Italy

Italy has specific regulations on marital property that can affect the purchase of real estate by spouses. It is not necessary to have a formal co-marital agreement (known as a prenup) to purchase a property, however, the decision to enter into one can have a significant impact on the property management and other property aspects of the spouses. We also recommend consulting a DEVETOPER platform advisor for additional assistance and advice.

A tax identification number in Italy, known as Codice Fiscale, is essential for many aspects of daily life and is equivalent to a social security number or tax ID in other countries. Here are the main situations when and for what it is needed:

• Health care registration
• Opening a bank account
• Purchase or lease property.
• Work
• Study
• Purchase of cell phone and other subscription contracts
• Financial and tax transactions
• Vehicle purchase

To obtain this number, you will need to apply to the Agenzia delle Entrate (Italian tax authority) with the appropriate documents, such as your passport and a completed form. This can be done in person at the Agenzia delle Entrate office, through the Italian consulate in your country, or via the Internet if there are suitable online options available.

1. Bank selection
2. Documents required to open an account:
   • A valid passport or other identification document.
   • Italian Tax Identification Number (Codice Fiscale).
   • Proof of registration in Italy (e.g., utility bill confirming address, rental agreement).
   • If employed, proof of employment from the employer (e.g., recent payslips).
   • For students, confirmation of enrollment at the university.
3. A visit to a bank branch
4. Signing the contract
5. Activation of services
6. Additional steps for foreigners: In some cases, foreigners may need additional documents, such as documents allowing them to stay in Italy, especially if long-term stays or special types of accounts are involved.

Yes, you can send a transfer from Poland to a bank in Italy. The process is relatively simple, especially within the European Union, where banking systems are well integrated.

Paying for a property in Italy using a platform such as Revolut is possible, but requires careful planning and verification. For such large and important transactions, traditional banking methods can sometimes be more appropriate due to their stability and acceptance in legal and financial processes.

Italy is a signatory to the 1961 Hague Convention, which introduces the apostille system to simplify the process of legalizing internationally used documents. The apostille is a form of international document legalization that certifies the authenticity of the signature and seal on a document.

Company documents in Italy may require an apostille depending on the country in which they are to be used. It is recommended that you consult your local notary or DEVETOPER platform lawyer to ascertain what steps are needed in your specific case.

Yes, banks in Italy, as in many other countries, may require proof of origin of funds, especially in the context of large transactions such as the purchase of real estate or the opening of a bank account.

In order to meet the requirements of banks in Italy to confirm the origin of financing, you must be prepared to provide detailed documentation and be willing to cooperate with the bank in the verification process. If the process seems too complicated, you can always seek help from a financial advisor or DEVETOPER platform lawyer specializing in financial and banking law.

Banks in Italy may honor documents drawn up by a Polish notary, but usually require that such documents be properly legalized to be accepted as official and valid in Italy. The legalization process usually involves the translation of documents into Italian and their legalization or confirmation by Apostille, if necessary.

• Identify the right agency or access online
• Office visit
• Required documents: address or property identifier (identificativo immobiliare). Proof of identity may also be required.
• Charges

1. Imposta di Registro (Registration Tax): If you buy a property from a private individual, you usually pay a registration tax. The amount of this tax depends on whether or not the property will be your first home (prima casa) in Italy. For a first home, the rate is 2% of the property’s cadastral value (a value well below market value), with a minimum payment of €1,000. For subsequent properties, the rate is 9%.
2. IVA (VAT – Value Added Tax): If you buy a property from a developer or company and the property is new or revitalized, VAT applies. The VAT rate is 4% for a first home, 10% for vacation homes or second homes, and 22% for luxury properties or commercial properties.
3. Imposta Catastale e Imposta Ipotecaria (Cadastral Tax and Mortgage Tax): When buying your first home, these fees are fixed at 50 euros each. When buying subsequent properties, both fees are 50 euros each.
4. Notary fees: Notary costs are variable and depend on the value of the property and the complexity of the transaction. They usually range from several thousand euros.
5. Real estate agency fees: If you use an agency, they are about 3% of the value of the property as standard, but can be negotiated.

Yes, there are tax benefits in Italy that may be available to those buying a property

1. Prima Casa Tax Credit:
   • Registration Tax (Imposta di Registro): Instead of the standard 9% rate, a first-time home buyer pays a reduced tax of 2% of the property’s cadastral value. There is also a minimum tax amount, which is €1,000.
   • The cadastral tax (Imposta Catastale) and the mortgage tax (Imposta Ipotecaria): For a first home, each of these taxes is only 50 euros, regardless of the value of the property.
2. VAT (IVA) for the property from the developer:
   • If you are buying a property directly from a developer and it is your first home, the VAT rate is 4% instead of the standard 10% or 22%. This significantly reduces the cost of the purchase.

To take advantage of Prima Casa’s tax benefits, you must meet certain conditions:

• You cannot own on your own another home in Italy for which you have already received Prima Casa relief.
• You must register in the municipality where the property is located (or already live there) within 18 months of purchase.
• You cannot sell the property for another 5 years unless you acquire another property under the terms of Prima Casa within a year.

• Materials: In Italy, a great deal of attention is paid to the quality of the materials used. Local, natural materials such as marble, terracotta, ceramics, stone or wood are often used. As a result, interiors have a distinctive, often rustic character, especially in regions such as Tuscany and Umbria.
• Style: Italian properties often reflect the local architectural heritage. Even new developments can draw on traditional Italian styles, with elegant details such as wrought iron railings, ornate ceilings and classically profiled moldings.
• Furnishings: Kitchens and bathrooms are usually equipped with modern appliances and fixtures, but their design often harmonizes with the rest of the house, emphasizing traditional beauty. It is not uncommon to see marble countertops or ceramics made by local artisans in kitchens.
• Technology: New development properties are often equipped with modern technology, such as home management systems (smart home), energy-efficient heating and cooling solutions, and advanced security systems.
• Outdoor spaces: Balconies, terraces, gardens or patios are often carefully designed to maximize the enjoyment of the Italian climate. In coastal regions and the south of the country, outdoor living spaces are particularly important and often feature elements such as outdoor kitchens or spaces for outdoor dining.
• Energy efficiency: Italy, like many European countries, is paying attention to energy efficiency. New properties are typically built with low energy consumption in mind, with insulation that meets or exceeds current standards, which is important from both an economic and ecological standpoint.

• Credit rating
• Property selection
• Credit application
• Legal and banking documentation
• Credit analysis and decision
• Credit offer
• Conclusion of the loan agreement
• Withdrawal of funds

For married couples without a property separation agreement (what in Italy is called “comunione dei beni”), usually both spouses must agree on real estate transactions. However, this doesn’t always mean that both parties must be physically present during a property purchase in Italy. Here are some options:

• Power of attorney (proxy):
• The presence of both parties
• Spouse’s consent

Living in a property purchased from a developer in Italy depends on several factors, mainly on whether the property has already been completely completed and whether all the formalities for its transfer have been completed. It is advisable to check all the aforementioned issues to ensure a smooth move-in process. It is also worth bearing in mind that these processes may vary depending on the specific location in Italy and the specifics of the property in question.

Yes, there are circumstances in which a bank in Italy may block an incoming transfer from Poland. If your transfer has been blocked by a bank in Italy, it is best to contact the bank directly to learn more about the reasons for the block and what steps you can take to resolve the problem. You may be required to provide additional documents or information to confirm the purpose and legality of the transaction.

1. Commission amount: Commissions for real estate agents in the new development market typically range from 3% to 5% of the sale price of the property. This rate can be negotiated depending on the number of units sold, the value of the project, as well as the reputation and experience of the agency.
2. Exclusive contracts: Developers often sign exclusive contracts with real estate agencies that give the agency exclusive rights to sell properties in a project. In such cases, the commission may be lower because the agency is guaranteed a higher volume of sales.
3. Additional bonuses and incentives: Developers can offer additional bonuses and incentives to agents or agencies that achieve exceptional sales results, such as bonuses for reaching a certain level of sales.
4. VAT: It is also worth remembering that in Italy, VAT (IVA) is added to the commission, which is currently 22%. This means that the actual amount the agency receives is net plus VAT.

• Check local regulations
• Business registration
• SCIA (Segnalazione Certificata di Inizio Attività)- certified notification of the start of activity
• Cedolare Secca-an optional taxation system for short-term rentals,
• Consent of the housing community
• Safety and health
• Insurance
• Informing tourists

The time to make a decision on a property purchase in Italy can vary widely and depends mainly on the dynamics of the specific transaction and the market. Therefore, it is always advisable to act quickly, but at the same time consciously and prudently, in order to make the best possible choice.

The process of buying a property online, without having to leave Poland, is simple and consists of several steps.

After selecting an interesting offer and checking its parameters and availability, all you need to do is apply for a purchase on our platform. Our team conducts a preliminary analysis of availability with the developer and, after agreeing on a booking amount, registers you with the developer. We then work with your law firm to obtain the relevant documents. After translating and completing the documents with your lawyer, you go to a notary public, where you sign the necessary documents and then make a Court Apostille. The court-certified documents go to our legal office, which purchases the property on your behalf.

Our lawyer will open a bank account for you, which is necessary to conclude contracts with water, energy or internet providers. In addition, the lawyer will make out a tax identification number for you and secure the entire transaction. You send the amount of payment for the property, agreed according to the contract, from the Polish bank directly to the developer’s account. Upon completion of the transaction, the property becomes yours, and our lawyer takes care of the appropriate entries in the land register, providing you with complete security and comfort throughout the purchase process.

1. Property selection

• Review of offers
• Contacting the developer

2. Negotiation of terms and conditions

• Discussing the details
• Agreeing to the terms

3. Reservation agreement (Reservation Agreement)

• Signing a reservation agreement
• Payment of reservation deposit

4. Verification of legal documentation

• Consultation with a lawyer
• Due diligence (detailed examination of the property)

5. Preliminary contract (Preliminary Contract)

6. Finalization of financing

7. Technical acceptance (if applicable)

8. Final Contract

• Preparation of documents
• Signing the contract
• Final payment

9. Property registration

• Catasto registration
• Obtaining title

1. Proof of identity: Passport or identity card

2. Confirmation of income

• Certificate of income
• Pay stubs (last 3-6 months).
• Tax returns for the last 1-2 years (e.g., CUD, Modello 730 or Modello Unico).
• Bank statements for the last few months

3. employment contract

• Employment contract or business proof documents

4. credit history

• Credit report
• Information on existing loans

5. real estate documents

• Preliminary agreement for the purchase of real estate
• Property valuation
• Property documentation

6. residence permit
7. confirmation of own contribution

• Bank statements
• Deposit agreement

8. insurance

• Life insurance
• Property insurance

9. other documents (if applicable)

• Tax residency
• Bank references

1. Bank transfer (Bonifico Bancario)
2. Bank check (Assegno Circolare)
3. Escrow account (Conto Escrow)
4. Cash
   • Restrictions: Italy has a cash transaction limit of €2,000 (as of May 2024).

Yes. From the moment of arrival until the finalization of the property purchase process, the DEVETOPER platform guarantees the presence of an interpreter.

Yes. The DEVETOPER platform offers legal support at every stage of the transaction.

If a client in Italy runs out of financing for a second payment date for a new property, the consequences depend on the terms of the preliminary contract (Compromesso). Here’s what can happen:

1. loss of first payment (advance payment)
2. possibility to negotiate with the developer
3. loss of right to real estate
4. Legal implications

It is not necessary to physically come to Italy to purchase a property there, you can use the function, “BUY ONLINE” available in the Broker Panel although, of course, seeing the property in person and meeting with a DEVETOPER advisor can be very helpful.

Booking a new property in Italy usually requires a reservation deposit. Here are the steps you should take to safely send money to reserve a property:

1. Check the credibility of the developer and the contract
2. Payment method selection and payment
3. Confirmation of receipt
4. Document storage:
5. Monitoring progress:

1 Standard booking fee:

• 1% to 5% of the value of the property: The most common rate, which is agreed upon when signing the reservation contract.

Yes, there is a possibility that a developer in Italy will not fulfill the contract and complete the construction. Such situations can arise for a variety of reasons, such as financial problems, administrative difficulties, legal conflicts or other unforeseen circumstances. The right steps can minimize this risk. It is important to carefully vet the developer, consult a lawyer, use secure payment methods and monitor the progress of construction.

If a developer in Italy fails to deliver construction on time, it is crucial to thoroughly understand the terms of the contract and the legal options available. Negotiating, enforcing contractual penalties and, if necessary, taking legal action can help safeguard your interests.

Yes. The DEVETOPER platform offers legal support at every stage of the transaction, as well as after its completion. In any case, it is important to consult with a lawyer or employee of the DEVETOPER platform, who will help you understand the rights and options available in your specific circumstances and take appropriate steps to protect your interests.

The entire process of buying a new property from a developer in Italy can take from 2 to 6 months, and in some cases, especially when complicated legal matters are required or there is a need for a mortgage, the process can get longer.

The use of an appropriate power of attorney is crucial to the effective and proper completion of a real estate transaction in Italy, especially when the buyer cannot be present in person. It is important to consult with an employee of the DEVETOPER platform, who will help you understand the rights and options available under your specific circumstances and take the appropriate steps to protect your interests.