Can a British buy a real estate property in Italy?

british brits buying home in italy sardinia UK brexit house for sale lawyers agents

British implication to buy a home in Italy

Is purchasing property in Italy on your radar? Discover the ins and outs of this process, accompanied by expert advice on legalities and taxation. Our seasoned team at Govoni is here to guide you through every step, in this article we are focusing on British buyers.

In General: Can a Foreign National Buy Property in Italy?

Dreaming of an Italian retreat? No restrictions are hindering foreign nationals from acquiring property in Italy. Whether you’re from the EU, EEA, or beyond, the path is open. British citizens, however, need a Visa and permanent Italian residency for extended stays. Remember that, the Italian Authorities have the right to establish certain information such as a clear criminal record

Individuals residing outside of EU or EEA member states retain the opportunity to acquire property in Italy. However, this privilege hinges on the existence of a reciprocal treaty (condizioni di reciprocità), affirming that Italian citizens can similarly procure property in the foreign purchaser’s home country. This provision ensures a fair and mutually beneficial arrangement, facilitating property transactions between Italy and other nations. Explore the possibilities and benefits of these reciprocal agreements to make informed and secure real estate investments in Italy.

For British citizens post-2021 intending to reside in their acquired Italian property, it is imperative to secure a visa and initiate the process of obtaining permanent Italian residency. This requisite step ensures compliance with the legal framework, allowing individuals to fully immerse themselves in the Italian lifestyle and community. Facilitating this residency process enhances the overall experience of owning and living in an Italian property, aligning with the necessary regulatory procedures.

What Steps Should I Take To Acquire Property In Italy?

Embarking on the journey to find your Italian haven? Mirror the steps of a home purchase in your homeland: source a property, organize a mortgage if necessary, and enlist our trusted estate agent. Once you locate your dream property, formalize an offer, backed by legal scrutiny. In general, a deposit of around 20% seals the deal, culminating in the final contract signed before a notary. The appointed notary will fulfill the obligation of remitting the stamp duty to the Italian Government on behalf of the property purchaser, streamlining the administrative process, and ensuring compliance with legal requirements.

Due to the binding effect of contracts, it is strongly recommended that you consult a lawyer before signing any documents. Govoni professionals will explain every part of the purchasing process in English, making it understandable, clear, and simple for the customer.

Navigating Italian Property Taxes and Fees

Crafting a budget for your Italian property venture? Allocate roughly 10% to 20% for taxes and fees covering registration, VAT (IVA in Italy), land registry, estate agent, legal, and notary fees and expenses. While land registry and notary fees are modest, VAT can fluctuate from 4% to 22%. Familiarize yourself with the IMU (Imposta Municipale Unica), akin to council tax, collected biannually from the Municipality. Yet, for those acquiring property in Italy without the intention of residency, taxation only applies if their income surpasses a specified threshold.

The Impact of Brexit on Property Purchase

Brexit’s ripples touch Italian property acquisition. Residents pre-2021 may bypass non-EU permits. If you were residing in Italy before the Brexit transition period ended on January 1, 2021, you might not require an additional non-EU national residence permit to purchase property in Italy. Known as a “permesso di soggiorno“, documentation may be necessary to demonstrate your rights under the Withdrawal Agreement, such as a residency certificate (EU residency certificate). However, a visa is essential for extended stays. Manage your Schengen area days judiciously; after 90 days, a 90-day hiatus is mandatory. For seamless transitions. For instance, after spending 30 days in Greece, relocating to your Italian residence allows a maximum stay of 60 days, with a subsequent 90-day absence before returning.

Do I Need a Lawyer When Buying Property?

Navigating Italian legal waters can be daunting. Seek solace in the expertise of Govoni, English-speaking Italian lawyers. Beyond translation, they simplify communication, ensuring every document aligns with legal standards. A prudent move to safeguard your investment.

Do I Need a Real Estate Agent When Buying Property?

Our trusted real estate agents will help you with the best purchase in Italy. Buying a property in Italy as a foreigner can be difficult and, in most cases, it is advisable to get help from a real estate agent. In Italy, by law, an agent must be registered with the local chamber of commerce (chamber of commerce) and possess a certificate issued by the local municipality as proof of registration. Our agents are duly qualified and also registered with the Federation of Professional Real Estate Agents (FIAIP). You should always check that your agent is duly qualified. Our legal fee is included in the agency fee. In general, the Real Estate Agent commission can vary around 3-4% (in some cases 5%) of the purchase price + VAT (22% of the agent’s commission fee).

How Govoni Can Assist You

Our Professionals stand ready to shepherd you through the entire Italian property purchase. From document due diligence to key handovers, we are your allies. Inquire about our services today to pave the way for your Italian real estate journey.

Some FAQs: Common Queries Unveiled

Is Italy an ideal investment?

With lower transaction costs and interest rates than other EU nations, Italy beckons. Foreign nationals in Italy pay taxes similar to residents, and the double taxation treaty with the UK endures post-Brexit. As for moving costs, research your chosen area and property type.

Do British citizens pay taxes in Italy?

Foreign residents in Italy pay the same property purchase price as Italian residents. Income generated in Italy is taxable, but the double taxation treaty with the UK remains effective post-Brexit, ensuring no taxation on foreign-generated income.

Take a look at our listings of Italian properties for sale. Visit our trusted Real Estate Agency www.agenziaimmobiliaresarda.com. Your dream home awaits, and we’re here to make it real.

Inheritance aspects for British citizens

Inheritance tax in Italy is among Europe’s lowest, ranging from 4% to 11%, with an exemption up to 1 million euros for assets within the Italian territory. UK citizens must assess potential UK liabilities affecting their foreign-held assets.

Navigating the legal aspects of British citizens owning property in Italy raises inquiries about wills and inheritance rights. Our attorneys are well-equipped to provide optimal assistance, backed by their continuous legal education and experience. With top-tier training and participation in major Italian notarial schools, our lawyers comprehend the complexities of succession, especially in the absence of a valid Italian will.

Explore an Extensive Array of Italian Real Estate Options

Delve into our diverse portfolio of Italian properties, featuring a rich assortment ranging from charming villas, houses, and apartments to majestic castles, rustic farms, picturesque vineyards, palazzos, and opulent mansions. Our listings cater to every preference, offering both fixer-uppers and luxury properties, whether old or contemporary, restored or awaiting renovation.

Begin your Italian property adventure armed with the right assistance. Our experts are here to guide your path and ensure a seamless experience.

You will enjoy “La Dolce Vita” while we take care of the legal stuff. 

Contact Us Today!