It’s also important to understand the annual taxes and fees when buying real estate. We’ve created a short article about property fees and banking.
This is similar to other places in the world. If you buy an apartment that is part of a building with shared amenities, the annual fees can range from €400–€1,000.
Your costs could be higher than €1,000 per year if your property is in a luxurious area. Pool maintenance, lighting expenses, or landscape management can increase the apartment fees.
LOCAL COUNCIL TAX
Formally the IMU/ICI Tax, the TASI local council tax is due twice a year. You will never receive a bill for this tax. It’s simply your responsibility as an Italian home owner to go to the post office to pay it.
A number of factors determine this tax but it does not depend on your property’s commercial value. The government calculates this fee so we cannot offer an estimate.
You will certainly need internet access in your new property! Grab an internet dongle or key if your place is not in an area connected to ADSL. Plug it into the USB port of your laptop for a 4G connection. The fee is around €30 per month.
Nowadays internet is mandatory to have in any property.
Banking in Italy can be a bit complex. When opening an account, there is typically a monthly fee for account management and there are also charges for money transfers when you put money into your account or take it out to pay bills.
Some companies also impose restrictions on non-residents which could pose a problem if you are buying a holiday home.
You can pay bills online or hire a property manager to handle them for you. While you may think it’s easier to open an Italian bank account, it’s best to consider all your options first.
It’s also simple to pay by bank transfers. To avoid an unfamiliar banking system, this may be the best option for you.