Opening a current account in Italy for non-residents and foreign citizens is a complex operation that requires various formalities and documents to be produced.
In fact, there are not many banks that allow the opening of bank accounts to foreign citizens without a requirement that somehow establishes a connection with the Italian territory.
Why open a current account in Italy.
Foreign citizens who want to open a bank account in Italy usually need to manage real estate properties or a business.
In fact, most of the time, it is a question of remotely managing payments of taxes, bills or rental income.
Other times it is possible that the foreign citizen runs a business in Italy or wants to open a company in Italy.
In the latter case, the company will need a bank account to manage the economic part of the business.
Furthermore, the foreign citizen may need an Italian bank account to invest or join funds and accumulation plans.
Evaluation of the requirements to open a current account in Italy.
The requirements for opening a bank account in Italy can be many and vary from bank to bank.
Only the bank can decide whether or not to open an account with a foreign citizen at its own discretion.
The first phase of evaluation will take place with a personal data census of the customer with valid identification documents.
Subsequently, the applicant will generally have to prove:
- receive an income from work in her/his country (with presentation of an employment contract and pay slips);
- own a property in Italy or, alternatively
- reside in Italy (with presentation of a residence certificate, rental contract, etc.) or, alternatively
- have sufficient savings to be able to invest in Italy or, alternatively
- manage a business in Italy according to the Italian Company Law, providing all the documents of the company incorporation and business registration.
Some banks are more likely to open current accounts to non-resident citizens of the European Union than non-EU citizens, especially if they come from countries that do not have the same anti-money laundering regulations.
American citizens should find banks that work for compliance according to FATCA regulations.
Q. Can I open an Italian bank account from the U.K.?
A. Most of the time, banks requires identification of the applicant at the bank counter. However, it is not uncommon to find banks that allow the remote opening of the account by giving a Power of Attorney to an Italian professional.
Q. Can I manage my account remotely when opened?
A. All Italian banks offer remotely manageable home banking channels.
Where to apply for an Italian bank account.
The main method for choosing the bank to request the opening of an account is to contact branches in the chosen area.
For instance, if you bought a house in a small town in Umbria, I will contact the branches of the banks in the town.
Therefore, it will be more likely that the bank will agree to open an account with someone interested in the area.
Same thing if the applicant has a company. It will be advisable to contact the counter near the company headquarters.
Q. The registered office of my company is in Rome, and there are hundreds of branches, how do I choose?
A. If you reside in a large city, both as an individual and as a company, you should contact the branches closest to your residential address or registered office.
Q. I went to a local bank, but they refused me to open. Is there a reason?
A. The reasons may be different, but at the beginning, it is advisable to contact banks of national importance.
Q. Can I open an Italian bank account at an Italian bank office in my country?
A. The foreign offices of Italian banks are generally in support of large companies and investments. However, it is not excluded that some branches will open an Italian account where they deem it feasible.
If you want to know more about opening an Italian bank account or need assistance, contact us by filling out the form below.
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