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Buying properties in Italy
2011-07-27 13:00

What should you pay attention to when buying properties in Italy? What should you consider when deciding to buy? The first thing, you should learn the rules and laws in Italy. There are difference in payments depending on the type of property. When buying a property for your own use you have to comply with with some rules in order to pay a lower VAT (3% or 4%). If we don't meet specific criteria (for example if we are not registered in Italy or if we won't use the property for ourselves), the VAT will be equal to 10%. That's why it's important to know which rules we have to comply with to get the lower tax rate.

The other important step to do is to get a fiscal code, Italian version of Polish NIP code. This is however only for big investments and when buying commercial properties in Italy.


How to choose a property?
The best first move is to choose the region we are interested in. There are a couple of way to do this. You can do it by yourself, ask a friend who is there or use a real estate company. The biggest obstacle can be the Italian language. If we don't know it, then the best thing to do is to hire a real estate person who will be able to check the seller and all the documents regarding the property we are interested in.

If we decide to do it all by ourselves we have to be very careful. We should check the developer who's selling the property. It is also very important to check all the paperwork (buy-sell agreement).

We should think about if we want to prepare a buy-sell agreement or first get just a proposal. In the later case we have 60 days to prepare the buy-sell agreement.

We have to also realize that the promised delivery dates from the developer are often not kept.

To stay on the save side, it's better to hire a notary. It may also come handy if we hire a real estate agent not necessary located in Italy who can help us mediate.



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