Italian inheritance tax, “Imposte di Successione” was abolished by law no. 383 of 18 October 2001. Subsequently, the government re-introduced inheritance tax through law no. 286, dated 24th November 2006. The law has been applicable to inheritance cases since 3rd October 2006. (more…)
This property selling guide focuses on the issues that a seller may encounter during an Italian property conveyance.
When selling an Italian property, there are some legal issues which should be seriously considered. Due to the language barrier and differences in legal systems, real estate transactions in Italy can appear as a difficult and protracted process for foreign investors. The Italian legal process is obviously technical and might expose you to some risks. Considering the interests at stake in a real estate transaction, it is advisable that you seek the assistance of a qualified bilingual legal advisor, who has the competence to guide you through the process and advise on potential risks. (more…)
This article aims to cover key elements of the Italian purchasing process.
For a more in-depth explanation, you may wish to read our comprehensive guide to buying property in Italy.
The purchase of a property in Italy proceeds through 3 key stages:
- Proposta irrevocabile d’acquisto (Reservation offer)
- Contratto preliminare di vendita (Preliminary contract)
- Atto di vendita (Deed of sale)
Once you have chosen your property you should engage the services of a solicitor, whether you buy through a real estate agent or directly from the vendor. The knowledge that an Italian solicitor has about Italian real estate law is invaluable – plus, your own solicitor is there exclusively to look after your interests. (more…)
Keeping Your Money Safe in a Holding Account until the Completion of Your Italian Property Purchase
On 29th August, 2017, the holding account was introduced. The new legislation governing payments for the purchase of Italian residential and commercial real estate property came in to effect as part of the Law of Competition. The legislation is retroactive, which means that it also applies to ongoing property purchases started prior to 29th August 2017.
New rules aim to give better protection to both buyers and sellers. Funds for the completion of purchase of Italian property real estate will now be held in a holding account by the chosen notary to the transaction. Deposits connected with a reservation offer and preliminary contracts are not subject to this new legislation. (more…)
Buying an Italian property should be an exciting process, but it can also be complex.
The best way to protect your investment when buying an Italian property is to engage an English-speaking Italian lawyer. Instructing an independent, English-speaking Italian lawyer could save you money and stress in the long run.
Choosing the right Italian lawyer is a very important decision. Make sure you instruct an independent English-speaking lawyer, who has experience advising international clients in relation to property purchases in Italy.
Reserved Acceptance – Brief Case Study
For a better comprehension of reserved acceptance, we have provided a brief case study concerning this topic.
Silvia and Eric Jones owned a beautiful property in Liguria. They were resident in Italy, loved life here and were well-integrated in to their local community. Sadly, recently, in close succession, Silvia and Eric died.
The Jones’ sons, Larry and Tom, have been in touch with De Tullio Law Firm about their parents’ Italian Wills. They have some concerns regarding what happens when heirs are unsure exactly what they are inheriting. Larry and Tom are very concerned that their parents’ estate may be encumbered with debt. (more…)
The Italian Chamber of Deputies has approved the text of a bill on the so-called biotestamento (Living Will). This bill will now be debated in the Senate. A Biotestamento has nothing to do with euthanasia.
Italian legislation on Biotestamento is divided into two parts: the first, more general part, deals with giving informed consent on medical treatments and on filling in DATs (disposizioni anticipate di trattamento, the Italian for anticipated instructions for treatment), through which a person may indicate wishes in relation to the medical treatments he/she intends to be subjected to when he/she is no longer conscious due to an accident or to an illness. (more…)
Italian succession law follows the Roman Law principle which gives some protection to close members of the family, partially limiting the right of the testator to dispose of assets.
Testamentary Succession consists in the assignment of hereditary assets in compliance with the wishes of the testator as set out in an Italian Will. In the absence of a Will, instead, inheritance is devolved following the principles of Legal Succession. (more…)
Italian Inheritance principle
The law no. 218 of the 31st of May 1995 regulates the field of Italian inheritance law in the framework of international private law.
The succession rules are determined on the basis of the national law of where the decedent was deemed habitually resident at the time of death.
Italian Inheritance legislation adopts the principle of “unity of inheritance”. This principle differs substantially from the one adopted in common law countries. It is based on a division between non-property assets and property assets: (more…)