Purchase Property Italy Liguria: Taxes,
Costs and Procedure,
Purchasing Property from Private Owners or Construction Companies, Documents,
Annual Taxes,
ICI, Land Tax,
Maintenance Costs,
Prices
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New finance laws have been introduced in Italy regarding the buying and selling of residential property between private individuals: The rules stipulate that buyers can now declare the actual sales price in the notary deed but only have to pay taxes on the re-valued cadastral value of the property. The notary fees will then be calculated on the actual sales price with a discount of 20%.
There have also
been changes in capital gains tax to discourage vendors from
under-declaring the market price they receive. Now where a vendor
is selling within five years of purchase and will, therefore, have
to pay capital gains tax on the profit made, they will only now pay
12.5% on the gain instead of the past average of 30%.
PURCHASE Property Italy Liguria: Taxes, costs and procedure
As the tax regulations change frequently it is worth
checking what the current situation is (local accountant / commercialista). Costs incurred for a foreign citizen upon
buying of property in Italian
territory (there aren't particular restrictions for Swiss buyers but Italian
banks generally doesn't allow mortgage).
1.
Commission rate: 1- 6 % of the purchase property price in agent's fees (on an
average about 3 %)
2.
Public Notary Cost:
For any purchase of property in Italian territory , it is obligatory to have a
notarial deed prepared by a public notary.
The costs of the notary is basedona Property price list established by the bar
association and it varies according to the town council.
Notary's fee (approx.) according value of property: EUR 250.000 >> € 2.000, EUR 500.000 >> € 3.000
3. You will also pay the Geometra’s fee for the
conveyance of the property. These can vary between EUR 500 and EUR 3,000
depending upon what work is involved in the conveyance.
PURCHASING PROPERTY FROM A PRIVATE OWNER
The declared value is based on the official rateable value of the property,
which depends on the local comune, the category and location of house and the
size. This is generally considerably less than the actual purchase price. The
amount payable depends on many factors including whether the property is your
first and only home or a second home, whether it's a new home and whether you
are a resident.
1. Taxes at Point of Purchase (registry tax / Imposta del Registro):
For the buildings calculated at 10% of the declared property price on the notary deed in
case of purchasing without the facility as a Primary House.
If asking for Primary House facility (with the condition to apply for been a Property Resident within 18 Months from the date of purchase) taxes at Point of Purchase are at 3% of the property price on the notary deed.
In the case that the estate owns hectares of
land, taxes at Land Point of Purchase are 18% (considering that the estimate
value is less that the one of the building)
2. Fixed taxes for registrations and legal stamps Euro 260 approx.
PURCHASING PROPERTY FROM A CONSTRUCTION COMPANY
VAT:10% of the declared value of the notary deed (IVA = VAT on properties
bought from construction companies is 3% if it is a first house
Fixed taxes mortagage and land office EUR 300
Documents
There are 3 documents to sign when buying a property in Italy:
1. It is customary to sign a written irrevocable property purchase offer and to
give a small part-payment if the seller accepts the conditions by signing the
document.
2. Upon acceptance of irrevocable offer , both parties will have to sign the
preliminary contract of sale, in which they states the full Property price of the
property, the name of the notary and the dates when the purchasing act will be
fully complete.
At this time the buyer will have to give 10% of the agreed Property price of the property
(caparra confirmatoria) to the seller.
3. The final document is the notary deed, at this time the buyer will have to
pay in full the remaing balance of the Property price agreed.
Annual Taxes on income generated by property (rendita catastale):
If the property is not rented and kept for the exclusive use of the owner, the
amount declared is equal to the Land office estimate of possible renevue for the
property (rendita catastale). If there is no other income earned in Italy and
the revenue earned by the property does not reach a taxable level, then these
taxes do not apply.
Land Tax - I.C.I. (Imposta Comunale Immobile):
Taxes imposed on the property by the municipal council ("comune") calculated
annually on the rendita catastale, divided into two installments payable every
six months, in June and December.
This tax changes depending on the Municipal Council and it varies from 0,4 % to
1,2 % depending on the location of the property and village and usage.
Maintenance Costs
There are also running costs to consider:
Property taxes
Buildings Insurance, contents Insurance
Utilities (electricity, gas, telephone, water)
Waste or garbage
Community fees (only applicable if you are part owner of a community building or
land e.g. an apartment in a block of flats.)
Garden maintenance, swimming pool maintenance
--------------------------
Please note: While
every effort has been made to ensure the accuracy of the information provided,
no liability will be accepted for discrepancies in actual fees and taxes levied.
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