BREXIT

BREXIT

Many British people have asked us what the UK leaving the EU means for those wanting to buy property in Italy.

Firstly of course, and most importantly, the current situation will not change until we actually leave the EU, so not for about 2 years from when Article 50 of the Lisbon Treaty is triggered (expected to happen in March 2017).

The current situation is this – anyone from any country can buy a property in Italy, whether they are from the EU, non EU countries in Europe, the USA, China or anywhere else in the world!

So British people post Brexit will still be able to buy property in Italy.

When you buy a property in Italy now (whatever nationality you are) you can buy as a resident or a non resident. As a non resident, it is a second home, not your main residence in the world. You can go there whenever you like, rent it out, etc. As a resident, you are stating that it is your main residence, where you live for over half the year. The purchase taxes are lower if you buy as a resident.

Currently non EU property owners can buy as residents or non residents and need a visa if they intend to stay at their property for a period of over 3 months at a time or a permesso di soggiorno (permit to stay) to stay permanently as well as a means of supporting themselves. If they wish to work in Italy they need a work permit, provided by their prospective employer.

So we can only assume that post Brexit, the situation will be the same for British people as it is for non EU buyers now, i.e. exactly the same as for EU buyers with the exception of the requirement of a visa/permesso di soggiorno, and a work permit if working in Italy.

We can only assume that those buying in Italy now, pre Brexit, will not be thrown out of the country, just as those people from other EU countries in Britain now will be allowed to stay.

Of course we can’t predict the future or guarantee that the above will be the case, there are lots of decisions to be made, so buying in the next 2 years, pre Brexit, is probably wisest if you are worried about future changes.

If you are concerned about exchange rate fluctuations, you can fix a rate now with our currency dealer, Dominic Baldwin, tel: +44 (0) 20 7710 9610, E-mail: dominicb@cornhillfx.com
Website: www.cornhillfx.com
Mention Casa Tuscany to get the best rate possible.

Application form https://cornhillfx.com/affiliates/casa-tuscany/

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