Buy Investment Property Italy, Real Estate Investment Property Italy

Property Italy	PROPERTY SEARCH ITALY
Italy Investment Summary •No inheritance tax for family members •Up to 75% L.T.V. mortgages •Lower cost of living than UK •Minimal running costs •Improving infrastructure •Direct flights from UK •Double tax treaty with UK •No capital gains tax •No wealth tax •25 million tourists per year •Low purchase costs
Italy Introduction Calabria,where the toe of Italy meets Sicily. This is one of the most beautiful parts of not just Italy, but possibly Europe. The whole coastline displays stunning scenery and magnificent beaches. This area offers a wide spectrum of choice, from quiet little villages providing seclusion and tranquillity to larger towns with an abundance of bars, shops and restaurants. The capital, Reggio di Calabria, overlooks the straits of Messina and Sicily, as well as providing views of the snow capped Mount Etna. You can take a ferry to Sicily, go scuba diving, visit museums and archaeological ruins, explore over fifty shipwrecks,paraglide, go deep sea fishing, play golf, of course do a spot of sun-bathing when the mood suits, and even ski in the winter.	Italy Country Info: REGISTER FOR YOUR FREE ITALY BUYERS GUIDE Population:58,103,033 Capital:Rome Languages:Italian Area (km2):301,230 Currency:Euro (EUR) Dialling code:+39 Emergency services:112
Getting to Italy: All major airports in Italy are well connected, with year round cheap flights available from most regional airports around the UK. Some destinations do not, however have direct links with the UK as yet, but this could change in the future. Buying process in Italy: •While the amount of Italian red tape is well known, and bureaucracy tends to move rather slowly, buying a property in Italy is actually pretty straightforward. •Anyone wishing to buy an Italian property must first obtain a tax identification number (codice fiscale) from the Italian authorities. •There are then three main buying stages. The buyer makes an offer, which commits him/her to buying the property at the given price. If the seller accepts, a deposit (usually 10%) is paid. •Both parties then sign a legallybinding buying proposal (compromesso di vendita). This outlines the details of the transaction, including the completion date. •Should the seller withdraw, they must pay the buyer double the value of the deposit. If the buyer pulls out, he/she loses the deposit. •On completion, both parties sign the final contract (rogito) in the presence of a notary, who then issues the deeds and informs the land registry to transfer ownership. The remainder of the balance plus all taxes must be paid at this point Fees and taxes in Italy: •Buyers should set aside around 15% of the purchase price to cover costs. •Stamp duty/land registration tax for non residents (i.e. second home owners) varies from 10% of the declared price for urban property up to 17% for a rural property. Most homes are considered urban, and rural tends to refer only to land or land with an agricultural building on it. •Residents or those intending to make a permanent move will pay 4% stamp duty. •VAT on new properties ranges from 10% to 20%, depending on whether the property is considered a ‘luxury home’. This is usually included in the price. •Reduced rated of 4% VAT are available for those who build their own property. •Notary fees average around 3% and legal costs tend to amount to around 2% of the purchase price. •Local taxes (ICI) of between 0.4% and 0.7% also apply to anyone owning a home in Italy.