PURCHASE A PROPERTY IN ITALY

Important tips to purchase a property

 Many expats, that decide to move to Italy for work or leisure reasons, often decide to purchase a property instead of renting one.

Any person buying an Italian property will have to have an Italian Tax Code, aka Codice Fiscale, which is a multiple code that identifies that person, issued by the Italian Agenzia delle Entrate.

Italian law is based on reciprocity which means that any subject is entitled to purchase a property in Italy if the expats’ home country will apply the same condition to an Italian citizen.

A very important aspect to verify when purchasing an Italian property is to check the existence of any outstanding debts related to the property, so it is essential to appoint a local expert, even a lawyer, to ensure that the property is free of charges such as easements and/or mortgages.

It is not uncommon for bureaucratic issues to arise during the purchase process, for instance the required paper work might not be in order i.e. registrations, plan updates, planning issues and/or permits, these will undoubtedly slow down the purchase process. So as to be confident and make sure all required aspects are complied with, it is advisable to appoint an Italian Geometra, who is a local surveyor, that can ensure all the paper work is in order.

Another important aspect to deal with when purchasing a property in Italy, is being aware of the related taxes, costs and expenses. The main expense will be VAT, the specific percentage will vary in accordance with the kind of building you are purchasing: new building, second hand home, to this amount one will have to add property registry tax, Notary fees and costs and any other amount owed to the real estate agent, if one has appointed one.

If you seeking for more information on Italian Real Estate issues or if you wish to contact one of our lawyers, fill out the form below