Buying Property in Italy
Buying property in Italy is a relatively straightforward process, and as long as you have a solicitor acting on your behalf you are unlikely to encounter any problems. There are no restrictions on Foreign Ownership and the property purchase procedure is fairly simple. However, once an offer is made and the preliminary contract drawn up, whilst the purchase is legally bound to buy, both the seller and agent are still free to consider other offers. At present, buying property in Italy offers excellent tax benefits – there is no inheritance tax, no capital gains tax, and the wealth tax is only 0.4 of the value of the property. Fees for buying a property in Italy are usually between 10-15 of the purchase price, including notary, bank charges, taxes and registering the property. Property can be purchased in a sole name, joint names, company name, or in the names of any adult children who may eventually inherit the property. Before paying the final monies to complete on any property purchase, you are entitled to inspect the property for 'snags', which would be passed to the developer for amending. Until the full terms of the contract have been met, you are not required to make that final payment. Italian Mortgages are available for up to 75 of the valuation of a property. However, mortgages cannot be arranged on a property that is not built. Once the property is complete, a mortgage can be applied for to cover the remaining 50 payment if required. Buyers will need to supply evidence of income and expenditure, usually 3 months wage slips and P60, or if buying through a company full accounts showing clear profits after tax. Should to decide that you are buying a property in Italy in which to reside permanently, you will find the cost of living, especially in the south, much cheaper than the UK. As a UK citizen, you are able to live in Italy as long as you wish, but will need to apply for a Social Security number, much the same as at home. The annual running costs of your property in Italy will depend on the price of the property when you buy. An average 2/3 bed home will be approximately £1,000, including gas, electricity, water, rates, community fees and insurance. To avoid any losses with the currency conversion, it is always best to plan in advance. A commercial foreign exchange company will generally give better rates than banks, and a fixed exchange rate can be ordered in advance. It is always advisable when buying a property abroad, to use a local solicitor. However, if preferred you can use a solicitor in London who will collaborate on your behalf with the Italian solicitor. Our fantastic value selection of front line property for sale in Italy starts at 57,000 Euros for a 2 bed, 1 bath apartment, although the developments have been extremely popular and are selling fast. A free 4 day 3 night inspection trip is available for anyone interested in viewing. Our representatives in Italy are available to show you the developments, the area and advise on furnishings, whether you prefer to purchase a furniture pack, or want to know the best places to buy.
About the Author
I have worked in the rentals business for the past 6 years and living in Spain for the past 4. I now manage Citrus Iberia (CB), a British Estate Agents on the Costa Blanca offering Spanish villas
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