Avoid Risks and Tax Fines on Your New Property in Italy
Italy’s trending 1 euro property initiative, frequently highlighted in media outlets and shows like HGTV’s “My Big Italian Adventure,” has prompted many to ask about the legitimacy of such deals. Indeed, in various Italian towns, homes are sold for €1, primarily to counter property abandonment and boost repopulation. When you make an offer to purchase these properties, known as “Proposta” in Italian, you must register this with the Italian fiscal authorities within 20 days to avoid tax evasion fines. Not registering poses risks, especially if the seller goes bankrupt; you could lose significant deposits and agency fees. The process involves appointments with the Italian Revenue Agency, completing specific forms, and paying a registration tax. Missteps or delays in registration can result in hefty fines, emphasizing the need for thoroughness and timely action. Consulting with experts, like those at Invest in Italy, ensures a smoother purchasing and registration process.