Discover what you need to know as a Canadian before putting your investment eggs into Italy's real estate basket.
Buying overseas property in Europe is a big and exciting step, especially in Italy, where you can find $1 houses. Italy also has other options if you want to put down some real money in a more stunning location.
In any case, there are plenty of reasons to want to own Italian property. Canadians with a taste for the "finer things" or la dolce vita will appreciate the top-notch art, architecture, cities, cuisine, wine and fashion Italy offers.
Fortunately, Italy is generally a "no-restrictions" country, though you still need to know how buying a house in Italy as a Canadian works. Use this guide to know what to do when in Rome, Milan, Naples or wherever you choose to buy your dream home.
Italy's enchanting coastline is along the Mediterranean sea. The Southern European country is home to Rome's Vatican City, the highest number of world heritage sites¹ and it's where pizza was invented in Naples.
Here are more reasons why Italy regularly catches the interest of Canadian property buyers.
There are three main local processes you have to navigate when buying a property in Italy.
The "bid - compromesso - final act" is a simplified version of the buying process. In reality, there may be additional steps involved, such as:
Are you sending money from Canada to Italy for your property payment? Then, it's essential to pay attention to the EUR/CAD exchange rate to ensure it's in your favor before posting your transaction.
If the exchange rate is not competitive, your property will be more expensive than it really is. Hence, considering the exchange rate when dealing with large payment amounts or regular monthly payments is crucial to avoid potential losses of thousands of dollars.
The best thing is to track the currency exchange rate with MTFX's live rate calculator. Then, you can confirm that the exchange rate is working in your favor and confidently initiate your transfer.
Not all foreign exchange rates are alike. Some can add value to your transaction, while others hurt your pocket. If you want a better exchange rate, your best bet is to opt for a currency exchange specialist. That's because banks don't exactly have a reputation for offering competitive exchange rates.
Going to the bank also means high transaction fees and additional charges, which increases the cost of your overseas property payment.
In contrast, a currency specialist like MTFX offers exchange rates 3-5% lower. For instance, this would translate to an astonishing difference of $25,000 if you were to buy a property worth $500,000. This is the most cost-effective option whenever you need to send CAD to EUR.
You can make online international property payments using MTFX's 24/7 secure platform. This convenient platform provides access to a user-friendly foreign transaction service. You can issue a money transfer no matter where you are without going to the bank while enjoying quick processing times (24-48 hours) and reliable and safe transfers.
Additionally, you can rely on a currency exchange specialist to walk you through the process or use the wide range of available FX tools like currency charts to streamline payments. Life is so much easier when you can move your money abroad whenever you need to without involving the bank.
If you're purchasing property in Italy, you have one less thing to worry about with MTFX's competitive exchange rates and low transfer fees. You can get the best value from your international transfers, whether you're making a once-off payment or setting up regular transfers.
MTFX offers you a cost-effective, fast and highly efficient way of sending money online to Italy from Canada.
Register your account with MTFX and make payments on your Italian property in just a few clicks.
Yes, you can. Canadian citizens have no restrictions on buying property in Italy.
Italy's property market ⁶is generally said to be steady at the moment, which is excellent news if you're looking for a safe investment.
Canadians and non-residents may have no restrictions when buying a property in Italy. However, homeownership doesn't come with residency or citizenship rights. So, you'll have to apply for residency via the required routes.
According to Property Guides⁷, the best places to buy property in Italy include Costa Smeralda, Sardinia, Florence, Tuscany, Italian Lakes, Lombardy and Cefalù, Sicily.
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