SOME NOTES ABOUT BUY LIVING PROPERTIES IN ITALY
Professione esercitata a norma della legge 14-01-2013-nr.4
BUY REAL ESTATE IN ITALY
All information on this page is believed to be accurate , however , i disclaim liability for any errors or omissions, and i will not be held responsible for any direct, indirect, or consequential damages resulting from anyone's reliance on or use of the information on this page.
PLEASE NOTE : ALL UNDERLINED WORD AND PRASES CAN BE CLICK TO OPEN
OTHER PAGES OR DOWNLOAD THE FILES
PLEASE do not be 'scared' by the following complete list of to do's : in reality, buying a property in Italy is not that much more complicated than buying one in other country once you get started.
A foreign citizen who wishes to purchase property in Italy must first of all , obtain a tax identification number ( codice fiscale). This can be requested at any government financial office or at an Italian Consulate or Embassy.
IN OTHER COUNTRYES
In all countries request should be submitted with >> this form<< along with a photocopy of one's national passport , please note :
A tax identification number is essential for:
If you will have an italian mortgage to financing Italian property purchase , restoration , building
BUY THE RESIDENTIAL PROPERTY
OR THE PLOT TO BUILD
In order to buy a property in Italy , the first step is to sign a preliminary agreement (compromesso) , which is subsequently followed by a public sales act drawn up by a notary.
The >> compromesso << is a private agreement between the buyer and seller (which can be done without the help of a notary), to which the "promising" buyer and the "promising" seller (indicated as the "parties" to the contract) subscribe. This preliminary agreement will contain the following :
1. Both the purchaser and the seller can delegate someone to act on their behalf at the time of the preliminary purchase agreement or for the final sales act, or in both instances and also for signing an Italian Mortgage . In this case, a special power of attorney will be needed : if not in italy , issued by a public Notary and apostilled . If in Italy issued by an italian notary .
2. In case the buyer is unable to read Italian, he or she must be accompanied for both the preliminary agreement and the final act, by an interpreter registered with an Italian court, or alternatively a trusted person can be given a power of attorney to act on behalf of the buyer.
3. Payment must be made in the place and currency requested by the seller.
4. In order to simplify payments, is recommended that the buyer to open an bank account in Italy.
5. If a purchaser wishes to obtain an italian mortgage, either for the purchase or for improvements , restoration , building , refinancing or pay off another mortgage , but he/she is unable to read Italian, then he/she will need to adopt the same procedure as indicated in point 2 above. Should he/she wish to delegate a trusted person, the text of the proxy must be provide by an italian notary and approved by the Italian banking institution. (ATTENTION some banks do not allow this procedure)
6. At the time of the preliminary purchase agreement, the buyer must pay the commission to the agent and/or intermediary.
7. At the time of the final sales act, the buyer will have to pay:
The purchasing "of particular historic interest buildings " benefits from some tax reductions :
1. Purchase taxes are reduced to 2% , even for not first houses , with a minimum of 1000-euro
2. Restored buildings benefit from 10 years of exemption of the tax on the income from property (IRPEF or imposta sul reddito degli immobili).
All these percentages will be calculated on the valore catastale issued by a
Ufficio del territorio on the property certificato catastale ( as in financial law 2006 year)
TAXES FOR PURCHASING ACCORDING THE First Home ITALIAN LAW
NOTE : THIS TAXES ARE NOT APPLICABLE TO PROPERTIES CADRASTALLY SCHEDULED AS A/1 - A/8 - A/9 (luxury homes)
1 - If the seller is a builder ,
2 - If the seller is a private people ,
Please note :
the prima casa tax it only applies for maximum 5000 square meters around the building , all more land purchased , to be pay tax of 18%
the buyer has 18 months to transfer the residence to the first house purchased, if this does not happen, him lose the allowance and have to pay to the revenue agency: the difference between the transfer fees prima casa and seconda casa - a 30% tax on the sums paid
For guideline to residence in Italy , Italian Tax guideline , Live in Italy , please click
>> HERE <<
For Italian real estate taxes , Reciprocity , shenghen visa request , please click on the following links :
a) The declaration IUC - the value of the act to determine the tax base varies from municipality to municipality, we strongly encourage every buyer, contact an accountant to fulfill this obligation.
b) The declaration for the removal of household and urban waste.
Please note, for both of the above it is advisable to provide a copy of the payment bills used by the previous owner.
If the purchaser obtains a mortgage for the purchase in many cases the purchaser can detract on his/her income tax return the interest and related charges.
Restoration or Building
In order to proceed with the restoration or the construction of a building, it is necessary to obtain the services of a licensed technician (Geometra), or an Architect or a Civil Engineer.
In Italy, all types of construction or restoration works , require the presentation of a request for authorization to the towns offices , signed by the owner of the property and a licensed technician.
In order to obtain authorization to begin these works, a tax must be paid to the town offices ; it normally takes 90 working days to receive the authorization from the time the request is presented.
Only in the case of light restoration works (painting, floors, window and door frames and wiring) may the technician present a particular request called DIA, for which it will not be necessary to pay any tax and the works can initiate in a brief time period .
For more info about Italian's laws to building , please click to following points , to download :
Note : files are in Adobe in you don't have it, click > here <