Many British people have asked us what the UK leaving the EU means for those wanting to buy property in Italy.
The situation is this – people from almost any country can buy a property in Italy, whether they are from the EU or not. There are a small number of exceptions where there is no reciprocal agreement.
British people will still be able to buy property in Italy after 1 January 2021.
You buy as non-residents if you wish to use the property as your holiday/second home, or wish to rent it out to earn an income from it.
As non-residents you can spend up to 180 days per year at your Italian property, but not more than 90 out of every 180 days.
Regarding access to healthcare, the UK government has announced that if you have an EHIC (European Health Insurance Card) – which enables you to obtain free medical treatment in the EU – it will remain valid until it expires. The government plans to bring in a new scheme (the GHIC – UK Global Health Insurance Card). You can find some useful information about this here.
Or, if you wish to live at the property full time (or at least spend more than 6 months per year there), if you buy a property in Italy, you can apply for residency there, and you will need to meet certain criteria for your residency application. You will need to proof you have sufficient funds for supporting yourself financially through other means than paid employment.
More details about visas and requirements for staying over 90 days can be found here – Italian Ministry of Foreign Affairs
The purchase taxes and local taxes are lower if you buy as a resident. If you buy as a resident you may be considered tax resident (meaning your worldly assets may be taxed) so buying as a non resident is simpler.
However, there are tax breaks for high-earners to buy property and become resident in Italy, paying a flat tax of €100,000 per year – details here.
Please visit our website www.casatuscany.com to see our wide range of beautiful Italian properties for sale, and for lots of information about buying in Italy.