Purchase
Property in Italy, Liguria: Real Estate Taxes, Fees, Costs and Procedure,
Legal Advice, Purchasing Property from Private Owners or Construction Companies,
Documents,
Annual Taxes,
ICI, Land Tax,
Maintenance Costs,
Prices
Case in Vendita in Liguria
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Verkauf Italien Ligurien
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Real
Estate in Italy, Liguria for Sale 
Legal advice:
Ambrogio & Gaetani’s team is made up of professionals with complimentary backgrounds and experience, covering a wide range of areas of law, e.g. advising both Italian and foreign clients in relation to all aspects of real estate transactions, in relation to both residential and commercial property, including tax structuring ; advising on all aspects of the acquisition process under Italian law including (where required) negotiation of agents’ fees and negotiation of the purchase price and formulation of the written offer to purchase: www.italylawfirms.com
New finance laws: Italian real estate, February 2006:
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,
legal fees, 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
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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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