Fees Associated With Buying In Italy

 

Please us this document as a guide only. Your Lawyer or Real Estate Agent will prepare an exact quotation for you. Taxes are updated regularly in Italy.

 

Agency Fees – min 3%

In Italy both the buyer and seller pay the Italian Estate Agent Fees, which can range from 3 – 8% of the purchase price. An average charge is 3% plus VAT, although on low value properties (under €500,000) there may be a minimum charge.

 

Purchase Tax 10% approx*

There are basically 2 types of property purchase – a new property and a previously owned property. If you are buying a newly built property, you will be paying VAT, which is a currently (2017) a fixed rate of 10% based on the purchase price.

 

If however buy are buying a previously owned property, this tax is calculated on what is called the catastal value, whereby the taxes are calculated on the taxable value of the property and not the purchase price (this is usually much lower than the purchase price). The rate of tax is currently (2017) 9%.

 

*Your agent will be able to advise you of the latest figures.

 

Most foreign buyers purchase as a second home, but occasionally may decide to make Italy their country of tax residence, which means that they would pay a reduced rate of tax – 3% instead of 10% if you are buying from a private individual or a reduced rate of  4% VAT instead of 10% if you are buying from a company.

 

Notary fees – 1%-2%

The basic Notary fees are fixed by law according to a sliding scale and are charged according to the price of the property – they range from 1- 2%.

 

Additional fees

 

Lawyer 

A specialist English-speaking lawyer is always recommended. The charge for this service is usually 1.5% of the purchase price.

 

Mortgage fees – 1% approx

Mortgage fees are in the region of 1% for the arrangement fee.

 

Bank charges

There will be charges associated with a bank transfer (Swift) – please contact your bank for further details. We can also advise on specialist currency dealers, which could save you money

 

Translation – £60-£100 per 1000 words


Some additional translation may be needed of contracts or the Surveyors report. You will also require the services of a translator if you wish to attend the Notarial deed (completion) yourself. This is not required if you give your lawyer Power of Attorney to sign the contract for you.

 

Connection of services

If you are buying a newly built property this may or may not be included in the final price. It is advisable to check as this can be as mush as an €3,000