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Reading Time: 2 minutes Mr De Tullio meets the US Consul, Mr Patrick Horne The Consul for Political and Economic Affairs of the United States, Patrick Horne visited Martina Franca, where he met our managing partner, Mr Giandomenico De Tullio. Yesterday, 14 September 2018, the Consul for Political and Economic Affairs of the United States, Patrick Horne visited Martina Franca. His second stop on a […]
De Tullio Law Firm and the New York Times
De Tullio Law Firm’s second contribution for the New York Times
One year after our first contribution for the New York Times, De Tullio Law Firm was interviewed for the second time to provide, once again, potential investors in Italy with useful guidelines regarding the buying basics of the Italian conveyancing process.
This time, the article is focused on the Riviera Ligure, one of the most sought-after places of the Italian country, but the legal information provided herein are extended to the whole Italian territory.
The article includes critical information, such as Italian Notary’s fees (Italian Notaio’s fees), legal fees and Italian property taxes.
“Buying basics in the Italian Riviera
There are no restrictions on most foreigners buying real estate in Italy, said Giandomenico De Tullio, a managing partner at the De Tullio Law Firm, which has offices in Italy and Britain.
Transactions are handled by a notary, whose fee is negotiable, but typically starts at around 1,500 euros (or about $1,860) and varies depending on the price of the property and the complexity of the deal, said Gianluca Giovannini, a notary in Livorno. For complicated transactions and sales involving foreigners, it is a good idea to hire a bilingual lawyer as well, said Mr. De Tullio, who estimated that a lawyer’s fee would be about 1 percent of the sales price. In addition, there is a 22 percent value-added tax on both services.
The stamp duty is the buyer’s biggest closing cost, at 2 or 9 percent of the property’s assessed value, depending on whether it will be a primary residence or a second home, Mr. De Tullio said. (To get the primary-residence tax break, buyers must typically establish legal residence in the municipality within 18 months of buying the property, he said.)
Other closing costs include a building registry tax of 50 euros (about $62) and several other taxes and fees that add up to a few hundred euros. A rough estimate of closing costs on a 1 million euro property is around 30,000 euros (about $37,000), Mr. De Tullio said, but he added that it can vary greatly.” Read the full article here.
The Overseas Guides Company Ltd released a guide to buying abroad with family. As they said, “a holiday home is perhaps the most life-enhancing thing you will ever buy. It helps you get to know and love another culture. It can be more relaxing than a package holiday to the tourist sites – a holiday whenever you want it, for ever, and to pass on to your children. […]
A holiday home abroad has the power to keep families together. Siblings might fight like cats and dogs as children, but many find they appreciate each other’s company more as they get older. Every Christmas you promise to see each other more often, but by the summer you’ve drifted apart again. For older children who don’t want to go on the usual family holiday, for students who don’t come home as much anymore, a holiday home can be the glue that holds the family together. […]
We’ve all heard about families that fall out over money. How can you protect yourself, your investment and your closest relationships? You need legal protections that will endure down the generations. Read on for some great advice on this, from specialist lawyers. […] Read more
We are pleased to announce that, on 18th November 2017, De Tullio Law Firm exhibited at Your Overseas Home, an exclusive event reserved for those interested in buying overseas properties in the next six months.
On said date, De Tullio Law Firm brought along a range of Italian property experts, ready to answer questions and provide all the guidance needed to make the purchase of Italian properties as smooth as possible.
Buying a property in the next six months can be very stressful and daunting. With this in mind the Your Overseas Home team and Smart Currency Exchange have created these exclusive events for people interested in buying properties abroad – to remove the stress and risk involved with their property purchase. At these events there is the opportunity to:
- Browse a selection of the best properties that suit any requirements.
- Ask questions to Italy property experts (appointments available).
- Discuss budgeting and tactics to remove risk when purchasing in a foreign country.
- Listen to useful seminars from Italy property, legal, finance and currency experts
If you are interested in attending the next Your Overseas Home event, follow us on our Social Media channels – to always keep yourself posted!
Mr Giandomenico De Tullio and the team at De Tullio Law Firm will look forward to seeing you there.
De Tullio Law Firm Featured in the New York Times
De Tullio Law Firm’s Managing Parner, Giandomenico De Tullio, interviewed by the New York Times.
“Because of reciprocal legislation, citizens of some countries face restrictions when buying real estate in Italy, but those from the United States, Canada, Britain and Australia are not among them, said Giandomenico De Tullio, a partner at the De Tullio Law Firm, which has offices in Italy and London. It is becoming more difficult for foreigners to obtain mortgages, agents said, but that may not affect luxury buyers, who tend to use cash.”
We are pleased and proud to announce our collaboration with “Lo Schiavo Genealogica”, an international research firm that specializes in Italian genealogical research, Italian-American dual citizenship, and Italian-American probate cases. Owner, Melanie D. Holtz, is a board-certified genealogist, writer, and lecturer with over 20 years’ experience in the genealogy field. [expand title=”Read More”] She started out by researching her own Italian ancestors, who emigrated from the Italian province of Palermo at the end of the 19th century. Melanie brings her love of family and passion for all things Italian to her work.
Melanie served two terms on the board of directors for the Association of Professional Genealogists (APG) and currently chairs the Professional Development Committee. She is a member of the Order Sons of Italy in America, the National Italian American Foundation, the National Organization of Italian American Women, and many other genealogical institutions. Melanie regularly encounters Italian Americans with assets and relatives in Italy. We will be supporting Melanie’s services and providing advice to those looking to manage assets and succession abroad.
We look forward to working with her and further developing connections with Italian-American descendants who have kept our Italian culture alive across the Atlantic for so many years.
Lo Schiavo Genealogica’s website can be found at http://www.italyancestry.com.