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Incredible Restored 14th Century Castle with Siena View
€5,900,000
$6,431,000
€
$
Siena, Tuscany
12 +
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Ref #: 3716
Chianti Fiorentino, TuscanyRef #: 3716
In the Chianti Fiorentino area, an ancient farm whose origins date back to the 1700s, surrounded by 200 hectares of land, divided into vineyards, olive groves, woods and arable land, with lake and hunting reserve. The buildings cover an area of approximately 3,000 square metres and include apartments, offices, warehouse, two cellars, tasting rooms and restaurant. The wines produced are in the Chianti DOCG register.
Location
Montespertoli extends between the valleys of three rivers, the Elsa, the Pesa and the Virginio, in a territory rich in water, a source of life and thanks also to a particularly fertile soil, it allows the cultivation of wine which in this area becomes Chianti DOCG. The city of Montespertoli had an important role already at the time of the Etruscans for its position as a crossroads between via Francigena and via Volterrana, allowing the traffic of goods between Florence, Siena and towards the hinterland with Volterra.
Description
The property includes a farm that extends over 200 hectares of land with buildings of 3,000 square metres, divided into a residential building where there are 4 apartments each with two bedrooms, kitchen, living room and bathroom. The main building, once the main villa, was divided on the first floor into an apartment with two bedrooms, kitchen, bathroom and living room and the entire production area on the ground floor. in fact there are offices, some rooms dedicated to wine tasting, the dining room, the wine cellar, the cellar where the wine is stored in the large steel and glass-concrete tanks and the cellar for aging.
Upstairs and in a lateral position there is the recently renovated restaurant with a huge fireplace, the kitchen with the pantry and the bathrooms for the staff as well as an upper private dining room for guests.
Outdoor spaces
The company extends over 200 hectares of land, within which there is also a private lake and a hunting reserve.
The vineyards cover an area of 37 hectares, all registered in the Chianti DOCG register, the olive groves cover an area of 30 hectares for a total of 6,011 trees, in addition to 80 hectares of arable land and 60 hectares of woods.
Production
The oil is stored in 11 vats for a total of 54.10 quintals.
The wine cellar includes 17 recently restored vitrified concrete vats for a total of 6,146 Hl. A second cellar is made up of two parts, one containing 30 vitrified cement vats of various sizes and the other 16 65 Hl steel vats. For a total capacity of 4,657 Hl.
The average production of high quality wine bottles is 200,000 bottles / year, while for oil it is 12,000 liters / year, also of high quality.
State and finishes
The buildings are in good condition, while the restaurant was renovated in 2019. The production part is continuously maintained in order to always guarantee good working conditions and a high product quality.
Address: Chianti Fiorentino, Tuscany
Location type: Rural
Condition: Restored
Bedrooms: 10
Bathrooms: 10
Property size: 3000 sqm
Land size: 200 hectares
A notary is a qualified lawyer who is employed by the Italian government. When you are buying Italian property, it is a notary who conducts the legal transfer of a property from vendor to buyer, and prepares the deed of sale, checks there are no charges on the property, title issues and with the assistance of a technician such as a geometra or architect, checks the property conforms to all planning issues.
It is always the buyer and not the vendor who pays the purchase taxes due and who pays the notary fees also. This means that it is up to the buyer which notary is used. In practice it is usually one of the local notaries and we can recommend which one to use and which one is cheapest, as notary prices do vary.
We provide a detailed list of all fees and taxes (including the notary’s quote) before you sign any contracts.
Translator – if you do not speak fluent, enough to understand detailed legal contracts, you will need to have a translator at the notary deed. Your agent or the notary will usually arrange this so you don’t need to worry about it. The cost varies but is often 200-300 euros. This can sometimes be shared with the vendor if they are also non fluent in Italian.
This depends firstly on two things.
A. Are you buying as a resident or a non resident?
B. Are you buying from private individuals or from a company?
If you are buying from private individuals, then the taxes you pay are based on the cadastral value – a nominal value which each property has and which depends on its size, location, standard etc – nothing to do with the market value.
Example 1:
House price agreed €100,000.
Property belongs to private sellers.
Cadastral value of the property €32,000.
Let’s say you intend buying the house as a non resident (.ie. you do not intend moving to Italy permanently and applying for residency).
Taxes payable are 9% on cadastral value €32,000 so €2,880 plus a few smaller fixed taxes.
Or, if you intend moving to live in the house permanently, applying for Italian residency, then as long as you don’t already own another property in Italy;
Taxes payable are 2% on cadastral value €32,000 so €640 plus a few smaller fixed taxes. A minimum figure may be payable.
Please note, you could buy the house as a resident and pay the lower rate of tax if you intend moving there and obtaining residency within the next 18 months. Don’t be tempted to do this unless you are definitely sure you will become a resident. If you then do not, you need to pay the difference in taxes plus a penalty of around 30%.
If there is substantial land (not just a garden) with the property, then 15% is payable on the value attributed to the land, which can be quite low, eg a value of €15,000 could be attributed to the land so 15% of 15,000 = €2,250 would be the tax on the land.
Example 2:
House price €100,000
Property is being sold by a company
Cadastral value of the property is €32,000
Let’s say you intend buying the house as a non resident (i.e. you do not intend moving to Italy permanently and applying for residency).
Taxes payable are 10% VAT on full market price €100,000 so €10,000 plus a few smaller fixed taxes.
Or, if you intend moving to live in the house permanently, applying for Italian residency, then as long as you don’t already own another property in Italy,
Taxes payable are 4% VAT on €100,000 so €4,000 plus a few smaller fixed taxes.
Once we know
– which house you want to buy, its cadastral value and who owns it (company/individual)
– whether you intend to buy as a resident/non resident and if it’s your first property in Italy
only then can we ask the notary to provide a quote for the precise taxes payable.
Other circumstances
Then of course there are other scenarios.
If the value of the property you want to buy is very low (eg €50,000) then purchase costs are likely to be a higher percentage as there are set minimums to pay for all fees and taxes. So on a €50,000 house, you are likely to pay 12-15% instead of 10% (non resident).
You might want to buy a property (being sold by private individuals) with your company. Taxes are considerably higher in this case, as they would be 9% on the sale price (not on the cadastral value). So it’s cheaper to buy a privately owned property as a private individual, not as a company.
But, in the case of a country property which is a farm/winery/agriturismo, these are often owned by a farming company (azienda agricola) , which has considerable tax advantages as you can buy the farm and pay just 0-1% (depending on the circumstances) on the purchase price in tax.
Taxes would be different for a commercial purchase, eg if your company is buying an Italian company (ie a farm or other company). Buying the shares of a company usually meets zero taxes, just a few fixed fees, and notary and accountancy fees.
The above is a guide, and once you have found a property you are interested in buying, we can obtain a notary quote for you, with a full breakdown of the taxes and fees due.
Notary fees – approx 1-2%, more for a lower priced property due to some fixed taxes.
Agency fees – in Italy both buyer and seller pay the agent. These are payable to the Italian agent (one of our partners) you view the house with at compromesso (preliminary contract) stage and for each party are usually 3% plus VAT. VAT is 22% in Italy. Minimums apply. Nothing is payable to Casa Tuscany so you will not pay double the fees, you will just have double the assistance!
Compromesso registration fees – approx €380 plus a part payment of taxes which is deducted from the total taxes due at completion.
Translator for the deed signing at the notary’s office. Required if you do not speak Italian well enough to understand legal deeds. Approx cost €250 – €350 depending on the notary.
Technical report for the notary. Checks all the planning issues of the property, making sure it matches the official plans, no works have been carried out without permission, gathers all previous permits, checks the house is sellable and not illegal in any way. Carried out by a geometra, architect or engineer and costs vary considerably, a minimum of €761 including VAT/ Please note this report is NOT a structural survey, that is an optional additional report you may wish to instruct.
Local council tax – IMU (formerly ICI) – payable only by non residents. This needs to be paid twice a year at the post office – no bill is sent. Most people use a local accountant or property manager to calculate it.
Refuse tax (TARI)
In some areas, mountain community tax.
If you buy a property which is part of a condominium, e.g. with shared pool and grounds, lighting etc, then there will be annual condominium fees to pay which usually range from about €200 to €1000/year unless it is a particularly luxurious property with many amenities in which case costs could be higher.
Utilities
You don’t really need an Italian bank account for buying a property in Italy any more as money is usually sent by bank transfer, although some notaries insist the funds are sent from an Italian account set up by you.
You could of course open an account to handle bills but bear in mind that some utilities companies refuse to arrange direct debits for non resident accounts, and some bills cannot be paid by direct debit.
You could always pay your bills online or if you have a property manager then send them the funds for settling all the bills.
If you do intend opening an Italian bank account, bear in mind that Italian bank charges are high . Usually there is a monthly fee to pay, plus charges for receiving money, paying bills, sending statements, etc etc.
Yes