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Sales instructions Rentals instructions

Taxes

Taxes on purchase are as follows:

a) If the property is purchased from a builder (i.e. off – plan properties), there will be IVA (VAT) at 4% if it's the main residence, 10% for secondary residences. Three other small taxes (land registration, cadastral and mortgage), in the region of €168 each are to be paid as a one-off at the time of completion.

b) If the property is a resale, the taxes (land registration, mortgage and cadastral) will be in the region of 7%, 2% and 1% of the cadastral value of the property, which is usually significantly lower than the purchase price. These taxes are lower if the property is going to be used as a main residence. In this case, the buyer will have to declare at the Final Deed of Sale that he will become resident in Italy within 18 months.

The taxes to be paid once a property is bought are as follows:

I.C.I. (Imposta Comunale sugli Immobili): a local council tax of between 0.4% - 0.7% of the cadastral value of the property. The actual rate is decided by the local authority on an annual basis and is paid in two installments in June and December.

Income Tax

A person not resident in Italy has to make an annual declaration to the Italian tax authorities for any income in relation to activities in Italy (an example of this will be the income derived from letting the Italian property). It is possible to off - set certain expenses against that income – repairs, management expenses, local taxes etc. This income also has to be declared in the country of residence with a double taxation agreement mitigating against paying twice.

There is no Wealth tax in Italy

Capital Gain Tax is not applicable if the owner sells after five years. Prior to this there is a charge on a sliding scale depending on the number of years of ownership.

Wills and Inheritance

Legal advice is recommended as the Italian laws of "successione" (inheritance) are very different from the ones in the UK.