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DREAMER FAQ

Dreamer answers your questions
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THE RESIDENTIAL TENANCY PROCESS

Dreamer Real Estate has consolidated experience in medium and long-term lettings of prestigious properties in Italy. This FAQ list arises from the need that customers have a prompt and immediate response to frequent questions (type of tenancy, duration allowed, different clauses and costs incurred); to this end, Dreamer has decided to respond briefly to these questions as to provide a clear picture of the matter.

In addition to the costs of registration of the contract which is to be split into equal parts between the Landlord and the Tenant, the Tenant is also responsible for the utilities’ costs (water, electricity, gas, waste disposal costs, etc. …), unless the parties agree otherwise as the utilities remain under the Landlord’s name and the Tenant refunds each month/year.

Since 2011 the landlord may decide whether to apply a separate tax of 21% on the entire amount paid by the tenant (or 10% for tenancies with an agreed rent) to the rents coming from the rental for residential use. The “Cedolare Secca” flat tax scheme replaces any ordinary tax scheme wherein 95% of the rents must be added to all other income and taxed at progressive IRPEF rates according to the income class.

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THE RESIDENTIAL SALE PROCESS

Dreamer Real Estate bases its experience in real estate sales on a deep knowledge of the stages of buying and selling processes, allowing it to assist its customer from the formulation of a purchase proposal to the transfer of ownership on the property. To this end, Dreamer, thanks to the support of its team of professionals, provides a brief description of the most relevant aspects of the buying and selling processes, ensuring the customer a clear exposure of the steps to follow and the critical issues encountered in concrete cases.

Although the Italian law does not require the appointment of the agent to be in writing, Dreamer with the formalisation of its assignment intends to convey to the customer maximum transparency on the content of each clause of the agreement and the utmost professionalism throughout the entire sale process.

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Italy means art and history. Since many of its properties have a particular historical/artistic prestige, they are subject to the constraint of cultural heritage ex L. 1089/1939 (as amended by D. Lgs. 42/2004, and subsequently repealed by D. L. 200/2008) and ss.mm.ii. For listed properties there is the right of first refusal to purchase by the Ministry of Cultural Heritage and Activities; therefore the Italian State, which must be informed of the sale of the property, may decide to purchase it, thus replacing the actual Buyer.

Therefore, the final deed of transfer of ownership of the Property will be subject to the exercise of the right of pre-emption by the Italian State.

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Whoever buys a property in Italy as a “first home” can enjoy some tax benefits provided that he does not resell the property in the following 5 years. If he resells in the first 5 years and does not buy another “first home” within 1 year, he will lose the tax benefits obtained. The Italian Revenue Agency will then ask him to pay the higher tax due for the benefits received, plus the penalty and interest.

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IMMIGRATION AND TAX ISSUES

Dreamer Real Estate has a consolidated experience with international Clients, who decide to buy prestigious properties in Italy and often consider transferring their residence. These choices have inevitable consequences in terms of immigration and tax law issues, which make necessary the involvement of experienced professionals. Due to the significant amount of requests received from foreign Clients regarding residence opportunities, immigration procedures, tax optimisation, the flat tax applicable to “new Italian residents” and other questions linked to property investment in Italy (e.g. due diligence prior to the purchase of a real property aimed at checking the urbanistic regularity, etc.), Dreamer Real Estate has considered useful to provide an initial description of the most important aspects.

Investing in Italy today is convenient for foreign citizens also due to an important fiscal advantage. In 2017 a new tax scheme was introduced, named “flat tax”. It provides an optional method of taxation of all income produced abroad, by those intending to transfer their tax residency to Italy. These incomes are taxed with an all-inclusive substitute tax of € 100,000.00 per year, with the possibility of extension to family members, who will pay a tax of € 25,000.00 per year on income produced abroad. This benefit is revocable and valid for 15 years. Dreamer, in-network with its team of specialised professionals, is able to cover every information, management, and operational need of its customers, to whom it offers the possibility of resorting to personalised tax advice, able to assess the methods of structuring each transaction, optimising its tax impacts.

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Contact us to know more about the requirements and how to apply

The current Italian immigration law discipline provides many kinds of permits. The requirements and the conditions for each category depend essentially on the nationality of the applicant since the relevant documentation that shall be attached to the application is specified in the agreements signed by Italy with the country of origin.

There are 2 types of residency permits in Italy: temporary and permanent permits.

  • TEMPORARY RESIDENCY – For NON-EU citizens, a temporary residency visa must be issued when first arriving in Italy. EU citizens must only register in the city where they live in Italy through the local police department. Both EU and NON-EU citizens must live in Italy for a minimum period of 5 years before applying for a permanent residency.
  • PERMANENT RESIDENCY – Permanent residency is available for those who have lived in Italy for the prescribed periods under the country’s immigration.
  • EU citizens can apply for permanent residency if they intend to live in Italy for more than 90 days or 3 months;
  • NON-EU citizens have the right to apply for permanent residency after 5 years of continuously living in Italy. The permanent residency visa for NON-EU citizens is also available under the “Fast-Track Visa Scheme”.

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Becoming a permanent resident in Italy can bring many benefits for a foreign citizen:

– Enter and exit Italy without being required to apply for other visas

– Travel freely to other EU countries and work without being required to apply for a work permit

– State benefits (maternity, disability)

– Italian citizenship for EU citizens with a 4-year minimum stay and 10 years for NON-EU citizens

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Those who want to immigrate to Italy, must enquire with the Italian embassy or consulate in their countries and ask for information on the documents needed.

Dreamer collaborates with trusted and selected law firms specialised in immigration and residential consulting in Italy, able to support you during the entire visa issuance process.

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Since immigration in Italy for most non-EU citizens is limited by strict quantitative quotas established yearly by the Government (Decreti flussi), Law no. 232 of 11 December 2016 (Budget Law 2017) has introduced several exceptions to those limits, applicable to certain foreign investors who have significant financial resources to reside in Italy for more than 3 months. New Article 26-bis of Legislative Decree no. 286 of 25 July 1998 (Immigration Consolidated Act) regulates the so-called “fast-track” visa procedure: special entry visas (i.e. investors visas) and residence permits (permessi di soggiorno) will be available for two-year terms renewable, under certain circumstances for further three year periods, to non-EU nationals – regardless of the yearly quantitative quotas – intending to carry out significant investments in Italy.

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        HEADQUARTER
        Via Santo Spirito 11 - 50125 Firenze

        +39.0550453553
        info@dreamerealestate.com

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          HEADQUARTER
          Via Santo Spirito 11 - 50125 Firenze

          +39.0550453553
          info@dreamerealestate.com

          CONTACT




             
             

            * accetto le condizioni di utilizzo sulla Privacy Policy
            I campi contrassegnati con * sono obbligatori.


            Headquarter and Registered Office
            at Via Santo Spirito 11 - 50125 Firenze

            +39.0550453553
            info@dreamerealestate.com

            CONTACT




               
               

              * I accept the conditions of use on the Privacy Policy
              Fields marked with * are mandatory.


              Headquarter and Registered Office
              at Via Santo Spirito 11 - 50125 Firenze

              +39.0550453553
              info@dreamerealestate.com