Brexit: Consequences for Property Owners in Italy
Having evaluated all the likely Brexit possibilities – including a, “No Deal” scenario, we do not see any consequences which would entail UK nationals having to give up living or owning a holiday home in Italy. Likewise, we can see no rational reason to put plans on hold if you are thinking of retiring or investing in Italy.
If you are resident in Italy, now is the time to make sure your paperwork is in order. If you have a holiday home here, we do not foresee any problems travelling to Italy.
Post-Brexit, UK nationals will enjoy the same rights as, “Third Country” nationals. Third country nationals do not need a visa if they are staying in Italy 90 days in any 180.
If you plan to stay more than half the year in Italy, you will need to get a type of visa whereby you may have to prove you have enough income to avoid being a burden on the Italian state. If you need a work permit, you will be like the many non-EU citizens successfully working in Italy.
Italy is used to international property buyers and, from our experience of working with other Third Country nationals such as American and Australian buyers, we know the processes are simple and transparent.
There could even be some upside from Brexit. Concerns about Brexit are holding back demand for Italian property in some areas of Italy. There is also evidence that exchange rate worries and uncertainty about Brexit are causing some people to sell up and return to the UK. This could be an opportunity to make an offer on reasonably priced Italian property.
Finally, Brexit whatever form it takes, does not impact your Will. However, it is a timely reminder to review yours, or to make one if you haven’t done so. Having a bi-lingual, English – Italian, Will saves time, cost and stress later on. If you own assets in Italy and wish to avoid Italian, “Forced Heirship” law, EU Law 650/2012, also known as the Brussels IV Regulation could be the solution for you, but you need to take action.
If you need any support, please get in touch. We are here to help.