BEFORE AND AFTER PURCHASE

The law in Italy carefully monitors the legal purity of real estate transactions, so the foreign buyer can be assured of maximum transparency of procedures.

In Italy does not provide for any limit on the purchase of real estate by foreign citizens, whether individual or legal entity. The only exception - a ban on the purchase of agricultural lands.

The process of buying property in Italy is quite simple and clear regulation of Italian law. When searching for a house in Italy it is strongly recommended that you use an estate agent fully licensed by the Chamber of Commerce. So to purchase a property in Italy, you only need to:

Get a tax identification number;
Sign the preliminary contract;
Sign the final notarial deed of purchase;
Pay local purchase taxes.

We accompany our clients at every stage of real estate acquisition: before, during and after the transaction!

- We also offer After-sales service.

- Consulting on tax breaks for wealthy clients, visa or residence permit when buying a property in Italy.

Tax identification number (Codice Fiscale)

The first step for foreign citizens who are going to buy a home in Italy is to get a tax identification number. The Codice Fiscale is an official document released by the local Agenzia delle Entrate, containing an alphanumeric code of 16 characters. The Codice Fiscale serves for the notarial deed for the property purchase, and also for opening of bank account in Italy. Moreover serves to identify unambiguously, for tax purposes, individuals residing in Italy, irrespective of residency status. These are services that, we will make for you at no extra cost, if you are buying your property through our Agency.

The preliminary contract (Compromesso)

After selecting the property and verify the regularity of the building construction by our Surveyor (Geometra), you can proceed with the purchase. The sale procedure begins with the signing of the preliminary contract so-called offer to purchase which specifies all the details of the property, price, terms of payment, and including the amount of deposit (is usually 10% -20% of the declared value of the property), and agent's fees. The estate agent's fees amount to 3-5% of the purchase price. It is important to note that if you withdraw from the sale after signing the Compromesso, you lose your deposit. However, if the seller with draws, he must pay you double your deposit.

The final notarial deed (Atto notarile)

The final stage involves signing The purchase agreement (Contratto di compravendita) in the office of a Notary (Notaio), who will inspect all documents. It is important keep in mind that at the time of signing the main contract the buyer is obliged to pay taxes and notary fees, only after the signing of the deed will be possible. Notary fees depends on the complexity of the act and the value of the property (the higher value the less %). On average, the cost of notary services is not more than 3%. The notary sends all the information to the competent authorities - Real Estate Registry, Cadastral Office, Tax Office. Registration of property rights requires from five days to two months, depending on the municipality where the property is located. However, property passes to the new owner at the time of signing of the deed, together with the property keys.

The purchase taxes

Owner of new properties must pay the Purchase Taxes, which is levied at 4 % for first home resident buyers, at 10 % for second home and non-resident buyers, and at 20 % on luxury homes, for the land is always 12% of the cadastral value. Moreover is levied the registration tax on the cadastral value (9%) and add the mortgage and cadastral taxes for a total of 100 euros (50 euros for each).
Yearly:
Every year you have to pay taxes on trash (TASI), which are calculated on the basis of square meters of the house, and tax on real estate (IMU), which is calculated on the basis of the cadastral value of the property.

After-sales service

After-sales service is no less important than the purchase of real estate by itself. After all, you, as the new owner will need help to understand the Italian law, the form and style of life. That's why we decided to offer our clients after-sales support. Such as, changing utilities into your name, for example electricity, water, tv license, telephone, council tax, utilities monthly payments, etc.
Moreover, we are able to offer you, if required, technical property reports from a building surveyor (Geometra) on the structural condition of any property we offer for sale. The surveyor can also advise on any property renovation project.

FLAT TAX

The new Flat Rate Tax of 100,000 euro a year (from 2017) will apply to all worldwide income for foreigners who declare Italy to be their residency for tax purposes. Those who would want to take advantage of the tax rate would have to have resided abroad for nine of the last ten years, and have sufficient income to make the 100,000 euro price tag an attractive deal. An additional 25,000 euros per person would also be added to the tax rate of those who set up Italian residency for close family members.

According to Italian tax authorities, the flat tax would be renewable every year for a maximum of 15 years.

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