Buying a home in Italy can save you 7,000 euros – and that’s just the beginning.

We are talking about agevolazioni prima casa, a tax deduction for the first home. On real estate worth 100,000 euros, the tax falls from 9% to 2%. At expensive facilities, the savings are even greater.

The main thing is that this benefit is available not only to Italians, but also to foreigners. The conditions are simple – the property must be residential (not luxury), located in the city where you work or plan to register as a resident for 18 months. Importantly, you should not have another home in the same city.

There is a caveat for Russians and other foreigners: if you do not register with the municipality on time, the tax will return the entire amount saved plus 3.5% per annum and a fine of 30%. The exception is Italians registered as living abroad (AIRE): they can buy a house anywhere in Italy without the obligation to move.

Bonus for those who do move: a relief on the municipal tax IMU and deduction of 19% of mortgage interest from taxes.

Credit: Italian Lawyer Real Estate