International investors have long found the Italian real estate market to be appealing. Foreign visitors visiting Italy have a wide range of investment options in both the commercial and residential real estate industries. Programs for high-net-worth people who want to acquire Italian residences by investing in real estate in the nation have also been made available by the government. Most categories of immigrants, which are broken down depending on nationality, have the option of purchasing land or real estate in Italy. While there are no limits on foreigners owning property in Italy, the process of buying a home might differ depending on the foreigner’s nationality.
EU/EEA nationals versus other foreigners
European Union (EU) and European Economic Area (EEA) nationals may purchase a house in Italy by following the same processes as Italian citizens. Stateless people and refugees are also accorded the same rights, although they are not eligible to buy a home until they have been residents of Italy for at least three years. Italy grants the right to own a house to other types of people, such as Indian nationals if an international agreement stipulating a reciprocity requirement between the institutions of Italy and India exists. As a result, an Indian citizen who wishes to acquire a residence in Italy would be entitled to do so provided that an international agreement permits Italian citizens to do so.
Purchasing property in Italy
Italy’s cities and locations where Indian nationals may purchase top-notch homes at competitive costs include Rome, Milan, Naples, Tuscany, Cagliari, and Sicily. There are a few stages to take while buying real estate, both residential and commercial. Finding a suitable property and getting it examined comes first. To ensure that the price is accurate, it is also important to have the Italian property assessed. When purchasing real estate in Italy, it is important to consider some factors, including:
- whether the property is free of liens or other claims from third parties
- whether it is registered in the Land Register
- whether it has all the necessary planning permit
- if a business property is suitable for its intended use
A contract will be created after the buyer has chosen a specific property, and a deposit must be paid before the sale can be finalized.
Basic paperwork needed to purchase a home in Italy
Numerous factors must be taken into account by anyone looking to buy an Italian home. Along with the parties involved in the transaction—the buyer, the seller, the notary, and the Italian real estate lawyers—one must confirm that the property’s price is set in line with its actual value as well as the taxes that must be paid both during the transaction and annually by the property’s owner. The actual process calls for the presence of a notary public, and the seller must present the following records: the ownership title of the property, the floor plan of the property, the cadastral document, the energy certificate, the building permits (required for properties constructed after 1967), and the buyer’s and seller’s identification documents.
Completing the purchase of a home in Italy
The title deed must be signed, the property must be registered with the Italian Land Registry with the buyer listed as the new owner, and a tax code must be requested to finalize the acquisition of a property in Italy. Both the seller and the buyer must sign the title deed in front of an Italian public notary. Following the signing of the contract, the new owner will register the property with the Land Register and pay any associated costs. To be able to pay the taxes associated with owning a property in this nation, the buyer must also get an Italian tax code.
Things to evaluate when purchasing real estate in Italy
Some people may think that buying a property is a straightforward process, but there are a few things to keep in mind before making any purchases. It is advised to see the property in person before making a purchase and to inquire about the house’s legal records. The easiest way to determine if the seller is the true owner of the property is to see him or her in person. Make sure a real estate firm has an official website and accurate information on the homes shown if you wish to employ their services. If you’ve settled on a certain property, use an Italian attorney to assist you with the necessary checks, such as real estate due diligence. To determine if the chosen property has the correct value, you may also request price verifications. You must be mindful of the taxes that must be paid at the time of the purchase in addition to the property price. For the purchase of a real estate in Italy, a pre-sale agreement and a nominal fee must be paid. These elements are a component of an Italian real estate transaction.
