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Information
All property in Italy, (flat or house) is FREEHOLD All foreign purchasers of properties in Italy are issued with a “Codice Fiscale” (tax number), which establishes residency in that particular “Comune” Tax Since 1992 a new system has been operating whereby one no longer has to pay a lump sum on the net gain of the property Instead, an annual tax is calculated on the property’s declared value and based on an official price scale However there is no profits tax on re-sale if you have owned your house for at least five years Under five years there will be a small tax to pay based not on the real resale price and profit, but on a much lower notional (declared value) figure The purchaser always pays both the Notary’s fee and the government tax on the purchase Importation of Funds There are no restrictions
on purchase monies being imported into Italy, but to ensure that
proceeds of any resale can be repatriated, the purchaser is advised
to obtain official documentation of the importation of those purchase
monies and any incidental costs The funds should be deposited in
an Italian bank, and this can be easily arranged through your own
bank or through UNICASA who will arrange banking services for you
Re-sales involving the payment of the purchase money outside Italy
are permissible between non-residents but rights to repatriation
of funds should be expressly included in the conveyance Properties
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