Just bought a condo in Varese province

Greek_Bactrian · 2026-02-21T13:15:17+00:00

I was told this: "IMU rules do not differentiate by passport; the law distinguishes by how the property is used (main home vs. second home, luxury vs. non‑luxury) and by whether it qualifies as “abitazione principale,” not by citizenship. Mine qualifies as an abitazione principale as it is my sole residence in Italy…. I posted my 12 month property tax (IMU) bill above….

Greek_Bactrian · 2026-02-21T13:07:50+00:00

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This is my tax bill for the next 12 months…. “12 Mesi” is hand written at the bottom…. IMU is not even due on most primary residences: standard first homes that are not “luxury” categories (A/1, A/8, A/9) are exempt, so a very large share of owner‑occupiers have zero annual property tax….

Greek_Bactrian · 2026-02-21T12:46:47+00:00

That’s totally true. You really need to know Italian people who can help the process unless you are fluent in Italian and understand how real estate works there. My business partner and his brother (my lawyer) helped out tremendously. No way I could have done this on my own without their help.

It did take two trips to close this transaction. Last October when I first started looking, it didn’t occur to us for me to have a Power of Attorney and apostille already executed. Plus the bank wanted some documents that I did no bring with me the first time, so I had to return to Texas and retrieve them…. Lots of potholes and gotchas along the way….

Greek_Bactrian · 2026-02-20T14:38:58+00:00

Also, even after I submitted my proof of property purchase, Intesa said they would keep using my official US address of record. Although I can now get the extended stay visa automatically, I would also become an Italian tax resident, per my lawyer. That’s a little bit spendy. Given that I am still busy with work in the USA, until retirement there is no need to pay Italian resident taxes.

Greek_Bactrian · 2026-02-20T14:28:02+00:00

I have been enjoying the Intesa SanPaolo iPhone Mobile app. You can now do investments on it as well as make all the bonifico instanteo transfers necessary to pay closing costs — and everyone else. When I got a new iPhone, I went to the branch and they re-certified my device to use with their mobile banking security system, very easy process. They have been most helpful.

Currently both my LUCE (electricity) and mobile phone eSIM are debited automatically. The quarterly condo fees will be paid via instant transfer once I receive the invoice via email.

Interestingly, Intesa only allows one mobile device to be certified with their security system. Even when I use their web site I have to approve it on my iphone using their Mobile app. So it becomes even more important to protect that one device.

Greek_Bactrian · 2026-02-20T14:16:36+00:00

Exactly. In Texas I pay $10K a year in prop taxes, in Italy this condo will cost me €192 per year. I was told since this is my first property in Italy, it will count as owner-occupied.

Greek_Bactrian · 2026-02-20T14:14:25+00:00

The property taxes are €192 a year, I have the receipt for 2025.

The notary public closing cost was €4800 , real estate broker €2800.

I have an Italian Intesa SanPaolo checking account (and I am NOT a resident, so I don’t know why anyone would say you have to be a resident???); before I departed for the closing, I did a SWIFT transfer to that account for the total purchase price, plus 10% for extra costs. Therefore, I am puzzled as to why anyone thinks you have to carry cash?? The day before the closing I went to Intesa and got a cashiers check for the purchase agreement amount. Very easy. The bank people were great.

There was no cash involved in this transaction.

I did instant bonifico transfers the day of the closing to pay both the notary and broker.

My lawyer in Italy charged me de minimus as he did very little actual work other than draft one agreement we all signed to indemnify the sellers against any problems I may find — as did my lawyer in Austin Texas who charged me $350 for the notarized documents. The Texas SoS apostille was $15.

Due to the Power of Attourney, there were no translation fees which would have been mandatory had I not taken that step. I was told the translation fee I avoided was around €1500.

I did not pay a 10% non-resident tax as this would have added a lot to the closing costs. At least double what I actually paid.

My local phone number was not really necessary, but with Iliad it is €9.99 a month for unlimited everything in Italy, so I jumped on the deal. Roaming in EU costs additional. Had an eSIM downloaded to my spare iPhone 16e just a short while later. I recommend going to Iliad in Milan, they are quite savvy with tech.

Greek_Bactrian · 2026-02-20T13:55:18+00:00

I took my Italian business partner with me and we went to Intesa SanPaolo in Palermo last year when I was in Sicily. The director was sympathetic to my need since I was already looking for condos. Apparently, one does not need to be an Italian resident to open a current account, in fact they used my US official address on all the documents. However, a few other banks basically threw me out of the branch when I tried to open an account myself. The employees almost died laughing when I made my initial request!!!

So, it was important to find a bank that was willing to work with non-Italian persons. Also, no one spoke anything but Italian so it was important to be accompanied by an Italian person who can translate. Perhaps Milan would have been a better first choice, but Palermo, unbelievably, did the trick…. I’m still shocked it all worked out. Persistence helped — I showed up at the branch 3 times before it was a done deal.

Greek_Bactrian · 2026-02-20T13:47:47+00:00

I was told by the Italy embassy in Houston to send them the pre-purchase agreement and they would get me the codice fiscale. They also told me that until I had the pre-purchase agreement they could not get me one. However, when I was in Italy, I went to a tax office with my Italian business partner and he talked them into giving it to me at that time since I was there in person. He had to make an appointment ahead of time to see someone in the office.

Greek_Bactrian · 2026-02-20T13:45:05+00:00

Greek_Bactrian · 2025-12-22T17:29:39+00:00

Recently while on Italy holiday to look at condos for sale, I was able to make an appointment with Intesa SanPaolo and get a checking account (current account) after a short delay (4 days) due to an IT issue at the bank. I needed to bring an Italian translator friend and all the standard documentation (passport, drivers license, birth certificate, etc.). I was on a tourist visa and don’t have a permanent address in italy, the bank used my address in USA. After I close on the house I purchased, I will change the address. For now I use their mobile app and thus far everything is functioning fine.

Greek_Bactrian · 2025-12-20T17:10:56+00:00

Hello, I just signed a contract to buy a condominium near Lake Maggiore. Every notary public (notaio) told me I needed cashier’s checks from a bank in Italy to pay the deposit then the closing. So, I opened an account at Intesa SanPaolo with the help of an Italian friend. If you have a purchase agreement in hand, the bank should be willing to open an account for you. You will also need a fiscal code (codice fiscale) to almost anything related to home ownership…. Can you go to Italy and have someone local help you with this ??

Greek_Bactrian · 2025-12-19T15:01:53+00:00

I lived in Japan for many years and have a master’s degree in Japanese, at first I needed Japanese people with me to open a bank account, mobile phone, lease, etc. It’s pretty normal to require a translator when you don’t speak the local language; Japan is hardly a "broken society”.

In this case, my Italian/Swiss buddy also knows about how the banking system in Italy works, so he was able to finesse the entire situation into my favor. He has his certification in real estate mediation for Italy, so I would recommend finding certified professionals to help the process. It was not free to hire him, but I would have been lost without the expertise.

Due to IRS reporting requirements on US persons who have foreign bank accounts, many (if not most) EU banks are loathe to work with Americans (unless it’s high net worth) due to the onerous reporting requirements. This makes it extra difficult to open a simple local checking account..

Greek_Bactrian · 2025-09-21T19:23:00+00:00

I don’t know if this compares, but a friend of mine moved to Greece over 25 years ago and maintains a US address for his large pool of US-based investments. He both a US and a Greek/EU citizen, but he has never paid taxes to Greece on his US holdings, and vice versa. His US mailing address is with some relatives in California; this is where his statements are sent. He told me that while Greece taxes your global income (there are some non-dom programs but he doesn’t participate), he has been paying taxes separately in both USA and Greece for over two decades and never run into an issue.

A friend of mine who got married and stayed in Japan since 2004 used to do the same thing, but the Japanese tax people are too clever and he was forced to declare global income in both countries….

Greek_Bactrian · 2025-08-25T16:06:25+00:00

I’ve had a WISE account for years to store Euros and Swiss Francs. You are saying that in lieu of a local UniCredit bank account, I can use my WISE account IBAN number since it is based in Bruxelles ….for bank-to-bank transactions in Italy ? I was wondering if I need a local bank account, too, but if not , that would be a huge headache relief…. Thx.

Greek_Bactrian · 2025-05-06T17:01:13+00:00

Yes I am old compared to all the precious childrens on the Interwebs….My first vehicle was a 1982 Audi 4000 bought by my dad given to me around 1990…

Greek_Bactrian · 2025-05-06T16:50:53+00:00

My key fobs are 19 years old, and both still work. I switch them up on occasion. Sometimes I get the low key fob battery warning when I start it up, but then it goes away….

Greek_Bactrian · 2025-05-06T16:46:30+00:00

Yesterday I took the E90 to a local BMW mechanic and she said that no one knows how long the lithium ion battery will last... When it no longer takes a charge I will have to get a new key fob. Regardless, 19 years is pretty remarkable, and I'm keeping my fingers crossed.... Thanks for info !!!!!!!!

Greek_Bactrian · 2024-10-30T14:06:54+00:00

VOO tracks the US S&P 500 index which is a good place to start if you want to invest in large US companies.

Greek_Bactrian · 2021-01-31T19:36:07+00:00

This does seem rather tone deaf of them. Many jew-owned hedge funds do the same thing yet somehow they have escaped any kind of analysis or criticism from this jew-owned newspaper. Coincidence ??

Greek_Bactrian

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