You should do your best to minimase tax to get the most out of your investment.
If you are buying a property, you will be required to pay different taxes which are not standard in each transaction.
The amount and type of tax to pay will depend on several aspects, such as:
- if you are buying a first house or not
- if you are buying a luxury house or not
- if you are buying as a private or through your company, etc etc.
Asking for an advice on how to deal with the tax aspect of your purchase is always a wise decision as this might make you to save a consistent amount of money. It might even help you not to waiste money for a transaction that could be done in a much easier and cost effective way.
For example, if you purchase a house but you are not resident in the Country, you will be required to purchase it as a second home, therefore without fiscal benefits. However you might not know that if you mean to transfer your residency to Italy within a short term stated by law, you can purchase it as a first home and therefore with fiscal benefits.
Also, for most things you buy, including a property, if you sell it again at a profict, you may be required to pay Capital Gains Taxes.
These, together with other aspects, are strictly important situation to be taken into consideration.
Your lawyer at Luxury Law will advice you on the best way to deal with your property purchase by giving you the right indication and opinion in the complicated field of taxation.