Educational and informational only. This guide reflects rules checked in October 2026 and is not credit, tax or legal advice. Amberlake Partners is not a mortgage broker or credit intermediary and does not arrange or offer loans; any financing is provided and decided solely by the lending bank. Tax rules, lending criteria and bank policies change, and each situation requires review by qualified professionals in the US and in the country concerned.
Who this guide is for
This page is for US citizens and green card holders who live in Italy, plan to move there, or want to buy a home there while living in the US or elsewhere in Europe. It covers banking, investing, US reporting and how property financing from banks generally works.
For the wider relocation picture, see our guide for Americans moving to Italy. For a comparison of financing structures across Europe, see European property financing for Americans.
Before anything else: the codice fiscale
The Italian tax code, the codice fiscale, is needed to open a bank account, sign a preliminary contract, take a mortgage or register utilities. Americans living in the US can request it through their Italian consulate, usually by uploading a passport, the application form and evidence of the reason, such as a property pre-agreement. In Italy, it is issued by the Agenzia delle Entrate. Use only an officially issued code; online generators produce numbers that are not registered.
Foreign buyers in Italy are generally allowed to buy property where reciprocity applies, and Americans generally can. The notary, who is required for the deed in Italy, confirms the position for the specific purchase.
Banking in Italy as a US person
Italy has a Model 1 FATCA agreement with the United States, in force since 2015. Italian banks report US persons' accounts to the Italian tax authority, which exchanges the data with the IRS. Most large banks can open a current account for a US person; access to investment services and private banking credit is more selective.
Expect questions about your US tax status, the origin of funds and how you will use the account. A US person who arrives with organized documentation and a clear purpose for the relationship is generally easier to onboard. Our overview of European banking and FATCA for US expats explains why some institutions restrict US clients and which alternatives exist.
US reporting does not stop when you move
The United States taxes its citizens and green card holders on their worldwide income, wherever they live. Moving to Italy does not end US filing. It adds a second set of rules on top.
In practice, the US layer usually includes the annual federal return, the FBAR (FinCEN Form 114) when the combined balance of foreign financial accounts exceeds $10,000 at any time in the year, and Form 8938 (FATCA) when foreign financial assets pass the IRS thresholds. For a single filer living abroad, those thresholds are $200,000 on the last day of the year or $300,000 at any time; they are higher for joint filers.
If you become an Italian tax resident, foreign assets are declared on the RW section of the Italian return, and foreign financial assets and foreign real estate can be subject to the IVAFE and IVIE wealth taxes. The new-resident regime is an option for wealthier movers: from 1 January 2026 it replaces Italian income tax on foreign-source income with a flat €300,000 a year, plus €50,000 for each family member included, for people who were not Italian tax residents in at least nine of the previous ten years. For a US citizen, the interaction between this flat tax, US foreign tax credits and the US–Italy treaty needs specific advice, because the flat tax may not be creditable against US tax in the way ordinary Italian tax is.
The practical consequence is that every account, policy and fund you open locally has a US reporting cost as well as a local one. Planning the structure before you move is usually cheaper than unwinding it afterwards.
The PFIC problem with local investment products
Many products sold to residents, such as Italian and Luxembourg UCITS funds and unit-linked insurance policies, invest through non-US pooled funds. For US tax purposes, most non-US mutual funds and ETFs are treated as Passive Foreign Investment Companies (PFICs).
PFIC treatment can mean punitive tax calculations on gains and certain distributions, interest charges and an annual Form 8621 for each fund. A portfolio that is efficient for a local resident can therefore be inefficient for a US person living in the same building.
The usual approach is to build the portfolio from instruments that work on both sides: individual securities, US-domiciled funds where the custodian and local rules allow them, and bonds held directly. Whether a given product is a PFIC depends on its structure, so it should be checked with a US tax adviser before you buy it. Our guide to PFIC rules for Americans living in Europe explains the mechanics.
How bank financing generally works for US persons in Italy
Italian banks do lend to non-residents, including Americans, but the market for non-resident mortgages is narrower than for residents. Lenders typically expect a larger deposit from a non-resident, test the instalment against verifiable income, and ask for US tax returns, credit history and statements showing the deposit and reserves. Income in dollars is assessed with currency risk in mind.
Timing is the most common problem. The preliminary contract, the compromesso, usually binds the buyer to a deposit and a completion date. If the mortgage is uncertain, ask your lawyer about a financing condition before you sign, and approach the lender before making the offer rather than after.
Many buyers with significant investments compare an Italian mortgage with portfolio-backed financing from a private bank. The loan is secured on securities rather than the house, which can simplify an Italian purchase, but it introduces margin-call and interest-rate risk and should be sized conservatively. Mortgage-related taxes and notary costs also differ between first and second homes, so ask the notary for a written estimate early.
Process: from first call to the rogito
1. Obtain the codice fiscale and decide whether you will become an Italian tax resident.
2. Map your position. Assets, custodians, income, existing debt and the US and Italian tax treatment of each holding.
3. Choose the financing route. Italian mortgage, portfolio-backed credit, cash, or a combination.
4. Prepare the file. Passport, codice fiscale, US returns for recent years, income evidence, bank and custody statements, liabilities, and evidence of the origin of funds, translated where required.
5. Approach suitable lenders and obtain written indications before signing the compromesso.
6. Complete at the notary (the rogito) and then structure the portfolio for both US and Italian reporting.
How Amberlake Partners works with US persons
Amberlake Partners SAM is a wealth management firm in Monaco, licensed (agréée) and regulated by the Commission de Contrôle des Activités Financières (CCAF) and registered with the US Securities and Exchange Commission (CRD 322274). You can verify the registration on the SEC's Investment Adviser Public Disclosure website and read our Form ADV brochures, linked at the foot of this page.
We work on an external asset manager model: your assets stay in your name at a custodian bank, and we advise on and coordinate the portfolio across the institutions you hold. Booking centres available through our partner banks include Monaco, Geneva, Luxembourg, Madrid, New York, Miami, Dubai and Singapore. There are no in-house products to place.
Amberlake Partners is not a mortgage broker or credit intermediary and does not arrange, negotiate or offer mortgages or loans. Around a property purchase, our role is limited to advising on the wealth and portfolio side, for example the liquidity, currency and portfolio consequences of paying cash or borrowing, and assisting with banking relationships, as described in our Form ADV. If a client asks a partner bank about financing, any loan is offered and decided solely by that bank, at its sole discretion and under its own onboarding, compliance and credit criteria. We cannot promise that a bank will open an account or extend credit.
Common questions
Can an American buy property in Italy?
Generally yes. Americans can buy Italian property, and the notary handling the deed confirms the position for each purchase. You will need a codice fiscale first.
Can a US citizen get a mortgage in Italy?
Yes, some Italian banks lend to US citizens, including non-residents. Expect a larger deposit than a resident would need, detailed US income and tax documentation, and a narrower choice of lenders because of FATCA.
How do I get a codice fiscale from the US?
Through the Italian consulate responsible for your US address, usually by booking an appointment and uploading your passport, the application form and evidence of the reason for the request. In Italy it is issued by the Agenzia delle Entrate.
Is the Italian flat tax useful for a US citizen?
It can be, but it needs specific advice. From 2026 the flat tax on foreign income is €300,000 a year for new residents, and the way it interacts with US foreign tax credits differs from ordinary Italian income tax.
Should I buy Italian funds as a US person?
Usually not without checking first. Most non-US funds are PFICs for US tax purposes, which can lead to punitive taxation and extra filings. A US tax adviser should review any fund before you invest.
Does Amberlake Partners arrange mortgages?
No. Amberlake Partners is a wealth manager, registered with the SEC and licensed by the CCAF. It is not a mortgage broker or credit intermediary and does not arrange, negotiate or offer loans. Any financing is provided and decided solely by the lending bank, at its sole discretion.
Sources checked for this guide
Rules and figures quoted on this page were checked on 25 October 2026:
FinCEN: Report of Foreign Bank and Financial Accounts (FBAR)
IRS: Do I need to file Form 8938?
Agenzia delle Entrate: new-resident flat-tax regime (updated 16 January 2026)
Consulate General of Italy in Houston: codice fiscale for foreign nationals
US Treasury: FATCA intergovernmental agreements by jurisdiction
Important information. This page is educational and informational only. It is not credit, tax or legal advice, and it is not an offer or solicitation for any loan or financial product. Amberlake Partners SAM is a wealth manager registered with the US Securities and Exchange Commission and licensed by the CCAF in Monaco. It is not a mortgage broker or credit intermediary and does not arrange, negotiate or offer mortgages or loans. Any financing is provided and decided solely by the lending bank, at its sole discretion.