Quick guide for foreigners who want to buy a property in Italy

Can a foreigner buy a property in Italy?

Yes, foreigners can buy property in Italy, although there are some exceptions that may depend on the nationality of the person who wants to acquire the property. It is important to consider several aspects before proceeding with the purchase.

Who can buy a property in Italy? Principle of reciprocity

Italian law allows the purchase of real estate by foreigners, with exceptions for those from countries that do not grant reciprocal rights to Italian citizens.

What types of visas are available for those who want to purchase property?

Purchasing a property does not automatically guarantee a visa. There are options such as the elective residence visa and the investor visa. The former requires proof of passive income of at least €32,000/year, while the latter requires significant investments in Italy in companies or state securities.

How to buy a property in Italy

Searching for a property with a real estate agency: it is advisable to sign a contract with the agency, which may be exclusive or non-exclusive. Normally, the agency's commission varies between 2% and 5%.

Binding proposal: a purchase proposal must be signed, including a deposit.

Preliminary contract: this agreement, also known as a "compromesso", sets out the conditions of the sale and is usually signed between 1 and 3 months before the final contract. It includes a deposit ranging from 10% to 20% of the property price. For added security, this deposit could be paid into a notary's escrow account.

Deed of purchase: the final contract is signed before a notary, who is responsible for the fulfilments related to the transfer of ownership and payment of the corresponding taxes.

Is it safe to buy my property? The importance of the notary

Notaries in Italy verify the legal and administrative ownership of the property, ensuring that it is free of encumbrances and complies with building regulations. In case of buying a property under construction, the seller must provide a bank or insurance guarantee.

Where to buy a property

Italy is a popular tourist destination. Properties located in the historic centers of cities such as Rome, Milan, Venice and Florence can be expensive, but they provide excellent rental returns. On the other hand, there are more affordable regions such as Abruzzo, Molise, Calabria, Marche and Sicily.

Properties for €1

Some Italian towns have put abandoned properties up for sale for €1 to revive the local economy. Buyers must submit a renovation plan within a time limit. However, buying these properties does not automatically guarantee a residency visa in Italy. In addition, the consent of the owners is required, which can be complicated. There are also many historic buildings for sale in Italy, some of which are state-owned. These properties may need renovation and are sold at attractive prices, usually below market value.

Useful tips for buyers

- make sure to declare the full price in the sales contract

- hire an interpreter if you do not speak Italian

- sign a clear letter of commitment with the real estate agent

- check the conditions of the building with a professional

- use notary escrow payments

Your Way to Italy: our assistance

Our team is at your disposal to advise you on everything related to the purchase of a property in Italy! #YourWaytoItaly

The content of this article is intended to provide general guidance on the subject matter. It is necessary to seek specialist advice in relation to your specific situation.