Real Estate Lawyers in Italy
Our lawyers can help with Real Estate process in Italy.
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Property Purchase in Italy
Purchasing property in Italy offers a unique opportunity to own a piece of one of the world’s most culturally rich and picturesque countries. From the historic charm of cities like Rome and Florence to the serene landscapes of Tuscany and the stunning coastlines of the Amalfi Coast, Italy’s diverse regions cater to a variety of tastes and lifestyles.
However, buying property in Italy involves navigating a complex process that includes understanding local real estate markets, complying with legal requirements, and managing various taxes and fees.
With careful planning, professional guidance, and a clear understanding of the financial implications, you can successfully acquire your dream home in Italy, making a sound investment in a location renowned for its beauty, history, and vibrant way of life.
What is the process of purchasing a property?
Buying a property in Italy involves several steps, and it’s essential to understand the legal and administrative processes to ensure a smooth transaction. Here’s a detailed guide on how to buy a property in Italy:
1. Research and Planning
- Determine Budget: Consider not just the purchase price but also additional costs like taxes, legal fees, and renovation costs.
- Choose a Location: Research regions and towns to find the area that best fits your needs and lifestyle.
- Property Type: Decide on the type of property you want (apartment, villa, farmhouse, etc.).
2. Legal and Financial Preparation
- Hire a Real Estate Agent: A local agent can help you navigate the market and find properties that meet your criteria.
- Engage a Lawyer: Hire a lawyer who specializes in Italian real estate to guide you through the legal aspects. At Lexidy, we can help you with all the process involved. Contact us now for a free consultation.
- Get a Fiscal Code (Codice Fiscale): This is required for any property transaction in Italy and can be obtained from the Italian tax office or through the Italian consulate in your home country.
- Open a Bank Account: Necessary for transferring funds related to the purchase.
3. Property Search and Viewings
- Property Listings: Use real estate websites, local agents, and property exhibitions to find potential properties.
- View Properties: Schedule visits to properties of interest. Take notes and photos for comparison.
4. Making an Offer
- Proposta di Acquisto: Make a formal written offer. If accepted, this is usually accompanied by a small deposit.
- Preliminary Agreement (Compromesso): Once the offer is accepted, both parties sign a preliminary contract and the buyer pays a deposit (usually 10-20% of the purchase price). This contract outlines the terms and conditions of the sale.
5. Due Diligence
- Legal Checks: Your lawyer will check property titles, ensure there are no outstanding debts or legal issues, and verify planning permissions.
- Survey: It’s advisable to have a structural survey conducted to assess the condition of the property.
6. Finalizing the Purchase
- Deed of Sale (Rogito): The final contract is signed in front of a notary. This is when the remaining balance of the purchase price is paid. The notary ensures all legal aspects are covered, and the deed is registered.
- Transfer of Ownership: The notary registers the deed with the land registry, transferring ownership to the buyer.
7. Post-Purchase
- Registration: Ensure the property is registered in your name with the local land registry (Catasto).
- Utilities: Transfer or set up utility accounts (electricity, water, gas, internet).
- Insurance: Consider property insurance to protect your investment.
Additional Tips
- Currency Exchange: If you are transferring money from another currency, consider using a currency exchange service to get a better rate.
- Residency Requirements: Understand the visa or residency requirements if you plan to stay long-term.
- Tax Implications: Be aware of the property taxes and ongoing costs such as IMU (municipal tax), TARI (waste tax), and TASI (services tax).
What are the taxes to pay when buying a property in Italy?
When buying a property in Italy, several taxes and fees need to be considered. Here’s a breakdown of the primary taxes and costs associated with purchasing and owning property in Italy:
Registration Tax (Imposta di Registro)
- First Home: If the property is your primary residence, the registration tax is reduced to 2% of the cadastral value.
- Second Home: For second homes or non-primary residences, the registration tax is 9% of the cadastral value.
- Note: Minimum payment is €1,000.
Value Added Tax (IVA)
- Applies to new properties purchased from a developer.
- First Home: 4% of the purchase price.
- Second Home: 10% of the purchase price.
- Luxury Homes: 22% of the purchase price (for properties classified as luxury by cadastral categories).
Cadastral Tax (Imposta Catastale)
- First Home: €50 fixed fee.
- Second Home: 1% of the cadastral value.
Mortgage Tax (Imposta Ipotecaria)
- First Home: €50 fixed fee.
- Second Home: 2% of the cadastral value.
Ongoing Property Taxes
IMU (Imposta Municipale Unica)
- Municipal tax on property ownership.
- Applies to second homes and luxury primary residences.
- Calculated based on the cadastral value of the property multiplied by a coefficient and a rate set by the local municipality.
TASI (Tributo per i Servizi Indivisibili)
- Tax for indivisible services (e.g., street lighting, maintenance).
- Usually combined with IMU.
- Rate set by the local municipality.
TARI (Tassa sui Rifiuti)
- Waste collection tax.
- Based on the size of the property and the number of occupants.
- Rate set by the local municipality.
Other Costs
Notary Fees
- Notary fees are mandatory and vary based on the property’s value.
- Typically range from 1% to 2.5% of the purchase price.
Legal Fees
- Fees for legal assistance, usually around 1% to 2% of the purchase price.
Real Estate Agent Fees
- Typically 3% to 6% of the purchase price, split between buyer and seller.
Survey Fees
- Cost for a property survey, if undertaken.
- Varies depending on the survey’s scope and the property’s complexity.
Example Calculation for a €200,000 Second Home
- Registration Tax: 9% of cadastral value (assuming cadastral value is €50,000): €4,500.
- Cadastral Tax: 1% of cadastral value: €500.
- Mortgage Tax: 2% of cadastral value: €1,000.
- Notary Fees: Approximately 1.5% of purchase price: €3,000.
- Legal Fees: Approximately 1% of purchase price: €2,000.
- Agent Fees: 3% of purchase price (buyer’s share): €6,000.
Total Approximate Additional Costs: €17,000.
Conclusion
Purchasing a property in Italy involves several taxes and fees that can significantly add to the overall cost. It’s essential to budget for these additional costs and seek advice from professionals to ensure compliance with all legal and fiscal obligations.
We offer a wide range of services for investors at Lexidy. Our skilled and committed team has years of experience in legal counsel, management, real estate, conveyancing, new visas, immigration challenges, residence, and investment opportunities for investors with a global perspective.
If you are thinking to purchase a property in Italyor any other Real Estate matter, contact us for a free consultation of your case and our expert lawyers will help you with anything you need!
Voices of Satisfaction
Contact us
To request a free consultation case, please provide us with your contact details below and we will contact you via email or phone.
What services can we offer?
Property Purchase
We guide you through the seamless process of purchasing a property in Italy, from property search to the final transaction, ensuring a stress-free real estate experience.
Getting an Italian Tax Number
We can assist you in obtaining a Italian fiscal code (codice Fiscale) swiftly and efficiently, simplifying your real estate transactions and financial matters in Italy.
Opening an Italian Bank Account
We can streamline the process of opening a bank account in Italy, ensuring a hassle-free experience for all your real estate and financial needs.
Conduct Due Diligence
Conduct due diligence on real estate property title deeds & competent Land Registries & Cadastral offices for burdens, liens, confiscations, third party rights.
Review Notarial Documents and Drafts
We provide expert review of notarial documents and drafts, safeguarding your interests and ensuring the legality and accuracy of your real estate transactions.
Draft Power of Attorney
We offer professional drafting of a Power of Attorney, empowering you to efficiently manage real estate matters and legal transactions in Italy with ease.
Talk to a Real Estate Expert
Consult with a real estate expert for personalized guidance and solutions to your property-related concerns.
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Quality Life for You and Your Family
Why Italy?
Living and working in Italy offers numerous advantages. Firstly, it opens an opportunity to live in one of Europe’s most captivating countries, with its vibrant cities, stunning coastline, and rich cultural heritage. Secondly, the visa enables access to Italy’s thriving digital and tech ecosystem, fostering networking opportunities and professional growth. Lastly, you will immerse in the warmth of Italian hospitality, savor its delectable cuisine, and explore its diverse regions while maintaining a flexible work-life balance.
Cultural immersion
Experience the rich Italian culture.
Location
Explore Europe without visa restrictions.
Stable economy
Italy has a stable and growing economy
Delicious cuisine
Taste world-renowned Italian food and wine.
Affordable living
Cost of living is lower compared to other European countries.
Healthcare access
Access to high-quality healthcare facilities and services.
Skilled workforce
Italy has a highly skilled and multilingual workforce.
Travel Opportunities
Explore diverse regions within Italy.
Frequently Asked Questions
Can foreigners buy property in Italy?
Can I get citizenship if I buy a property?
Can I buy a property for 1€?
Yes, some towns in Italy offer properties for as little as €1. These initiatives are designed to attract new residents and revitalize depopulated areas. However, there are several important considerations and conditions:
Key Points:
Renovation Commitment: Buyers must commit to renovating the property within a specified timeframe, usually 1-3 years. Renovation costs can be substantial, often ranging from €20,000 to €50,000 or more, depending on the property’s condition.
Deposit Requirement: Buyers are often required to provide a security deposit, typically around €5,000, which is refunded upon completion of the renovation.
Application Process: Interested buyers must submit an application detailing their renovation plans and how they intend to use the property (e.g., as a home, rental property, or business).
Legal and Notary Fees: As with any property purchase in Italy, buyers must pay legal and notary fees, registration taxes, and other associated costs.
Location: These €1 properties are usually located in rural or less populated areas, which may lack some amenities and conveniences found in larger towns and cities.
Conclusion:
While buying a property for €1 in Italy is possible, it’s important to thoroughly understand and be prepared for the additional financial commitments and legal obligations involved in renovating and maintaining the property.
Our Team
For us, Lexidy is a way of life and what excites us the most is to be able to deliver the happiness and satisfaction of a successful immigration process. We want to help you achieve your goals and dreams, whether it’s residence in Italy or simply an investment.
Visit us: Via Arcivescovo Calabiana, 6, 20139 Milano MI, Italy
Write us: info@lexidy.com – Call us: +39 02 8295 6347
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