- Purchase taxes ( VAT when buying a new home 4 %, 10% or 22 % of the purchase price , and buying the property from the secondary market you pay a stamp duty , which is or 2 or 9 % of the cadastral value )* - payable when you sign the final contract
- The cost of the services of public notary ,
- The cost of a real estate agency services,
- The cost of an interpreter to be present at the final notary act , if the buyer does not know the Italian language , and the notary does not know the language spoken by the buyer .
Availability of real estate in Italy is not a basis for obtaining a residence permit in Italy. But when requesting a residence permit in Italy on different kind of base (work or residence in the case of " selected residence " ) presence in the real estate property is an advantage. In the presence of the real estate here feeding on a tourist visa , instead of hotel reservation , you will make the final copy of the notarial deed of sale . Our agency cooperates with lawyers specializing in such matters. We will give you all the details on request.
In all advertisements for the sale and lease of real estate you will see the following entries " index of energy consumption in kilowatts 1 sq.m. per year "and" class energy saving . " It is preparing by the expert after studying the state of the property (the presence of heaters , the technical conditions of the building , the windows , the presence of thermal bridges that increase heat loss) . These data will help you quickly understand how much is spent on heating the property . Energy efficiency class ranges from A ( highest) to G ( lowest) , the higher the class , the better insulated the building and the less energy spent on heating. This certificate is required for the transaction as a purchase or rental. Its validity in the constancy of performance of 10 years from date of issuance.
- Annual municipal property taxes (IUC)
- Utilities: water charges, gas, electricity , internet, landline phone
- Condominium payments ( maintenance of the property owned in sharing with other tenants)
- Insurance of property
Real property gains tax levy in Italy is 26% (the rate was 20% until 2020) on gains from the disposal of the property sold within 5 years of purchase. Called in Italian “imposta sostitutiva”
It is calculated from the sum of the difference between the sale and purchase price and the documented purchase costs.
Please note, not all expenses may be deducted.
Possible write-off costs:
Make sure that the invoices for the works are issued correctly in the name and surname of the owner, with the Italian tax code, the works at the address of your property have been correctly described. The decision to pay this tax is made at the time of signing the deed of sale. The taxes are paid for you by the notary.
Or, you can declare the capital gains on your income tax return and pay taxes at the progressive personal income tax rate (imposta reddito persone fisiche).
We are often asked whether non Italian resident can buy property here in Italy.
Foreigners can buy in Italy both residential and commercial real estate property in accordance to reciprocity condition (condizione di reciprocità), i.e. if Italian citizens can buy in their country of origin, the citizens of this country can buy property in Italy. This condition is also found in intergovernmental agreements between countries on mutual protection of investments . You can look whether your country is a condition of reciprocity on the following link http://www.esteri.it/MAE/IT/Ministero/Servizi/Stranieri/Elenco_Paesi.htm
Purchase should be divided into the following steps:
- Proposta d'acquisto – Purchase proposal with paying of confirmaton deposit (5-10% of the agreed sale price ) which confirming the seriousness of proposal.
- Contratto preliminare - preliminary contract of sale with a down payment of the price (20-30 % of the agreed price )
- Rogito - the final contract of sale at the notary with the payment of balance price.
Needs a passport, marriage certificate or marriage contract , which shows how is managing the economic relations between the spouses, and the Italian tax code (codice fiscale), which can be requested or the Italian consulate in the country from which you came , or at the local tax authorities (we provide you all the assistance nedded).
The first two payments ( security deposit and down payment of the price ) on the signing of the contract can be paid from your foreign account . Payment upon signing the final contract should occur or before signing the contract , or simultaneously with the signing of the contract. Payment in advance is not safe for the buyer. Payment simultaneously with registration of the transaction can be carried out only with the help of the Italian bank checks , it is desirable that they were guaranteed by the bank , to the name of seller , irrevocable , they are called in Italian “assegni circolari”.
If payment of the price you can do all the same without opening an account in an Italian bank , for example by placing money in a deposit account of a notary , in the future to pay for current utility bills and taxes for your real estate it would be better to have an account in an Italian bank . Therefore, to all our clients buying property here , we recommend to open a account in an Italian bank.
In Italy, the real estate is sold in full ownership (Freehold). In case of purchase of apartments in an apartment building, apartment has a full ownership and area of land on which the building built, the bearing walls of the building , stairs and landings , roof , etc. are jointly owned by all the residents in the proportionate share , (Share of Freehold) the cost of maintaining these areas are paid jointly , more than 4 occupants formed condominium (legal entity) and more than 10 apartments have a duty of hiring a special administrator
- Certified copy of the Title Deed;
- If after the date of the deed there were made changes to the property you should provide Municipal Authorizations (building permit);
- Copy of the Certificate of Habitability (Certificato di Agibilità)
- Original of the declarations of conformity of the electrical, plumbing
and gas or communicate the non-compliance of the plants with the current legislation;
- Copy of condo rules;
- The cadastral floor plan;
- Energy Certification.
The owner has the following advantages to sell through the “exclusive” listing:
- the owner get more exposure of his property through the different marketing channels of Agency
- this property has major priority for the Agency;
- the owner receive the report of the inquiries and visits.