A Guide to buying Property in Italy

Italy has always been extremely attractive to the British.  Many people visit Italy as a holiday destination to enjoy the climate, culture and cuisine. The lock-down restrictions are now falling away and the Italian real estate market is rising again, with many highly attractive opportunities opening up.  Astute investors are taking advantage of the extremely favourable asking prices for Italian real estate available now, recognising that the benefit of this situation will not last for long. 

Owning a property in one of the delightful locations in Italy has the dual advantage of providing a haven to escape to on holiday, as well as the possibility of also providing an income, as a holiday let.  Giambrone & Partners’ expert real estate lawyers point out that whilst the process and procedures of property purchase in Italy may be different to those in the UK, with experienced English-speaking Italian lawyers by your side it will be no more stressful than buying a property in the UK.

Non-EU citizens are entitled to buy property in Italy and there is no bar to visiting your property for short periods of time during the course of a year. Generally, it is a notary that assists a foreign citizen buy a house in Italy. You may want to have the legal documents translated into English to ensure that you have complete clarity with regard to the purchase.  To avoid errors, the notary must be proficient in the language of the translation.  The lawyers in Giambrone & Partners’ real estate teams all speak English fluently and have years of experience assisting British buyers to purchase Italian properties.

Carlo Pontei, a partner based in the Milan office, commented “it is strongly recommended that you keep an experienced legal advisor by your side at all stages of property purchase in Italy, doing so will ensure that you do not inadvertently breach the regulations surrounding real estate” Carlo further mentioned “for example, the tax regulations do change from time to time and there is no room for error as the penalties can be costly.”

The steps to buying a property in Italy are as follows:

1. As with any property due diligence is carried out on the property to establish its provenance and to be sure that there are no debts against the property.
2. Once the proposal of purchase to secure the transaction has been made, it is necessary to provide a deposit, part of the purchase price.
3. The preliminary contract, is then signed together with the seller to agreeing the main principles of the contract, such as:
   1. Confirming the price of the property, when the sale will take place, and other details relating to the property.
4. The preliminary contract is binding for both parties. If for any reason you proceed with the purchase, the seller is entitled to keep the deposit.  Should the seller not wish to proceed with the sale, they will have to pay double the amount of the deposit to you pursuant to art. 1385 Italian Civil Code.
5. The deed of sale is called the “rogito”, and is signed by both parties in the presence of the notary and witnesses.
6. The deed is then registered at the Revenue Agency within the public registry by the notary, who will also proceed to the cadastral transfer, meaning the title of the property is transferred through a deed recorded at the appropriate Ufficio del Territorio (depending on the location of the property)

On a fiscal (tax) level, there are a number of charges, fees and taxes that apply to the property purchase in Italy, dependent on the purchaser’s personal circumstances.  Also taxes may only be paid through an Italian bank account. Giambrone & Partners’ real estate team can guide you through the complexity of the system and make sure that your Italian property purchase proceeds smoothly without any inconveniences or major issues.

Carlo Pontei, is a Partner, he is an avvocati and speaks fluent English.

Carlo is a highly regarded residential real estate lawyer. He specialises in the resolution of large, complex high-value purchases.

Carlo’s expertise extends predominantly to Italy involving multifaceted cross-border transactions. He is recognised for his ability to deliver prompt flexible solutions utilising his exceptional negotiating skills.

Carlo has multi-jurisdictional expertise and endeavours to ensure that transactions are concluded swiftly and in accordance with the client’s objectives.

You can meet Carlo Pontei in person at Place in the Sun, the largest property exhibition, at Manchester Central on Saturday 6 March or Sunday 7 March

For more information about buying a house in Italy please email Carlo’s clerk Helena Balster [email protected] or please click here