
and feedback.
In terms of
affording to live in Italy and affording a mortgage it’s important to have
an idea of monthly outgoings – these should include everything from your
grocery bill, any insurances, car payments or travel costs, entertainment
costs and utilities
...armed
with this information before you move to Italy you can ensure you can
find employment in your favoured location that will allow you to meet your
monthly obligations and then armed with this information before you apply
for a mortgage you will quickly see how much money you have a month with
which to afford a mortgage making it quicker and easier to get the paperwork
done, the loan agreed and the dream home secured.
Living in
Italy |
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| Italy has
a timeless attraction based on its history, architecture, countryside,
language and cuisine and these factors together with the fiery, passionate
and fun Italian people draw millions of tourists to Italy every year and
thousands of expatriates mainly from the UK, America and mainland Europe
who move to live for a prolonged or permanent time in Italy.
This is a guide
to living abroad in Italy for anyone considering taking the plunge and
expatriating and becoming an honorary Italian! It covers visas, accommodation,
employment, education and healthcare.
Visas and
Getting in to Italy
British citizens
and citizens from other European Union nations can enter Italy for a period
of up to three months at a time without need to apply for residency. |
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Offshore
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getting started - Gilly Rich - Editor |
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| It is only
when the individual in question plans to reside permanently or long term
in Italy that things change.
American
citizens in Italy can also remain in the country for up to three months,
those who are staying in a hotel will not require an official visa but
those who are residing in private accommodation and who intend to remain
beyond a week have eight days to apply to the local police station for
a Permesso di Soggiorno which will allow them to remain in the country
for a maximum of three months.
For those with
EU citizenship who intend to live abroad in Italy long term (or at least
for longer than three months) a Permesso di Soggiorno is also required.
This can be applied for within the first three months of residency but
as a rule of thumb the earlier it is applied for from the local police
station the better.
Americans
who wish to become resident in Italy have to have permission to do so in
the form of an official entry visa before they travel to Italy.
This can and should be applied for from the nearest Italian consulate to
where the American citizen is currently resident and because the process
can take time it should be applied for sooner rather than later before
travel!
Once the American
citizen is in Italy they must go to the local police station with their
visa to obtain their Permesso di Soggiorno which they must then take within
20 days to the Vital Statistics Bureau to obtain their Certificato di Residenza
or residency permit.
Please note
that all things involving any form of paper work in Italy take T I M
E and one must be patient!
Accommodation
and Property in Italy
Even those
planning to spend the rest of their lives in Italy should rent a place
before they commit to buying because in the majority of areas the property
market is slow moving and those who buy fast will repent at leisure!
It’s possible to rent a room or even to have an extended stay in a hotel
room (negotiate rates up front) for individuals newly arrived and
looking for somewhere more permanent to lay their hat – alternatively rentals
can be arranged through rental agencies or estate agents. |
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Article
Index ~ Italy
Index ~ |
