WHY INVEST IN PUGLIA
“Puglia remains one of the favorite places for international buyers looking for their ideal home in Italy. The spectacular landscape and the excellence of the Apulian territory enrich a diversified offer of properties able to respond to the requests of potential international buyers. ”
By Giornale di Puglia 31 May 2017
In fact, our real estate market in recent years has benefited from a progressive and constant increase. Apulia has become one of the most appreciated places in Italy, reached every year by thousands of people. Thanks to this, tourism has become a leading sector of the Region’s economy and this is another advantage for those who decide to invest in our territory.
THE PHASES OF THE PURCHASE PROCESS
Once the property object of the purchase has been identified, we will make a preliminary analysis of all the documentation relating to the property or document of origin, cadastral survey, floor plans with a specification of all taxes and charges to be paid up to the deed.
Our agency will make sure that the property complies with the tax and urban planning regulations and only at this point if you want, our customer can make a written offer to the seller called “Purchase Proposal” with which the buyer will irrevocably commit himself , for the period of validity of the offer, to purchase, for itself or a person or company that can also appoint at a later date, the property at a price established by a certain date to be agreed for the notarial deed.
At the same time a check will be left payable to the seller (non-transferable) or a transfer will be made to the account of the agency that will be turned to the seller only when this, by accepting the proposed conditions, will countersign the proposal itself. The amount of the check or transfer (which varies in proportion to the value of the property) will be valid as a “deposit” and “down payment on the price”. If the seller refuses the offer, the check will be returned to the buyer within 5 days and the same applies to the transfer.
The purchase proposal can be followed by a preliminary contract before the notary deed. Our assistance will be continued until the final sale contract is signed, also guaranteeing a technical and planning assistance service with a rough estimate for the restructuring or implementation from scratch.
For foreigners not resident in Italy, the first step will be to request the Tax Agency to issue the Tax Code. It will then be necessary to open a current account at a bank.
At the time of purchase, the purchaser pays 9% for buildings with relevant land if he buys from a private entity, or 10% (VAT) in case of purchase from a company or company plus the mortgage and cadastral taxes to a fixed extent (currently totaling € 400.00).
The foreign Italian notarial deed must be accompanied by a foreign language translation certified by an official translator, unless the foreigners who purchase do not declare that they understand and read the Italian language perfectly.
The foreigner is also allowed to enjoy the “first home” facilities if he has the requisites, which of course are the same as those required for Italians.
WHAT TO DO TO ENJOY THE FIRST HOUSE BENEFITS:
To enjoy these tax advantages it is necessary that the purchaser declare in the act, under penalty of forfeiture, that:
- the property is located in the territory of the Municipality where you have or intend to establish your residence, within 18 months from the purchase, or in which it is located or where the buyer carries out its main business or, if transferred for work, where the employer is based;
- you are not already exclusive or in communion owners with the spouse of the right of ownership, usufruct, use and residence of another house in the municipality where the property is to be purchased;
- you are not already holders, even for shares or in legal communion, throughout the national territory, of property rights, usufruct, use, habitation and bare ownership of another property for residential use purchased, even by the spouse, with the benefits “First Home”.
In this case, at the time of purchase, the buyer will pay 2% (registration tax) if he buys from a private person, or 4% (VAT) if he buys from a company or company (except in particular cases), plus mortgage taxes and land registry accounts for a fixed amount (currently totaling € 400.00).