1. Where does my reservation deposit go?
2. What additional costs are there?
3. I am unfamiliar with how to make transfer payments in foreign currency; what do I need to do?
4. What is a compromesso and at what stage is this transaction?
5. What is an Atto and at what stage is this transaction?
6. Will I own my home outright?
7. What is the exchange rate?
8. Will I need an Italian bank account?
9. Will I gain residency?

The Answers:

1) Your Reservation Deposit

This goes to the solicitor who will act for both the seller and the buyer. This is held in a clients account. The solicitor will provide a reservation agreement, which will show what deposit has been made.

 

2) Additional Costs

Legal fees and property tax are payable to a solicitor. The amounts depend on several circumstances such as the government valuation rate. As a rule allow 3%- with residency status. If non-residency status allow around 10% of the purchase price to cover property taxes.

 

3) Transfer Payments

For speed this is deposited into our client account here in Sicily. You may if you wish pay by euro cheque but please be advised this can take days if not weeks to clear.

 

4) What is a Compromesso?

This is an exchange document. A 50% deposit is required at this stage.

 

5) What is an Atto?

This is the completion. The remaining 50% is required at this stage.

 

6) Will I own my home outright?

Home in Sicily are owned outright, that is to say that no mortgage usually exists on them. Chains such as England do not normally exist either.

 

7) What is the exchange rate?

The exchange rate all depends on the prevailing rate at the time of each money transaction. Please be aware this fluctuates daily.

 

8) Will I need an Italian Bank Account?

No, however, if you wish to open an account the process is quite simple. In many cases, all non-residents require is their passport to open an account.

 

9) Will I gain residency?

Yes, but this does not effect your British Citizenship in any way.

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