My husband and I live in New York. His relatives

02/27/2024 - 22:32

My husband and I live in New York.  His relatives have informed us that inherited property in Broccostella has been sold and they have an ‘assegno circolare’ in his name for his share of the sale. If this is sent to us in the US are we able to bring it to Citibank to have it deposited into our account?



It is highly unlikely.  Firstly it will be in euros.  You can check if citibank has an affiliate partner in Italy, but I think it doubtful with the current banking rules.  Ask at Citibank if it is possible to deposit a euro bankers draft in New York. 

Otherwsie, basically it has to be paid into an Italian euro account.  Had they sold the property using the dedicated account of the notary, you could have had the money wired to you directly.  Alternatively I presume your husbands share was sold via a Power OF attorney holder - so they could have been paid and wired you the money.   As it stands you may well have to go to Italy and open a bank account to get the money.  

if there is a power of attorney holder who has signed in your name, check whether the power of attorney says that he/she has complete management of the money received - If he/she has it, he/she can go to his/her bank and ask the manager to deposit the check into his personal current account and immediately transfer the proceeds, even in euros, to your account in the USA - if the transfer takes place in euros, your bank will carry out the currency exchange - The bearer's bank of power of attorney, will also communicate to the Revenue Agency (Italian Tax Office) the origin of the money and the reason why the money must not be registered as taxable, to be paid by the power of attorney -

If, however, the person who has the power of attorney does not have total management of the money obtained from the sale - You will need to open a bank account in Italy in your name and from there transfer the money to your bank account in the USA.

If you want to avoid coming to Italy to open a bank account, I can take care of it, this is also my job…

Laura , It would be interesting to know times and costs..

and , REMEMBER , you has to make a tax return in Italy, for this sum that you received in Italy, and transferred outside the Italian borders !