Property Payment Scheme

Question

Property Payment Scheme

Alexey asks:

Good day! I would be grateful for the advice. When buying property in Italy, how does the payment process take place: through a PC in an Italian bank or "from hand to hand" when making a payment? What requirements do Italian banks place on non-residents when opening a PC? Do you need any papers confirming the origin of the money that you plan to deposit into the account? Thank you.

04.12.2018

ITALY. Consultation

The purchase procedure

Expert answers (2)

Elena Vtulkina (Immobiliare Europa Sanremo Srl) · Answer 1 · 2018-12-04T21:03

Good evening, Alexey.
I will answer in order for each of your questions. How does the payment process itself take place: through a PC in an Italian bank or "from hand to hand" during checkout? The payment process can take place in various ways, but each of them has its own risks, pros and cons. For example, you can transfer 10% of the transaction amount to the owner’s account, provided that they accept your price offer and sign a preliminary contract. The rest of the payment in the same way to the account of the owner until the day of the notarial deed. In this case, the risk is enormous: the owner’s failure to appear on a notarial act for various reasons, as a result, the transaction may not take place.
For security and according to Italian legislation, the most correct way of mutual settlements is provided for. Opening an account in Italy, as a non-resident, transfer to this account from your account from another country the full amount for subsequent payment to the owner. Pay a 10% deposit with an Italian bank check, the balance in this case is paid directly on the notary deed after signing the documents and when handing over the keys, paid by bank checks filled in (in Russia, this practice is hardly known to anyone, the usual bank check in Italy to the bearer writes off your account the amount after 2/3 days from the date of its presentation to the bank by the seller of real estate, this refers to a 10% deposit, the bank will prepare another check for your order for the balance of the name of the seller on the day of the notarial deed, be ordered Assegno circolare, automatically from your account will be charged the amount of the check, ie notarial deed no risk, you will be in the hands of the so-called "cash" in the form of a bank check).
Another option is to use the services of an Italian notary who will prepare for you a letter for your bank about the upcoming notarial act in Italy so that there will be no problems with the transfer.
What requirements do Italian banks place on non-residents when opening a PC? To open an account, you must provide a letter of recommendation from your bank, the motive for opening an account: a proposal to purchase real estate in Italy, a copy of the certificate of assigning a Tax Identification Code in Italy (Codice fiscale).
Do you need any papers confirming the origin of the money that you plan to deposit into the account? In some cases, yes, it also depends on which country the translation is from, keep in mind that some countries are on the black list. It also depends on the amount of transfer, from Russia you may be asked to submit an income statement or a document on the sale of an apartment or business in your country, etc., in fact depends on the bank and on relations with the Administration of the Bank, often the Real Estate Agency with with a good reputation, they assist and assist their clients in opening accounts in Italy.
Sincerely, Elena.

Sergey Anikeev (Arcasa Group) · Answer 2 · 2018-12-04T20:14

Alexey, good evening. The process of buying property in Italy takes place at the notary. Money transfer - only through the bank. It can be transferred from Russia or from another bank to the seller’s account. You can also open an account in an Italian bank, transfer to it a sum of money. Before signing a notarial deed of sale in an Italian bank, take circular checks in the seller’s name, and give the checks to the seller from the notary himself when signing the contract. Now Italian banks have tightened requirements for non-residents. To open an account, you must have an Italian tax code and passport. If you transfer money from your Russian account to your Italian account, banks do not require proof of the origin of the money. Sincerely, Sergey Anikeev.