Steps to Purchasing Property in Italy for Non-European Passport Holders

Thanks to reciprocal agreements between Italy and various countries, purchasing property in Italy is an achievable aspiration for non-European passport holders, including Israeli citizens. However, it's essential to understand that owning property does not automatically grant residency or citizenship rights in Italy.​

Process of Purchasing Property:

1. Obtain a Codice Fiscale (Tax Code): This personal identification number is required for all financial transactions in Italy. Non-residents can obtain it through the Italian Embassy or Consulate in their home country.​

2. Open a Local Bank Account: A local bank account facilitates the financial transactions related to the property purchase and ongoing expenses.​

3. Engage a Licensed Real Estate Agent: A local, licensed real estate agent can assist in finding a suitable property and guide you through the purchasing process.​

4. Submit a Purchase Offer (Proposta di Acquisto): This formal proposal to the seller outlines the terms of the purchase.​

5. Sign a Preliminary Contract (Contratto Preliminare): This binding agreement between the buyer and seller details the specifics of the transaction.​

6. Finalize the Sale with a Notarial Deed (Atto Notarile): This final contract, signed in the presence of a public notary, officially transfers ownership of the property to the buyer.​

Associated Costs:

• Real Estate Agent's Commission: Typically around 4% of the purchase price.

• Notary Fees: These vary based on the property's value but generally start around €1,500.​

• Taxes: These include registration tax, cadastral tax, and municipal taxes, depending on the property's characteristics and the buyer's residency status.​

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Residency Permits:

While property ownership does not grant residency, non-European Union citizens may apply for various visas to extend their stay in Italy:​

• Elective Residence Visa: Designed for individuals who can demonstrate sufficient financial means and intend to reside in Italy without working.​

• Investor Visa: Available for those making significant investments in the Italian economy.​

It's advisable to consult with legal and financial experts specializing in Italian real estate to ensure a smooth and compliant purchasing process.