Italian Elective Residence Service , Italy Permit of Stay , Property for sale Italy,Italy property taxes

Italian Mortgage Service

IMS is a branch of Lifeinitaly.it

To Non-Italians

for buy , restore , refinance

residential properties , in Italy

ELECTIVE RESIDENCE - IN ITALY - RESIDENZA ELETTIVA

PERMIT OF STAY IN ITALY

LIFE IN ITALY , INCOME TAX , RECIPROCITY

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Non-Italians citizens or Italian that produce income and living outside the territory of the Italian Republic, asking for a mortgage in Italy, should be aware that they can achieve significant savings in fees, and also rates for their mortgage, much lower, if they purchase, build, or restructure, their home in Italy, taking advantage of the use of financial incentives and practices of a purchase as a Prima Casa (first home) : this an real estate classification in the law in Italy and only means that it is your first property purchased in Italy .

These benefits are:

1> best rates on the mortgage, an easier and faster procedure ,

2> the tax on the capital of the loan decrease from 2% to 0.25%

3> the tax on the value of the home purchased decrease from 9% to 2%

4> the VAT on restoration and construction costs decrease from 10% to 4%

5> be able to buy a car in Italy

Ugo can - by proxy (1) - organize for you all the necessary procedure to submit to the demographic offices of the Italian municipality the request of the Elective Residence: find an apartment to rent (if you do not have a house of property), open a current account with an Italian bank (once residency is obtained, the account will be transformed from a foreign account into a resident account, with considerable management savings), find the health policy required by Italian legal regulations, fill in all the necessary forms - the whole procedure, for EU citizens, who follow Ugo's deadlines, complete themselves in 20 working days –

(1) power of attorney (Proxy) is a written authorization to represent or act on another's behalf in private affairs, business, or some other legal matter. The person authorizing the other to act is the principal, grantor, or donor (of the power). The one authorized to act is the agent or, in some common law jurisdictions, the attorney-in-fact.

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IMPORTANT NOTE

the elective residence can also be taken in a building other than the one you want to buy or renovate,however it is good to remember that , the buyer has 18 months to transfer the residence to the first house purchased , or restored, if this does not happen, him lose the allowance and have to pay to the revenue agency: the difference between the transfer fees prima casa and seconda casa - a 30% tax on the sums paid

To achieve the facilities of the First Home , need you obtain the Elective Residence in Italy

The Elective residence does not allow to produce income in Italy, and therefore not obliged to transfer its taxable activities and pay the tax on them in Italy.