04 Punto spare key

I've searched for this but couldn't find any kind of consensus on the question. We bought a '04 Punto last week which came with only one key. We brought it to a key cutter who said only Fiat could do it and it would cost 300 euros. This seems to be the standard line but there are those who claim it can be done by a good locksmith for a good deal less, without going into specifics.

I don't really understand the system or how programming a key can cost such a sum but does anyone know of a place that can do it for a reasonable amount, without the car present? I'll be in Ireland for a few weeks next month so could get it done then if it's possible.