Cash rich Savvy overseas property buyers within the last year have been flocking to buy property in Italy. This is because there is no capital gains tax after 5 years and there is also no inheritance tax. When a property in Italy is purchased there are a few other taxes that must be paid on top of the property price. These extra taxes include the mortgage tax which covers the registration of transfer of ownership or deeds, the cadastral tax, which covers the update of building and the registry tax which confirms the purchase of the deed. All these ensure the deeds cannot be altered and must be done within 30 days of completion.
From early 2014 all these taxes were greatly reduced making it even easier to buy a property in Italy. Registry tax has been reduced from 3% to 2%, and the other mentioned taxes are now only €50 each instead of €168 each. When buying an overseas property in Italy you will now pay 9% of the price in taxes . Please take note of our buying guide for Italy for more information.