How to buy properties in Italy

Italy is one of the most desirable countries worldwide for tourists, so it is extremely common to search for a property for investments, holidays or to experience a new life.
The process for buying a property in Italy is relatively straightforward and can definitely be hassle-free when working with a competent team that guides you through the main steps.
Purchasers can also hire a technical advisor to perform the necessary checks on a property.

Buyers should provide a formal written offer to purchase the property and may be requested to put a deposit in escrow to secure it. The offer, if accepted, might become a legally binding contract.
Once an agreement has been reached, the buyer’s solicitor and/or surveyor will undertake the relevant searches so the preliminary contract, or Compromesso, can be drafted.
The Compromesso does not transfer the title but sets out all the details of the sale and gives the seller time to gather any necessary documents and vacate the premises prior to the agreed closing date.
Usually, a deposit of 20 per cent – 30 per cent of the purchase price is exchanged by the buyer (who must have an Italian tax code) at Compromesso, a process dealt with by a notary who registers the transaction.
The above-mentioned “codice fiscale” (Italian tax code) is essential to carry out a wide range of activities in Italy, such as opening a bank account, entering into a rental contract or registering with the Italian National Health Service. Clients can obtain an Italian tax code before or after arriving in Italy.

Following Compromesso, the notary, who is independent in the process, undertakes a title search and prepares the final contract.
The final contract signing is witnessed by the notary. The purchaser then pays the outstanding balance as well as any other fees and taxes, and the notary pays stamp duty and other purchase taxes to the government on the buyer’s behalf.

Prospective foreign home buyers should expect to spend around 10 per cent of the purchase price when buying property in Italy.
This is a combination of property taxes, sales taxes (similar to VAT and currently 22 per cent) and notary fees, as well as any potential extra costs, such as translation of documents, if required.
Income tax is payable in Italy by all property owners on the theoretical rental income of the property during the year, although non-residents are only subject to it if the income exceeds a certain threshold.
The Imposta Municipale Unica, similar to the UK council tax, is collected by the local authority twice a year, and there are no capital gains taxes on the sale of a property if the transaction takes place more than five years after the purchase.

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Immobiliare Cesena Nord S.r.l

Viale G. Oberdan nª 188
47521, Cesena(FC) Italy


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