| 1.Are
there any restrictions on an overseas company or business
buying commercial property? |
For foreign citizens
with a residence permit for Italy and for citizens of
EC/EEA countries there are no restrictions. Restrictions
on an overseas company are ruled by reciprocity. |
| 2. Is
land/property generally ‘registered’ so
that the title/ownership is guaranteed? |
Land/property is transferred
by a written agreement. The contract is registered in
the Land Registrar (‘Conservatoria dei registri
immobiliari’). |
| 3. What
are the basic requirements/procedures? |
Due diligence and then
a contract (as above).The final agreement is signed
by the parties in front of a notary. |
| 4. On
average, how long does the process take? |
Depending on the complexity
of the transaction, verification of planning permissions,
property titles, tax implications may be needed. On
average, a transaction takes about three months |
| 5. What
searches are advisable? |
Searches at the Land
Registrar for mortgages / hypothèque; at the
local authority (comune) for planning permits; at the
tax inventory and assessment office (catasto); searches
for tax debts and debts/liens or priorities in favour
of public bodies. |
| 6. What
are estimated disbursement costs? |
Notaries have great discretion
in assessing their fees, therefore advisable to ask
for estimates from several notaries. As an example,
for a deed value of 5million €, the notary fees
are about 7,000,€ |
| 7. What
are the local and/or national tax considerations in
the country of purchase? |
The local and/or national
tax considerations depends if the buyer/seller are commercial
companies or private persons. Generally, the tax consideration
is about 10% for real property. |
| 8. What
other annual local charges are obligatory? |
The owner has to pay
an annual local tax of 0.4 – 0.7 % of the tax
value of the real property. |
| 9. Are
there any other issues to consider? |
If the seller is a company
or an entrepreneur and goes bankrupt, the contract can
be adopted by the receiver within two years, unless
the buyer proves that he was not aware of the insolvency
of the seller. Further, it the real estate is rented,
the rights of pre-emption of the tenant have to be checked. |
