Buying real estate in Italy
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money used to buy property should be officially documented so should
you decide, the proceeds can be repatriated.
Real Estate Prices in Italy
Varies, for example:
Locations to buy real estate in Italy
Italy has many different appeals, its two mountain ranges, the Alps and the Apennines, and the lakes like Garda. Northern Italy has extensive areas of woods and farmland, the south is more arid. Italy's principal islands are Sicily (the active volcano of Mount Etna), Sardinia and Capri. Other popular areas include Tuscany, Liguria and Lombardy, all north of Rome. The Italian Riviera is more popular for winter home retreats while the cities always have that mixed cosmopolitan feel.
Living & Costs in Italy
Differs greatly between the prosperous north and central regions of Italy, and the relatively poor south. The cost of living in the major cities is similar to Britain, France and Germany, although generally Italy has a slightly lower cost of living than northern European countries. Luxury goods like cars can be expensive, alcohol is less expensive.
Admit it, they've got style and they also have beautiful mountains, lakes, coastline and architecture. You must have led a bizarre kind of life if you've never come into contact with something Italian. You'll have eaten a pizza even if you haven't got round to buying a Ferrari just yet. Juventus, cappuccino, pesto, pizza, Versace, Sophia Loren, Ducati it's all Italian and enough to make you really jealous. While you might think that Italy is for tourists and middle aged Chianti-drinking architecture enthusiasts (and there are indeed quite a lot of them), once you get out of town you will find the other, almost forgotten Italy of mountains, lakes, sparkling seas and silent villages.
Even if it does start reminding you a bit of 'The Godfather', there'll be no problems fitting in with the family. Italy has adapted to all forms of tourism efficiently and effectively. Whatever you're doing, there will be somebody available to make sure you're doing it right, in the Italian style.
Italy is classified as being 75% mountainous. In fact the only flat bit is the industrialised and rather dull northwest. The rest of the country is at the very least hilly and reaches up to classic 3500m mountain peaks in the Dolomites on the border with Austria. Up here you can take part in any mountain activity you can think of and probably some you haven't actually heard of. Even if you can confidently describe hydrospeeding, who knows anything about 'rap jumping'? Nothing matches the mountains for intensity, but the range of activities on offer remains high even as you leave the peaks behind. The more gentle Apennines run all the way down the centre of the Italian mainland and offer horse riding, light trekking and pleasant cycling. There's also more of a cultural atmosphere here after all sometimes a bit of fantastic architecture is a pleasant break.
The coast is beautiful too. Italy touches the Adriatic, Ionian, Mediterranean, Tyrrhenean and Ligurian seas. Even if you don't know which one you're floating in or lying next to, it'll probably be warm and blue. But, if swimming and snorkelling leave you uninspired and you don't fancy the fantastic scuba diving, there's kayaking and windsurfing, both on the inland lakes and around the coast. In the two-wheel department, Italy has produced a number of great cycling champions and the sport is revered here almost as much as football and formula uno. As well as being the ideal way to explore a region, the bicycle will put you on the road along with the thousands of Italians of all ages who take part in il grande ciclismo, before taking part in an equally big lunch.
Buying real estate in Italy
Italian properties are freehold and a deposit of around 10% is usually
accepted and is paid to a notary. If the vendor decides not to sell
after signing the preliminary contract, they must pay double the deposit
back. It is wise to check the wording of the deposit, a 'penitenziale' means
you will only lose your deposit if you withdraw from the sale, while
a 'confirmatoria' would mean the seller could take legal action
to force the purchase.
do not need to hire the services of a solicitor/lawyer to draw up your
initial contracts as the majority of all this work is carried out by instructing
fees for buying a property in Italy are usually between 10-20% of the
purchase price. Registration tax/stamp duty should be 10% of the declared
price for urban property, up to 17% for agricultural property, with
a reduced rate of around 4% for first time buyers. If you're planning
on becoming a resident, you should to do so before purchasing your
home in Italy.
tax (IRPEF) is high in Italy and ranges from 10%-60%. Non-residents
must submit a tax return stating the details of their Italian property,
even though there's no tax to pay if no income is derived from rental
etc. The standard rate of VAT is 19%, with reduced rates to a minimum
4%. VAT is payable on new properties at 9% for non-luxury property
and 19% for luxury property. The local community tax or rates, ICI,
('Ichy') is paid by anyone who owns property or land in Italy, whether
they are a resident or non-resident. It's levied at between 0.4% -
0.7% of a property's value, the actual rate being decided by the local
authority depending on the size of the property, location, class and
category. If a property is unfit for habitation it could qualify for
a 50% reduction. ICI is paid in two instalments in June and December.
are available from Italian banks but can be lengthy to approve, and
usually you can obtain better terms from foreign financial institutes
with borrowed amounts against purchase price of 80%. Remember to declare
any funds brought in to your Italian bank. Maximum loans from Italian
banks on property are usually 50-60% of buying price for second homes
and nearer 75% for your main residence, usually up to 15 years. Click
here to arrange a mortgage in Italy.
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