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A : This is the title document transferring ownership of the property. Under Italian law it is necessary for the rogito to be signed before a Italian Notary Public.
Q : Who is the Notary?
A : The Notary is a public official who is there simply to put on the public record the fact that the title deed recording the sale/purchase has been signed in his presence and understood by the parties concerned.
Q : Where should the money be paid?
A : When the rogito is signed in front of the Notary either the purchase price is, in his presence, handed over to the person selling the house or the Seller confirms that the money has already been handed over. Proof of such payment is then incorporated into the title deeds of the property. Usually the price may be paid wherever in the world the parties agree.
Q : Do I have to be in Italy to complete the transaction?
A : The person buying the house may attend in person before the Notary, but, if this is inconvenient, arrangements can be made for a Power of Attorney (" procura ") to be granted enabling another person to attend on their behalf. This must be in the Italian form and signed in front of a Notary.
Q : What about paying the taxes due?
A : Once the purchase formalities with the Notary have been completed, any taxes due in relation to the transaction can be paid.
Q : Is there a Land Registry system in Italy?
A : Yes. After the Rogito has been signed in front of the Notary it will be presented to the appropriate Land Registry for the payment of the Land Registry fees (" imposta di registro "). Please keep in mind that several months can elapse before the process of registration is concluded.
Q : Are there any special points for new properties?
A : Yes. By law, where you pay all or part of the price before the property has been fully built, the property must have the benefit of a bank guarantee to ensure that, if the developer goes bust before he completed the building work, you do not lose your money. You must also make sure that the property specification is agreed in detail with the builder. ideally you should not pay the final instalment of the price until this is produced but, because of bureaucratic delay it is common for the deeds transferring ownership to you to be signed - and the price paid - several months before this paperwork is issued by the Town Hall.
Q : In whose name should I purchase the property?
A : There are a number of ways to purchase the property : in your own name, in the joint names of you and your wife or co-purchaser(s), in your children's names or in the name of somebody who will eventually inherit the property from you, or in the name of a limited company, whether English, Italian or "off-shore". Each method has its own advantages and disadvantages. Everything depends on your own personal circumstances. It is worth paying careful attention to this point because of the potential tax and other savings that can be made at a later stage. These tax savings arise because of the Italian system of inheritance tax under which - although they are presently often tax free - gifts on death could until recently still attract very high rates of taxation. There is a real risk that Inheritance Tax could be reintroduced. Careful planning of your inheritance can dramatically reduce the tax payable. The tax savings also arise because of the way that each time a property changes hands, certain taxes and fees become payable. If you can minimise the number of times it changes hands, you can greatly reduce your tax liabilities. As always with tax savings schemes there is a danger that the Government can close the loopholes that allow the schemes to operate and, as always, there are disadvantages to them as well as advantages. In each individual case, you will have to weigh up the advantages and the disadvantages and decide how you wish to deal with the transaction.
Q : What about raising the money?
A : It is possible to raise finance to assist with the purchase of a property in Italy either by mortgaging the property itself or by mortgaging or adding to the mortgage on any property which you may have.
Q : What types of fees must I plan for?
A : A fee is paid to the Notary for the preparation of the Rogito. This fee varies but is typically 2% - 4% of the price of the property. Land Registration tax is the main tax on real property and is levied at 4 to 19% of the declared value. The amount payable depends on many factors including whether the property is your first and only home or a second home, whether it's a new home and whether you are a resident. For New Property, the Value Added Tax ( IVA ) is levied at 10% on new (for non-luxury properties) and at 20% (on luxury homes with a rating of A1 in the property register), and is included in the price charged by the builder or developer. In order to buy property in Italy, you need to be registered with the Italian tax authorities and to have a tax identification number.Finally, all or part of these charges may attract Italian or English VAT at the current rate.
Q : After I have settled in, what are my continuing obligations?
A : If you spend less than 184 days a year in Italy then you are, generally speaking, classed as a "non-resident" and you must:
* Pay your local rates.
* Make a Italian income tax declaration and pay income tax on any income deriving from your activities in Italy.
* If you have a car, pay car tax and arrange suitable insurance cover.
* Pay your electricity, water and other bills. It is usual to do this by arranging for your bank to pay the accounts directly to the suppliers.
Q : What happens if either I or my co-owner should die?
A : Jointly owned property does not automatically pass to the survivor. It will be dealt with according to any instructions which you leave in your Will (either English or Italian) or, if you do not leave a Will, under the rules relating to intestacy. It is generally much cheaper and simpler to deal with your affairs if you have made a Italian Will.
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Bulgaria 
Canada 
Estonia 
France 
Italy 
Spain 
Dominican Republic 
Brazil 
Germany 
Panama 
Egypt 
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