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Buying a house in Italy, a short guide for foreigners
Generale March 20, 2020 Broker Immobiliare

Buying a house in Italy, a short guide for foreigners

Buying a house in Italy is possible,

but it is necessary to know and follow the provisions of Italian law, in fact there are some differences in the property purchase and sale procedure compared to when buying a property, a subject of Italian nationality.

We have often dealt with buying and selling of properties where the buyer was a foreigner, since our real estate agency in Forte dei Marmi has long decided to invest and focus a lot on the foreign market, which loves our land so much.

Having therefore captured the enormous potential of this sector, Broker Immobiliare Real Real Estate has equipped within its structure, an office completely dedicated to the foreign market specialized in welcoming and managing customers from all over the world.

Below we offer 4 points, a short guide to the purchase of a property in Italy by foreign customers:

1- which foreign subjects can actually buy a property in Italy;
2 - what documents the foreigner who wants to buy a house in Italy must have;
3 - what should be done if the foreign buyer does not speak Italian;
4 - how payment is made by a foreign citizen who buys a house in Italy.

Let's discover one by one the four points that interest us.

1. WHICH FOREIGN SUBJECTS I CAN ACTUALLY BUY A PROPERTY IN ITALY

The foreign citizen can buy a house in Italy in three cases:

- 1st case - without any limit if he is an EU or EFTA (European Free Trade Association) citizen or stateless person who has resided in Italy for more than three years

If we are NOT in case 1) just considered, then the foreigner can buy a property in Italy:

- 2nd Case - if you are a foreign citizen legally resident with a residence card or residence permit for specific valid reasons;

- 3rd case - if you are a foreign citizen not legally resident only if an international treaty permits it or if the condition of reciprocity exists. In particular, reciprocity means that: citizens of States that do not fall within the European Union can perform legal acts only if those same acts are allowed to an Italian citizen in the State of the foreign citizen who wants to buy a property in Italy (in the case specific).

2. WHICH DOCUMENTS MUST OWN THE FOREIGNER WHO WANTS TO BUY A HOME IN ITALY

- Tax code: in order to sign the deed and purchase the property in Italy, the foreign citizen must have the tax code issued on request by the Revenue Agency. The tax code is mandatory for everyone: Italians, EU or non-EU foreigners.

- Residence permit or residence card.

- Passport or equivalent travel documents.

3. WHAT SHOULD BE DONE IF THE FOREIGN BUYER DOES NOT SPEAK ITALIAN

Let's see another important aspect to consider in order to sell a house to foreigners. If the foreigner who buys the property in Italy knows our language well and then declares it in this sense, there are no obligations.

If, on the other hand, the foreign buyer does not understand the Italian language and cannot read it well, it is mandatory to draw up the notarial deed not only in Italian but also in the foreign language. The translation must be done by an official translator who will also have to take part in the signing of the notarial deed of sale, also placing his signature on the written deed.

Why is an official interpreter needed? To protect the buyer: the interpreter must read the foreign language translation of the act aloud, making sure that the contract and its terms are understood by the foreign buyer.

If the notary who knows the foreign language perfectly knows it will be possible to proceed directly without the intervention of an official translator.

Another alternative, again in the event that the foreign buyer does not understand the Italian language, is that the foreign citizen signs a power of attorney to purchase by appointing a third party who perfectly understands both languages. At this point, this subject will purchase on his behalf by signing the notarial deed of sale.

4. HOW DOES THE PAYMENT OF THE FOREIGN CITIZEN BUYING A HOME IN ITALY?

If the foreigner who wants to buy a house in Italy already has a current account with an Italian credit institution, where the money that will be used to purchase the property is deposited, there is no problem and the payment will be made as for an Italian citizen.

If instead the foreign buyer does not have a current account in Italy then there are two possible alternatives in the event that the foreign country, where the sums are deposited, does NOT impose particular restrictions and restrictions on the transfer to Italy of the same:

a - The foreign citizen can open a current account directly in Italy and transfer the sums (the bank will indicate the procedure to be followed). In this case, he will be the one to have the banker's drafts for advance payments and price balances issued by the Italian bank.
b - The foreign buyer can sign a fiduciary mandate to the chosen notary public with whom he instructs the officer to receive the necessary amounts indicated for the purchase of the property in a trust deposit by bank transfer made by the foreign buyer to the dedicated current account of the notary (Law 147/13 art. 1 c. 63-67). The notary will be authorized to use the same amounts to issue bank transfers or bank drafts in favor of the sellers of the property to be purchased in accordance with the agreements already signed in the purchase proposal accepted by both sellers and buyers.

SELLING HOME TO FOREIGNERS: FROM THE PURCHASE PROPOSAL TO THE DEED

Considering the four specific rules provided for by Italian law to be able to buy a house from a foreign client, the rest of the procedure for buying and selling a property is the same as for an Italian citizen.

The foreign office of Broker Immobiliare Exclusive Real Estate, thanks to staff with consolidated experience, is able to accompany the future foreign owner, literally hand in hand, from the first meeting up to the notarial deed, supported by external professionals in technical, tax matters and legal.

Professionals in the sector know that to work well with the foreign market requires skills of particular sensitivity, efficiency and dedication as well as a very different modus operandi from that necessary for the Italian market, but if successfully put into practice the results can be very important, filling us with satisfactions, as shown by our many foreign customers, who have purchased together with us.

Broker Immobiliare Exclusive Real Estate - Forte dei Marmi

 

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