Home | Real Estate
An Italian dream home is a wish for many and yet without good research and basic knowledge of the right questions a nightmare can ensue. A few statements might help. They change tax laws and ownership rules here every five minutes so often the reference books are out of date before they are printed. Example. If you buy a home here as a resident fisrt home owner you pay a tax on the purchase equal to 3 % of the properties rateable value. You have to take up residence within 18 months to conform to the tax reduction. Thats fairly common knowledge. Did you know that if you sell the property within those five years without buying another first home you will be liable to a) paying the difference between the first and second home tax = to a further 7 % b) a fine of 30 % of this value for selling your property before five years c) a capital gains tax None of this applies if within a year you purchase another home in italy which is prooved to be your main residence. Its a consideration when deciding to opt for the cheaper purchase tax regime unless you are absolutely sure that Italian life is going to be right for you. You need to realise that you will be tied in to owning and being resident in that property for a long time. There are many other complications, new laws now where tax returns are tied into payments for your house tax. These are ever changing rules here and it really should go without saying that research is essential but even more so find yourself a reliable and knowledgeable estate agent by asking a few searching questions to start with. Property purchase here can be easy if you are given explanations as regards to what you are purchasing. A recent new law makes all second home owners liable for filling in a tax return on their second home. With a token rentable value of the property being declared and if rented out details of all the income on that property even if all the money is paid outside of Italy. You will require an Italian bookeeper/accountant to deal with these matters.
Article Source: http://www.financemanual.com
Please Rate this Article
5 out of 54 out of 53 out of 52 out of 51 out of 5
Not yet Rated
