Property Sales Process | Selling Costs
Overview:
Italy's equivalent of capital gains tax on real estate was abolished in 2002. However, if a property is sold within 5 years of purchase, the gain achieved is subject to Italian income tax.
In Italy, vendors must bear the following costs when selling (or disposing of) property:
- Taxes
- Gift tax
- Other costs
- Estate agency fees
- All costs in connection with the property up to the completion date (e.g. utility costs)
Gift tax
In 2001, a new law came into force reducing gift tax. Now gifts for spouses and relatives up to the fourth degree (cousins) are tax-free.
However, tax-free gifts resulting in transfers of ownership in the land survey registry will be subject to transfer taxes. Also gifts may be taxable under UK legislation.
Estate agent's fees
In Italy, estate agents' fees are split between the buyer and seller. They usually come in at between 3-6% of the purchase price.
Special situations and exceptions:
The notary's fees are normally paid for in full by the buyer but the vendor will pay these in some exceptional situations.
Print
Contents
Bookmark This Page
Tag, share or bookmark this page:
