Basilio Antoci, Italian lawyer, explains real estate problems for Canadian buyers, who wants to invest in immovables in Italy.
Prohibition on the Purchase of Residential Property by Non-Canadians Act
Stranger buyer prohibition. Canadian Government have issued an Act that forbid real estate purchase by non-Canadian people. The Act defines non-Canadian like that: «(a) an individual who is neither a Canadian citizen nor a person registered as an Indian under the Indian Act nor a permanent resident. (b) A corporation that is incorporated otherwise than under the laws of Canada or a province. (c) A corporation incorporated under the laws of Canada or a province whose shares are not listed on a stock exchange in Canada for which a designation under section 262 of the Income Tax Act is in effect and that is controlled by a person referred to in paragraph (a) or (b). (d) A prescribed person or entity».
This Act is in force since January 1, 2023. It establishes that «it is prohibited for a non-Canadian to purchase, directly or indirectly, any residential property». It is a serious problem for Canadian real estate investors.
[ torna al menu ]
Condition of reciprocity for real estate purchase: Canadian citizen problems
Article 16 of Italian “preleggi”. The Italian Law is characterized by a set of law provision in general. This set of universal law rules provides that «the foreigner is allowed to enjoy the civil rights attributed to the citizen on condition of reciprocity and without prejudice to the provisions contained in special laws. This provision also applies to foreign legal entities».
So a Canadian citizen can realize a real estate purchase operation in Italy, only if an Italian citizen can be the same in Canada. So, the “Prohibition on the Purchase of Residential Property by Non-Canadians Act”, is a real estate problem for Canadian immovables buyer in Italy. It being understood that the Ministry of Foreign Affairs is exclusively competent to provide the data relating to the verification of reciprocity pursuant to paragraph 1 of art. 1 d.p.r. 31 August 1999 no. 394. So, pending a reply from the latter, it really seems that the existence of the condition of reciprocity with Canada could be questioned.
[ torna al menu ]
Contact a Real Estate Lawyer in Italy
Italian Lawyer for strangers. If you need the legal assistance of a qualified Italian Lawyer, you can contact Basilio Antoci. He is the owner of a Law Firm based in Nicolosi (Catania – Sicily), very prepared in real estate contract law. Avv. Basilio Antoci can help you to buy an immovable in Italy, with or without a mortgage or in a judicial auction.
The Law Firm of Basilio Antoci can assist you in dealing with every kind of immovable sellers and realtors and real estate agents. You can visit the web site www.studiolegaleantoci.it, or use the contact form below. In this way you can avoid very annoying real estate problems.
[ torna al menu ]
Real estate lawyer related links
Per approfondire l’argomento trattato nel presente contributo, si consiglia la consultazione dei testi e degli articoli indicati di seguito.
- Reciprocità – il Canada vieta l’acquisto di immobili ad uso residenziale da parte di persone fisiche ed enti stranieri, on Studio Notarile Gambacorta, Sansepolcro, 10 Gennaio 2023, page https://www.studionotarilegambacorta.com/news/reciprocita-il-canada-vieta-lacquisto-di-immobili-ad-uso-residenziale-da-parte-di-persone-fisiche-ed-enti-stranieri/2054.
- Basilio Antoci, Real Estate Lawyer, on Antoci’s Law Firm, Nicolosi, 2023 March 18, page www.studiolegaleantoci.it.
The images used in this post was created by our editorial board using “Canva”.
Devi accedere per postare un commento.