FREQUENTLY ASKED QUESTIONS
1.What is My House Estate Agency?
2.What are the annual costs involved for the upkeep of a property?
3.What is residency and what it's purpose?
4.What is the Valore Catastale?
5.What is a Codice Fiscale?
6.Do I need to open a bank account in Italy?
7.What are the costs involved in purchasing a property?
8.Why and what deposit is required?
9.What is a Compromesso?
10.What is the Atto?
11.Is VAT(IVA) paid on the property?
12.The prices of the propeties?
1.WHAT IS MY HOUSE ESTATE AGENCY?
My House Estate Agents was created and operates mainly in the town of Cianciana(Province of Agrigento) on the southwestern coast of Sicily but, thanks to the close contacts it has with other operators in this field, it is able to satisfy your requests on a nationwide area.
My House can count on a managerial agency equipped with a strategic vision, extremely dinamic and at the same time focused and attentive to the continual transformations of the property business, which has made them one of the major players in the field of property sales and development in the area.
My House has expertise with dealing with foreign clients who have decided to invest in the Italian property market.
2.WHAT ARE THE ANNUAL COSTS INVOLVED FOR THE UPKEEP OF A PROPERTY?
If you are not an Italian citizen and you do not have an income in Italy, you are not subject to pay National or regional tax. But you will pay council tax (ICI) if you do not have residency in Italy which is 0,4% of the state value of the house at the land registry office(Valore Catastale). You will also pay an annual refuse collection fee of approx 1.40 euros per m2. Water rates are currently a fixed fee of approx 100 euros annual.
3.WHAT IS RESIDENCY AND WHAT IT'S PURPOSE?
If you buy a property in Italy and within 18 months you decide to transfer your residency to Italy , you will pay less tax when you sign the final deeds(Atto) of your property. This does not effect your British Citizenship.
4.WHAT IS THE VALORE CATASTALE?
This is the value at the Land Registry Office which is generally less than the sale value of the property.
5.WHAT IS A CODICE FISCALE?
This is an alphanumerical National Insurance given by the State and is neccessary for financial transactions in Italy. This can either be requested by you at the nearest Italian Consulate/Embassy or you can delegate us to obtain one for you.
6.DO I NEED TO OPEN A BANK ACCOUNT IN ITALY?
There is an anti-money laundering law in Italy which states that any financial transaction which is greater than 5000 euros must be carried out via bank credit transfer(i.e.not cash). To open a bank account in Italy you need a Codice Fiscale, your passport, and your presence. This is your own personal bank account and has annual bank charges of approx. 80 euros annual. You can also transfer money via euro cheque from you existing bank account but this can take upto 15 days, but this would mean that you would pay for the house before signing the final deeds and therefore we would not advise you to use this method.
7.WHAT ARE THE COSTS INVOLVED IN PURCHASING A PROPERTY?
In addition to the costs of the property, there are the agency fees of 3% plus vat of the sale price of the property.The state taxes are 4% of the land registry value of the property if you decide to transfer your residency witin 18 months of the signing of the final deeds; or 10% the land registry value of the property if you decide not to transfer your residency within 18 months of the signing of the final deeds . The Notary fees are not fixed but are based on the land registry value of the house. There is also a small fee payable to the 3 English speaking witnesses who are required by law to be present when you sign the final deeds of your house.
8.WHY AND WHAT DEPOSIT IS REQUIRED?
If you decide to buy a property a deposit is required to block other offers.This is not a fixed amount by law but is generally is not less than 1000 euros. For this size of deposit the final deeds need to be signed within 3 months. If you want to prolong the times then a Compromesso needs to be drawn up and a larger deposit needs to paid.
9.WHAT IS A COMPROMESSO?
The compromesso is not obligatory. It becomes neccessary if the time between the deposit and the signing of the Atto is greater than 3 months.The compromesso can drawn up by our lawyer at no extra cost. This serves to fix the methods of payment and the times of the signing of the Atto. At the Compromesso a deposit which generally is not less than 30% of the sale value(but this is not fixed by law) is paid. If you decide against buying the property then you will lose this deposit. If the vendor pulls out of the deal then he must pay you the double of the deposit you have paid.
10.WHAT IS THE ATTO?
The Atto are the final deeds. These are signed in the presence of the buyer,the vendor, 3 English speaking witnesses, and the Notary(who is employed by the State) who guarntees the regularity of the Atto. All the parties present sign the act. The remaining difference of monies between the deposit already paid and the sale price of the house is paid directly to the vendor without going through other channels.
11.IS VAT(IVA) PAID ON THE PROPERTY?
No, VAT(IVA) is paid only on the Notary fee and the agency fee.
12.THE PRICES OF THE PROPETIES?
The prices of the properties for sale are the local rates , i.e. They are not inflated prices for foreign clients.