# Planning to buy a house in Venezia



## leachiepeachie (Jul 31, 2016)

Hi everyone,

We are a couple from Canada both with EU passports and dual citizenship. We are planning a trip to Italy and we were looking to get a smaller mortgage for the house we want to buy. We did some research, but everything that we read is a little bit confusing. So where do we really start? Anyone else on here who went through similar process and could give us a heads up on all this? Also we heard that banks are in trouble right now? Anything helps. Thank you,

Julia and Denis


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## GeordieBorn (Jul 15, 2016)

I'm sure others wil tell you different, but if you are looking to get a mortgage to buy here forget it - sorry, but it is a bad idea.... What if you need to sell here and you can't?


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## Italia-Mx (Jan 14, 2009)

If your dual citizenship is with Italy and you meet financial requirements for the loan, go to any bank that is doing well and apply for a mortgage. Italian citizens buy and finance houses all the time, just like Americans and Canadians do in their own countries.


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## rsetzer99 (Feb 20, 2014)

Assuming you work with a agent to find the property you wish to buy, they should be a very good source of information on how the process works, suggestions of places to apply and so on.


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## NickZ (Jun 26, 2009)

leachiepeachie said:


> Hi everyone,
> 
> We are a couple from Canada both with EU passports and dual citizenship. We are planning a trip to Italy and we were looking to get a smaller mortgage for the house we want to buy. We did some research, but everything that we read is a little bit confusing. So where do we really start? Anyone else on here who went through similar process and could give us a heads up on all this? Also we heard that banks are in trouble right now? Anything helps. Thank you,
> 
> Julia and Denis


Potential problems. 

Most Italian banks will want Italian income. 

Age. You don't mention how old you are but for legal reasons they'll want the mortgage to end before you turn 70ish. Might be 75. I can't remember

You mention smaller mortgage. If what you want is too small you may find nobody is willing. I'm facing this. A bank I use will give me a mortgage for 3x what I need. Or a loan for 2x what I need. But they won't bother with the small amount I need.

The easier thing will be to get a personal loan at home. You must have a local bank you have a relationship with. 

The problem isn't the Italian banks it's the economy.


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## Italia-Mx (Jan 14, 2009)

NickZ said:


> Potential problems.
> 
> Most Italian banks will want Italian income.
> 
> Age. You don't mention how old you are but for legal reasons they'll want the mortgage to end before you turn 70ish. Might be 75. I can't remember


If you're an Italian citizen, the first statement above is inaccurate. Many Italians have lived and worked abroad and do not have or have never had Italian income.

Statement two regarding age is also inaccurate. It would depend on income, down payment, and length of loan. 

I would advise, however, that you have lived in Italy long enough to have established a good relationship with the bank you're asking for a mortgage. For example, that bank has been receiving regular deposits from your source of income abroad. It might be a good idea to pay rent and maintain residence for one or two years before purchasing.


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## NickZ (Jun 26, 2009)

You can't foreclose on a person above the age of 75. It's hard enough to foreclose normally in Italy. Banks will not issue mortgage that extend past your 75th birthdate.

Good luck if you're expecting the average bank to offer an mortgage if you don't have an Italian credit history. There are or have been special offers from specialist banks for non residents. Barclays used to do this . 

Citizenship is totally a non issue. It would be illegal for any bank to take citizenship into account.

Why would a bank care?


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## Italia-Mx (Jan 14, 2009)

NickZ said:


> You can't foreclose on a person above the age of 75. It's hard enough to foreclose normally in Italy. Banks will not issue mortgage that extend past your 75th birthdate.
> 
> Good luck if you're expecting the average bank to offer an mortgage if you don't have an Italian credit history. There are or have been special offers from specialist banks for non residents. Barclays used to do this .
> 
> ...


Now that you've elaborated even more, the first statement above is not only inaccurate, it's blatantly false.

And why would it be necessary to have specialist banks such as Barclays for non residents (foreigners) if Italian citizenship is a non issue? 

An Italian citizen is an Italian citizen no matter where he resides and residence in Italy would be established immediately once that person arrived in Italy with an Italian passport and paid a visit to his Anagrafe. Therefore an Italian citizen just arrived in Italy would not need the services of a specialist bank for non resident foreigners and it would be up to the Italian bank of choice to use it's discretion as to whether or not issue a mortgage to this Italian citizen depending upon their financial circumstances.

The people who started the thread said they are dual citizens. If the dual citizenship is with Italy, the above information is intended for them. It's not intended for foreigners. I don't care how long you've been resident in Italy. If you're not an Italian citizen, you're a foreigner.


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## GeordieBorn (Jul 15, 2016)

So regardless of being an Italian citizen it is easy to get a mortgage in Italy, not expensive and easy to get out of?


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## NickZ (Jun 26, 2009)

One all Italian citizens have residence in Italy no matter where they live in the world. It's been that way for thirty plus years.

The reason banks like Barclays offered this service is because they were willing to go to the trouble to check income. They charged extra for this. The average normal bank won't go to the trouble of checking non Italian income. 

You keep repeating this weird idea that citizenship matters. Explain how that wouldn't violate both Italian and EU law


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## NickZ (Jun 26, 2009)

GeordieBorn said:


> So regardless of being an Italian citizen it is easy to get a mortgage in Italy, not expensive and easy to get out of?


There are various offers. If you qualify at current interest rates they can be quite cheap. The younger buyers can get a forty year mortgage. 

Get out? Depends on the terms of the mortgage. 

Easy? Depends on your means.


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## Italia-Mx (Jan 14, 2009)

NickZ said:


> The reason banks like Barclays offered this service is because they were willing to go to the trouble to check income. They charged extra for this. The average normal bank won't go to the trouble of checking non Italian income.


I'm truly amazed at the statement that Italian banks won't go to the trouble of checking non Italian income. If the United States sends more than 80,000 social security checks every month to Italian citizens in Italy, not to mention private pensions that were earned in the USA, why do you think an Italian bank wouldn't check their income if they were applying for a mortgage? Do you really think that all of those citizens would be required to use a "special" bank like Barclays when they're in their own country? How long have you been in Italy? You certainly don't seem to know much about the people or the banks you live with.


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## lindanoto63 (Jul 28, 2008)

NickZ is right on the money. 
Having bought and sold more than 13 properties in Italy since 2005 I can tell you from experience ( and not something I may have read online) that the bad economy is a huge factor , the chances for people without a Italian busta paga of at least a year and a very good caparra are slim to none with an Italian bank. Most , like Unicredit are so glutted with foreclosed properties that they will push any qualified young ( age DOES matter) buyers toward the places that are bank owned


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## Italia-Mx (Jan 14, 2009)

I can tell you from experience and not something I read online that this doesn't apply to Italian citizens with income from abroad if they meet the financial requirements to finance the property and that the property is not just a ruin of stones in some remote area that so many expats seem interested in buying and that so many expat real estate agents seem interested in selling.

If the Canadian couple with dual Italian citizenship want to buy a property in Venice, they have a good chance of obtaining a mortgage with a reputable Italian bank, of which there are many, Italian banks having scored well just last week on the European stress test.


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## GeordieBorn (Jul 15, 2016)

Italia-Mx said:


> I'm truly amazed at the statement that Italian banks won't go to the trouble of checking non Italian income. If the United States sends more than 80,000 social security checks every month to Italian citizens in Italy, not to mention private pensions that were earned in the USA, why do you think an Italian bank wouldn't check their income if they were applying for a mortgage? Do you really think that all of those citizens would be required to use a "special" bank like Barclays when they're in their own country? How long have you been in Italy? You certainly don't seem to know much about the people or the banks you live with.


'it will be a laugh if he.she tells us all they were born in Italy...:boxing:


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