Basic Facts - Buying Process - Costs
Visa / Residency - Health

Basic Facts

Population: 58 million
Capital: Rome
Native Language: Italian
Currency: euro (EUR)
Dialling Code: +39
Emergency Services: 112
Embassy: www.amblondra.esteri.it/Ambasciata_Londra

Buying Process

• Buying a property in Italy is straightforward despite a large amount of red tape and the slowness of bureaucracy.
• Anyone purchasing a property in Italy must obtain a tax identification number (codice fiscal) from the Italian authorities
• The purchaser makes an offer which commits him to buying at the given price. If the vendor accepts the offer a deposit of 10% is paid
• Both parties sign a legal and binding buying document (compromesso di vendita) This outlines the details of the transaction and the completion date.
• If the vendor withdraws he must pay double the value of the deposit. If the purchaser withdraws he will lose the deposit.
• On completion the final contract (rogito) is signed in front of the Notary who then issues the deeds and informs the Land Registry to transfer ownership. The remainder of the balance and taxes are paid at this point

Cost

• Stamp duty/land registration tax for non-residents: Varies from 10% of the declared price for urban property, 17% for rural property. Most properties are considered urban
• Residents pay 4% stamp duty
• Notary fees: 3%
• Legal costs: 2%
• Estate agents fees: 3% to 5%.

Visa / Residency

Italy is a full member of the EU

Health

Italy's health service is cheap and fairly good. English speaking staff are widely available. It is advisable to have private medical insurance.

 

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