A risk that has to be taken into account when investing in Italy is that after buying a real estate, the price agreed with the seller for the acquisition may be found not adequate by the Tax Office.
In this case you could receive by the Tax Office a notice containing a different esteemed value compared to the one you paid. This notice could contain an important sanction because the acquisition would be considered as a fraud due to the money that have not been given to the treasury. The buyers would then be asked to pay the consequent economic sanction that may be relevant in its amount.
The buyer shall then decide if to accept the esteem made by the authority and require a reduced or an instalment payment or to contest the esteem in front of the Tax Commissions asking for jurisdictional protection.
Often the buyers decide to pay instead of contesting the Tax Authority esteem in order to avoid the uncertainty of the judgement and the legal assistance costs.
For all the above reasons it is convenient, when it occurs to be interested in buying real estates of relevant amount, to ask the assistance of a professional that could assist the buyer in the operations and to protect him from the risks behind it.
If you need any further information do not hesitate to contact Us.