Yes, a business investment of 350,000 euro will cost you about $500,000. The good news is that the euro is trending down against the dollar; so things may improve a bit more. Also, the economy in Italy is at or near recession levels again. This may open some good opportunities to find businesses at bargain prices. I will be buying a home in Italy soon and I see that prices are falling and/or prices are more negotiable. Like you, I will pay in cash (no mortgage) and I would expect that this will increase our bargaining position. In the final analysis I am getting no younger and whatever price I end up spending will be worth the effort to get to Bel Paese. Buona fortuna!
I just stumbled upon this information accidentally and have heard nothing about it previously. I intend (intended?) to buy a house in Italy and pay with cash that will be transferred from savings now in the US. This is scaring the stuffing out of me. Imagine having 20% withheld from your transaction! Needless to say, I will get an exception before performing such a transfer since my income is entirely from retirement funds. I thought the US and Italy had a reciprocal agreement assuring that taxpayers will not be double-taxed. The smaller the world gets, the more confined I feel.
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Yes, a business investment of 350,000 euro will cost you about $500,000. The good news is that the euro is trending down against the dollar; so things may improve a bit more. Also, the economy in Italy is at or near recession levels again. This may open some good opportunities to find businesses at bargain prices. I will be buying a home in Italy soon and I see that prices are falling and/or prices are more negotiable. Like you, I will pay in cash (no mortgage) and I would expect that this will increase our bargaining position. In the final analysis I am getting no younger and whatever price I end up spending will be worth the effort to get to Bel Paese. Buona fortuna!
I just stumbled upon this information accidentally and have heard nothing about it previously. I intend (intended?) to buy a house in Italy and pay with cash that will be transferred from savings now in the US. This is scaring the stuffing out of me. Imagine having 20% withheld from your transaction! Needless to say, I will get an exception before performing such a transfer since my income is entirely from retirement funds. I thought the US and Italy had a reciprocal agreement assuring that taxpayers will not be double-taxed. The smaller the world gets, the more confined I feel.