What are the requirements for purchasing a house in the Belpaese? Here’s what you need to know in order to not make any mistakes.
Milan, December 2019 – Purchasing a house is a dream for many foreigners residing in Italy. But what exactly is the course of action for doing so, and most importantly, what are the requirements needed for buying a home?
With the recent Budget Law, the First Home Bonus was introduced for 2020, which provides for VAT concessions, mortgage taxes and registration fee. In order to receive the bonus, you must meet several requirements. Starting from the type of property you intend to buy, which must not be a luxury home, instead falling into cadastral categories A/1 and A/11. Furthermore, the property must be located in the municipality where the purchaser lives; therefore, if the latter is a foreigner, it is necessary that he/she requests residence within 18 months from the date of purchase. For this reason, it is necessary that the intention to move one’s residence to the Municipality where the house was bought is also put in the purchase deed.
In order to request the first house benefits, it is also mandatory to demonstrate that you don’t own (not even in joint-property) other real-estate properties located in the Municipality where the purchase is being scheduled. I.e., this means that if an Italian citizen has a foreign wife but both are already owners of a property in their municipality of residence, they cannot buy another one and declare it as their first home, while also claiming the 2020 bonus.
Finally, if the buyer has received any previous first house benefits, he won’t be able to request them again. These requirements apply to both Italian and foreign citizens who intend to buy a house in the Belpaese. The only exception provided for by the law, however, concerns Italian citizens residing abroad, who are not obliged to reside in the municipality where they buy a house, nor to transfer their residence there within the expected 18 months.
This, like Italian citizens, foreigners too can apply for the 2020 First House Bonus. Provided, of course, that you are in possession of all the necessary requirements for succesfully receiving the benefits.
EASY HOME ITALY