Any foreign citizen or legal entity can purchase an apartment, house, or land in Italy if there is a condition of reciprocity between the countries, meaning that an Italian citizen can also buy property in that country.
If this condition is met, buying real estate in Italy is accessible to everyone, requiring only a passport with a valid visa (if required by law) and an Italian tax code (codice fiscale).
The Italian Ministry of Foreign Affairs provides comprehensive information on the current situation regarding the condition of reciprocity for each country concerning real estate purchases, mortgages, and investments in general. Notaries also have this information.
The absence of mutual agreements does not mean that a purchase is impossible but requires agreements and obtaining special permits.
The procedure for acquiring real estate is strictly regulated and involves the mandatory participation of a notary, who is responsible for its legality and collects taxes.
The process of purchasing real estate in Italy is the same for foreigners and locals. Upon completion of the process, the buyer acquires full rights and responsibilities as an owner. The only difference for a foreigner who does not speak Italian is the participation of a licensed translator.
Stages of real estate purchase and documents
I. Proposta d’acquisto or Preliminare d’acquisto
The purchase offer or preliminary agreement is a private written agreement detailing the terms of the purchase, prepared with the help of a real estate agent on behalf of the buyer. For the agreement to be legitimate, it must have a set legal form and comply with certain norms of the Italian Civil Code. The purchase offer becomes legally binding once accepted (signed) by the seller.
This document involves taking the property off the market and making a deposit, usually 10% of the purchase price. After the seller accepts the Purchase Offer, you are obligated to pay the realtor's commission.
If necessary, the purchase offer can be signed remotely through courier mail.
The Proposta d’acquisto must be registered with the tax office.
II. Compromesso or preliminare di vendita notarile
Signing the preliminary agreement with a notary is an optional step needed for the security of the parties if significant monetary payments, installments, etc., are planned before the transfer of ownership.
III. Il rogito
The final stage is the notarial purchase and sale transaction.
On the pre-agreed date, in the presence of both parties and witnesses, a notarial act of signing the purchase agreement is conducted, often referred to as the final agreement, unlike the one mentioned in point II.
All payments (fee + taxes + remaining amounts to the owners) are made directly at the transaction using irrevocable bank checks. For this, you need to have an account in an Italian bank located nearby and the necessary amount of money on it for the payments. An alternative to opening a bank account in Italy and paying by checks is to deposit funds into a notary's escrow account.
Upon completion of the notarial transaction, the buyer receives the keys and becomes the full owner of the property.
Approximately a month after the registration (registrazione) and publication (trascrizione) of the contract in the real estate owners' register, a notarized copy can be obtained.
NB! The original notarial contract will be kept by the notary.