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. 

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! 

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…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.  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

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.  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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Rhiannon Williamson writes about living abroad and investing in international real estate.  She also maintains www.shelteroffshore.com - Shelter Offshore Investment & Real Estate which is an online resource for expatriates, international investors and anyone planning a new life abroad.