The Italian real estate market is becoming increasingly attractive to foreigners so let us start with a preliminary question: who can buy a property in Italy? Here it follows:
– Citizens of the European Union or EFTA countries and stateless persons who have been resident in Italy for more than three years have no limit on their purchase.
– Other foreigners, if legally residing with their family members or stateless persons for less than three years, are required to have a valid residence permit or residence card.
– If they are foreigners who are not legally resident, there must be an international agreement that allows this or the so-called condition of reciprocity, i.e. that in the foreigner’s country of origin the Italian citizen is also permitted to purchase real estate.
In order to purchase a property, any foreigner must be in possession of a CODICE FISCALE (Italian tax identification number)
What is a CODICE FISCALE and what is for
The CODICE FISCALE (tax identification number) is the document through which natural persons and companies are identified when they need to interface with public bodies and administrations.
The body that handles the request for a codice fiscale and its subsequent issue is the Agenzia delle Entrate (Revenue Agency). In concrete terms, it is an alphanumeric code of sixteen characters (nine letters and seven numbers) that is obtained by starting from: first name; surname; date of birth; place of birth.
The tax code application is indispensable for EU or non-EU citizens who decide to live, work or buy a property in Italy. For this reason, EU and non-EU citizens entering Italy must apply for a tax ID number. Among the main purposes for applying for a tax ID number for foreign citizens we can list:
- opening a bank account;
- buying or selling real estate or cars;
- collection of a payment;
- signing an employment contract;
- opening a VAT number;
- tax refunds;
The application for the CODICE FISCALE can be submitted personally or by an appointed professional and be issued quickly.
Feel free to contact our law firm to get your CODICE FISCALE quickly.