Buying in Italy: Do I Need an Italian Bank Account?

People who are planning to buy property in Italy, or who have just found their dream home in Italy, often wonder if they need an Italian bank account to move funds and complete the purchase.
Before answering this question, it’s worth noting that opening a bank account for non-resident is not that easy.

First of all, not all banks offer accounts for non-resident; actually, very few do.
Second: they may request tons of documents and may take ages to review all of them.
Third: after all these checks and a lengthy wait, they might still say: “sorry, we can’t open an account for you”.

Back to the main question: fortunately, you do not need an Italian bank account to complete the property purchase. In fact, you can pay directly the seller by bank transfer (although, we do not usually recommend this option); or you can transfer the funds to the notary’s escrow account. The notary, in turn, will transfer the funds to the seller.

Someone may argue that you need a bank account to pay utility bills and property taxes once you own the property. Actually, nowadays, you can pay almost all utility bills and property tax online by credit cards or in any tabaccheria or post office.

Of course, if you move permanently to Italy and become resident, that’s a different story and having an Italian bank account may be useful, though not strictly essential.

This article does not constitute legal advice, is not exhaustive and is a guidance only.

If you need assistance with your move, please contact us.

Barbara De Benedittis Relocation and Legal in Italy