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Tuscany real estate - taxes involved
As you would expect there are local ground rules that must be observed during the acquisition process.
In Italy only a notary (notaio, who is an Italian state representative ) can officiate, create and validate a contract of sell/Purchase, between companies and/or individuals.
Your lawyer can be present at the signing and can give advice of the clauses but cannot substitute the notary.
TAXATION: Municipal taxes must be paid on every property.
Only one of the taxation bands listed below will apply, depending on which category the property buyer falls into:
- 3% on the price declared for the main building if it will be used as first residence in Italy (the buyer has to take the residence in Italy and he has 18 months starting from the purchase act to do that);
- 10% on the price declared for all the buildings if it is not possible to take the residence;
- 4% V.A.T. on the price declared for the main building if the seller is a company (the buyer has to take the residence in Italy and he has 18 months starting from the purchase act to do that);
- 10% V.A.T. on the price declared for the main building if the seller is a company and the buyer doesn't take the residence and for all the other buildings;
Examples: considering a property with a main house, one outbuilding( barn ) and some land:
IF THE BUYER AND THE SELLER ARE TWO INDIVIDUALS:
A) Taking the residence the buyer has to pay:
- 3% on the price declared for the main house;
- 10% on the price declared for the outbuilding;
- 18% on the price declared for the land.
B) Without taking the residence the buyer has to pay:
- 10% on the price declared for the main house;
- 10% on the price declared for the outbuilding:
- 18% on the price declared for the land.
Tuscany real estate :
Where to buy
Buy to rent
Buy to live
Taxes envolved
Villas for sale in Florence
Villas for sale in Siena
Villas for sale in Lucca
Villas for sale in Arezzo
Villas for sale near the Seaside
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Tuscany real estate - taxes involved
