Buyer’s Guide
How to buy a co-ownership share in Italy
The SRL, who actually pays IMU, the codice fiscale, what it costs across the 23 Italian homes we list — the lowest running costs of any country we cover.
The short version: you buy a share in an Italian SRL — a limited company — that already owns the house. Because the SRL already owns it, you do not pay imposta di registro on the share. IMU, the Italian property tax, is paid by the company rather than by you, and is already inside the monthly figure. We list 23 homes in Italy from three operators, from €119,000 — and Italy has the lowest running costs of any country we cover.
Italy is a lakes market first. Fourteen of the twenty-three homes sit on Como, Garda or Maggiore, and MYNE's Lake Garda apartment at €227 a month is the cheapest home to run anywhere in our listings.
What you would actually own
An Italian co-ownership home is held by a Società a Responsabilità Limitata — an SRL, the Italian limited company, functionally the same animal as a Spanish SL or a US LLC. The SRL owns the house and is registered against it. You own a share of the SRL, and that share carries your usage rights and your claim on the value. The vehicle used in each country is set out here.
Every Italian home we list sells in eighths. MYNE lets a buyer take between one and four shares; &Hamlet sells from an eighth up to a half.
What you need before you start
A codice fiscale, in most cases. Italy's tax code for individuals is the equivalent of the Spanish NIE in function, though it is generally faster to obtain. The operator normally arranges it as part of the purchase; confirm at reservation rather than assuming.
Identity and source of funds, for KYC. Standard, and the step that stalls purchases when it is left late.
An adviser at home, if you are Italian-resident. Italian residents are taxed on worldwide income and assets, and the picture for an Italian buying a foreign share — in Mallorca, say, or on the Côte d'Azur — is more complex than for one buying at home, with IVIE and IVAFE potentially in play. The Italian-resident position is here.
The steps, in order
| Step | What happens | How long |
|---|---|---|
| 1. Choose the home | Compare across operators, check the running cost and how many shares are left, and visit if you can | As long as you like |
| 2. Reservation agreement | A deposit, typically €5,000 to €20,000, takes the share off the market | Day 1 |
| 3. Cooling-off period | Your window for legal and tax review — use it | 7 to 14 days |
| 4. Codice fiscale and KYC | The tax code, identity checks, source of funds | 1 to 3 weeks |
| 5. Share-purchase agreement | Signed after your own lawyer has read it | 1 to 2 weeks |
| 6. Payment and registration | International wire; the SRL's member register is updated to show you | Days |
| 7. Onboarding | Booking platform access, key handover, first stay scheduled | Immediately after |
Four to eight weeks from reservation to completion for a cash buyer; financing adds four to eight weeks of underwriting. The timeline in detail is here.
What it costs
| Operator | Homes | Share price | Monthly running cost | Where |
|---|---|---|---|---|
| MYNE Homes | 20 | €119,000 – €369,000 median €189,000 |
€227 – €443 median €325, verified on all 20 |
Lake Como, Lake Garda, Lago Maggiore, Liguria, Sardinia |
| Pacaso | 2 | $549,000 – $599,000 | Not published to us | Tuscany |
| &Hamlet | 1 | €220,000 | €369 verified |
Liguria |
Italy has the lowest verified running costs of any country we cover: a median of €325 a month at MYNE, against €326 in Spain and €344 in France, and a floor of €227 — the cheapest home to run in our entire listing set, a two-bedroom apartment with a pool at Torri del Benaco on Lake Garda.
Closing costs. The Italian imposta di registro and the associated duties were paid once, when the property was bought into the SRL. Buying a share of that existing company is not a new property transfer, so it does not trigger them again. Why that is so is explained here.
Tax, honestly
This section describes the structure. It is not personal tax advice. Your position depends on your residency, your other assets and the treaty between your country and Italy — take specialist advice before signing.
When you buy: no imposta di registro on the share.
While you own it — IMU. The Imposta Municipale Unica is paid by the SRL that owns the property, not by you directly. Your eighth of it is allocated through the annual fee. You file no IMU return yourself; the operator handles it at company level. Two things to know: rates are set by the comune, so they vary meaningfully from one town to the next, and second homes are typically charged at higher rates than primary residences. On a high-value property — a Como villa, premium Tuscany, a Sardinian coastal house — IMU is a real line in the annual budget rather than a rounding error. It is one of the figures to ask for specifically. IMU on a fractional share is covered here.
If you are Italian-resident: the SRL structure is standard and well understood by Italian accountants, and IMU is handled at company level as above. The complexity arrives if you buy a share abroad rather than at home — IVIE and IVAFE may apply to foreign real estate and foreign financial assets, with treaty handling on top. Italian inheritance tax applies to the SRL interest on death.
When you sell: capital gains tax on any gain, in Italy and potentially at home, with treaty relief depending on residency. As a disposal of a company interest rather than of real estate, the treatment is often simpler. More here.
When you die: the share passes through the SRL's member register. What happens is covered here, and gifting during your lifetime here.
How long you may actually stay
A share confers no residency rights. Non-EU passport holders are subject to the Schengen rule — 90 days in any rolling 180-day period — exactly as any visitor is. At around 44 nights a year it does not bind; stacking shares or long stays, it does. The rule for owners is here.
Letting
Italy is the one country where we have the rental position confirmed on individual listings rather than inferred from policy. Nine of MYNE's twenty Italian homes are flagged as permitting letting during unused periods; the remaining eleven are unrecorded rather than prohibited, which is a gap in what we have checked rather than a no. &Hamlet prohibits letting outright and Pacaso does not allow owner rentals. As everywhere, the binding rule is the local one rather than the operator's, so the question to ask is about the specific comune.
Financing
MYNE says a share can be mortgaged much as a traditional property purchase can, and separately offers its own deferred-payment plan — which carries interest, so compare it against a bank rate. &Hamlet works with Nordea, and its structure allows only individual shares to be pledged, never the whole property. Pacaso arranges financing between the bank and the property LLC rather than in the buyer's own name.
Where to buy
The lakes. Fourteen of the twenty-three homes: Garda 8, Como 4 and Maggiore 2, all MYNE, and the cheapest entry into Italian co-ownership anywhere. If you want a lake, this is a genuine choice rather than a single option.
Sardinia and Liguria. MYNE's coastal stock, including the €119,000 two-bedroom at Palau, plus &Hamlet's three-bedroom villa with an infinity pool at Apricale — the only Italian home we list above two bedrooms outside Tuscany.
Tuscany. Pacaso's two, at $549,000 and $599,000. A different price bracket and a different model — eighths with no cap on total nights, and no letting.
Every Italian home we list is here, and if you want the operators compared, that is here.
Common questions
Who pays IMU on an Italian fractional share?
The SRL that owns the property, not you directly. Your eighth of it comes through the annual fee, and you file no IMU return yourself. Rates are set by the comune and second homes are charged at higher rates than primary residences, so on a high-value property it is a meaningful annual line — worth asking for specifically rather than assuming it is small.
Do I pay imposta di registro on the share?
No. The registration tax and associated duties were paid once, when the property was acquired into the SRL. Buying a share of that existing company is not a new property transfer, so it does not trigger them again.
How much does a co-ownership share in Italy cost?
From €119,000. Across the 23 Italian homes we list, MYNE's median is €189,000 and &Hamlet's single home is €220,000; Pacaso's two Tuscan homes are $549,000 and $599,000. MYNE's verified running costs run €227 to €443 a month, median €325 — the lowest of any country we cover.
What is an SRL?
A Società a Responsabilità Limitata — the Italian limited liability company, functionally equivalent to a Spanish SL or a US LLC. It owns the house; you own a share of it. Italian accountants deal with them routinely.
Do I need a codice fiscale?
In most cases yes — it is Italy's tax code for individuals and serves much the same function as the Spanish NIE, though it is generally quicker to obtain. The operator normally arranges it as part of the purchase. Confirm at reservation rather than assuming.
Can I rent out my Italian co-ownership home?
With MYNE, on many properties — nine of its twenty Italian homes are flagged on our listings as permitting letting during unused periods, and the remaining eleven are unrecorded rather than prohibited. &Hamlet prohibits it and Pacaso does not allow owner rentals. As everywhere, the local comune's rules are the binding ones, not the operator's policy.
Where in Italy can I actually buy?
The lakes above all — fourteen of the twenty-three homes are on Como, Garda or Maggiore, all MYNE. Then Sardinia and Liguria for the coast, including &Hamlet's villa at Apricale. Tuscany is Pacaso's, at a considerably higher price. There is nothing we list in Rome, Venice or Puglia today.
How long does the purchase take?
Four to eight weeks from reservation to completion for a cash buyer, including the codice fiscale. Financing adds four to eight weeks of underwriting on top.