Italy has everything one might desire, especially from a geographical point of view. In fact, the Italian peninsula is located in the centre of the Mediterranean Sea and it offers a great variety of landscapes: from mountains to valleys to dreamlike coastlines or volcanoes. Arguably, most of Italy’s landscape has always been rural, and this feature is reflected in the countless small and quaint towns in its countryside. In one of our previous articles we discussed the main differences between living in a big city in Italy and living in a small town; the aim of this article, instead, will be to introduce you to some of the most interesting areas –not the well-known nor the most popular ones – that you might want to consider if you are thinking of purchasing a property in the countryside. Please note that there is a great variety of spectacular countryside landscapes in Italy, some of which are rich in vineyards as well as rural villages with a welcoming and magical atmosphere.  It is beyond the scope of this article to discuss all of Italy’s countryside areas exhaustively, therefore, this article will focus on a few which we personally believe are worth discovering.    

Umbria is a region in central Italy; it is the only landlocked region on the peninsula. The region is mainly hilly, except for the area of the Sibillini Mountains National Park, which covers a predominantly mountainous area with beautiful valleys crossed by rivers, forests and gorges. Among the attractions in Umbria are Lake Trasimeno, which is the fourth largest lake in Italy, and the man-made Marmore Waterfalls, which are the second tallest in Europe (165m, 541 feet). These are just some of the reasons why the region has been nicknamed “Italy’s green heart”. From a historical point of view, Umbria has a lot to offer, especially in its quaint villages which were founded by the pre-Etruscan people and which later became Roman colonies. Among the cities that are worth visiting are Perugia, Città di Castello, Orvieto and Spoleto. In particular, Orvieto is famous for its 14th-century gothic cathedral which is home to Renaissance painter Luca Signorelli’s awe-inspiring frescoes in the Chapel of San Brizio. Under the town is a riddle of Etruscan-era tunnels and grottos which are 2,500 years old, and which were used throughout the years as siege escape routes, wine cellars and World War II bomb shelters. Gubbio and Assisi are also celebrated for their rich cultural heritage. In particular, Assisi is famous for being the birthplace of Saint Francis of Assisi, patron saint of animals and the environment. The Basilica of San Francesco remains an important Christian pilgrimage to this day. As for property prices, the average cost for a property in Perugia is about 1.402 €/m2, whereas in smaller towns near the provinces the cost is approximately 1.157 €/m2. In Orvieto the average price is 1.783 €/m2, whereas towards the southern part of the region the average price is 800 €/m2.

Sicily is another region with stunning landscapes, with its green pastures contrasting with its sparkling blue Mediterranean waters. Sicily is the largest island of the Mediterranean, its ancient name was Trinacria, which stands for “three promontories” that characterise the island. The island is separated from the Italian peninsula by the Strait of Messina and its coastline stretches over 1.000km approximately. Sicily was inhabited 10,000 years ago and its history is among the most fascinating in the country. Its strategic position in the Mediterranean, in fact, has made the island a crossroad of history and a melting pot of ethnic groups originating from the Greeks, the Romans, the Byzantines, the Arabs, the Normans and the Spanish, who all influenced not only the culture but also the architectural styles, which are now visible in every corner of the island, starting from the archaeological site of Valley of the Temples (Valle dei Templi) in Agrigento, to the cities of Palermo and Monreale. As for the average cost to buy a property, in the province of Palermo and in Monreale it is around $1,240 €/m2. In the southern part of the island in Val di Noto there are towns with baroque heritage which are now UNESCO sites, such as Modica, for instance, which is famous for its chocolate production; here, the average cost for a property is around 973€/m2, whereas in Noto it is approximately 1.375€/m2.

Finally, Apulia, in the southern heel of Italy, is known for its pristine beaches and fresh local food, but it has also become famous in recent years due to its charming white-washed towns like Ostuni, Locorotondo and Otranto with its quaint courtyards and balconies overflowing with flowers. Apulia is also famous for Alberobello and its peculiar Trulli, which are cone-shaped dwellings made with dry-stone and which are surrounded by the countryside and its thousand-year-old olive trees. The elegant city of Lecce, just half an hour away from the international airport in Brindisi, is famous for its intricate Baroque architecture, the “taranta” dance shows and the local craft of papier-mâché. As for property prices, the average cost for a property in the province of Foggia is 1.085€/m2. Generally speaking, prices are higher for properties by the seafront and they tend to decrease as you move away from the coastline. In Monte Sant’Angelo, for instance, the average price is approximately 1.070 €/m2, whereas in Sant’Agata di Puglia, which is in the countryside, the average price is around 459€/m2. On the other hand, in towns in the province of Bari, such as Ruvo di Puglia, prices are approximately 1.300 €/m2 and in Andria they are 1.200 €/m2. In Gioia del Colle and Putignano, which is famous for its Carnival, the asking price is around 1.000 €/m2, which is fairly similar to the asking price for properties in the province of Lecce.

Undoubtedly, when people picture the Italian countryside, they often think of Tuscany’s hills, but while the bucolic region is a must visit, this article has also sought to provide you with information about other spots that are worth exploring too. Please note that there are many other spectacular landscapes Italy offers beyond its cities with each one reflecting a particular need and taste, and ultimately allowing you to live a slower and quieter life whilst enjoying life in the picturesque towns and villages nearby. If you would like further information about purchasing a property in Italy, please feel free to contact us at info@italianrealestatelawyers.com for a free consultation. We will be happy to help you.

 

 

If you are thinking of relocating to Italy, part of that decision will include choosing between living in the north or in the south of the country. These parts are heavily divided and are very different from a cultural point of view, but they are equally beautiful and steeped in the arts, architecture and history. The south of Italy was ruled over by the Arabs, the Greeks and the Spanish at varying times in history, and it absorbed many elements of their cultures. On the other hand, the north was dominated by the French, the Celts, and Germanic tribes, and it is generally more industrial and affluent compared to the south. Drawing from this, this article will outline some of the differences between the two parts of the country and it will provide information regarding the places that are worth visiting and especially considering if purchasing a property in Italy. Please note that both the south and the north of Italy are vast areas and although there are considerable differences between the two, they are more complex and nuanced than the regional stereotypes can lead us to believe. Some differences are rooted in the fact that Italy’s north has a stronger economy, and that the cost of living is higher in the north than in the south, however there are also other aspects that are worth considering when analyzing the differences between them.

Southern regions tend to be more affordable and the real estate market is also more accessible compared to the north of Italy. Furthermore, although many see the south of Italy as a sun-soaked beach haven, it provides for some interesting city getaways, such as the legendary UNESCO site of Pompei, a ruined Roman town that was frozen in time by the eruption of a volcano in the first century. Among the cities that are worth visiting further down in the region of Apulia is Lecce, a baroque-style city which is often nicknamed “The Florence of the South” due to its flamboyant architecture. Apulia, in the heel of Italy, is also home to over 500 miles of coastline. It has become very popular in the past ten years due to its whitewashed old towns which resemble the Greek neighbors’ quaint coastal villages.

If you are looking for more pristine beaches, charming towns and impressive coastal roads you should visit Sorrento, Capri, Sicily and Sardinia, which hosts some of Europe’s most stunning beaches. Nevertheless, there are also 400 miles of coast along the Ligurian and Adriatic seas further north of Italy. One of the most stunning coastal spots in northern Italy is Cinque Terre, which embraces five picturesque fishing towns nestled in a mountainous landscape overlooking the Ligurian Sea.

As for the climate, Italy’s Mediterranean peninsula is typically sunny; interestingly, the north can be just as hot and dry as the south, especially from May to September. As for winters, there are considerable differences between the north and the south of the country. The north, in fact, tends to be colder compared to the south. However, colder temperatures are ideal if you want to spend time travelling and visiting different areas in northern Italy, from lively and buzzing cities, such as Milan, Turin and Verona to the elegant venetian lagoon, and the crystal blue lakes, the most famous of which are Lakes Como and Lake Garda, located about an hour away from Milan. These destinations, including Desenzano del Garda and Riva del Garda, to name a few, are particularly popular among tourists all year round. 

In particular, since the outbreak of the pandemic, there seems to have been growing interest in purchasing property around the lakes with prices ranging from €3,500 per sq.m., to €5.000/6.000 per sq.m. As for property prices in the rest of northern Italy, Venice and Milan have the most expensive housing in the country with average house prices ranging from €3,500 to €4,500 per sq.m. In Turin, the average price for homes is €1,600 per sq.m., in Florence it is €3,950 approximately per sq.m. However, it is also worth mentioning that smaller towns in the north of Italy can offer very competitive housing prices. Arguably, the south of Italy offers more affordable prices especially in Sicily, which is among the regions with the lowest apartment prices as of June 2022, offering around 57% less than the average price in northern regions. In many cities and towns in Sicily the average cost per sq.m. stands between €900 and €1,200. Finally, many towns in southern Italy have adhered to the €1 house program, which was originally launched by a small number of municipalities in Sicily in 2016 that started selling abandoned and dilapidated houses for €1 in an effort to repopulate their historic towns. In order to buy a €1 house, the buyer must comply with a number of conditions, such as paying a deposit and submitting a renovation plan to the municipality. The renovation works must be completed within a set time frame; however, the specific process and the requirements vary by municipality.

In conclusion, there are several benefits to living in both the north and the south of Italy and ultimately, the decision depends on the individual’s specific taste and needs. Many holidaymakers are attracted to the Mediterranean peninsula, which is characterized by a slower pace of life and a cheaper lifestyle, whereas other people, for instance, are attracted by the north of Italy, which offers more job opportunities and a vibrant and cosmopolitan life-style. If you are interested in investing in the Italian real estate market and need further information about purchasing a property, please send us an email at info@italianrealestatelawyers.com. We will be glad to help you!

If you enjoy spending time near a lakeside watching the sun rise or set while breathing fresh air, far away from the hustle and bustle of big city centers, and if you are thinking of purchasing property in Italy, this article will provide you with an overview of everything you need to know about the nicest lake views specifically in northern Italy, and what the real estate market there has to offer. Please note that there are many other lakes in Italy which are worth visiting, however, in this article we have selected the most stunning lakes in northern Italy exclusively.

Perhaps the most well-known Italian lake among foreign tourists is Lake Garda, which is located between 3 northern regions: Veneto, Lombardy and Trentino Alto-Adige. The lake is particularly popular among Germans; there are a number of reasons for this: firstly, Lake Garda is easy to reach from southern Germany (Munich) or Austria (Innsbruck), there are also good transport links and cities like Verona, Milan, Venice and Padua are just a couple of hours away. Secondly, the beautiful villas and colorful houses, olive and lemon trees dotted around the lake, and the high mountains coupled with the deep blue waters of the lake make it a truly picturesque location. Interestingly, Lake Garda is considered to be an area with some of the longest- living population thanks to its climate and natural environment. Lake Garda is also famous for watersports, such as sailing and windsurfing, to name a few. If you are considering purchasing a property near Lake Garda, the southern part of the lake is idyllic, particularly near the towns of Desenzano del Garda and Sirmione; however, it’s also very touristy. Thus, it goes without saying that in the weekends the area can be quite lively and busy. The eastern side of the lake, near the gorgeous towns of Bardolino, Malcesine, and Lazise, is the most expensive area to purchase property. In fact, prices per square meter range from 4,000 to 7,000, sometimes reaching 10,000 euros per square meter.

Property prices near Lake Garda are very similar to the ones near Lake Como, the deepest among all lakes in Italy. Lake Como is situated in Lombardy and it is well-known abroad not only for its beauty, but also because many American actors have chosen to purchase property there. It is also very famous in Italian literature because the novel I Promessi Sposi by Alessandro Manzoni (1785-1873) is set in Lecco, in the southern tip of Lake Como. In 2014 The Huffington Post ranked it as the most beautiful lake in the world due to its microclimate and fairy tale towns and neoclassical villas backed with lush gardens, which make it very popular among British tourists; on the other hand, Lake Maggiore is popular among french tourists. Prices per square meter for properties near Lake Como range from 4,000 to 5,500 euros. 

Lake Maggiore is located on the southern side of the Alps. The lake divides its banks between Piedmont, Lombardy and the Swiss canton of Ticino. It is well-known for its stunning villas and botanical gardens, and for being the second largest lake in Italy. The climate is mild both in the summer and during the winter. Its most popular attractions are on the western shore; among these are the three magnificent Borromean Islands. Many consider Isola Bella to be the most attractive island due to its Italian-style baroque garden with terraces 32 meters high and covered with luxuriant vegetation. Isola Madre is also considered a botanical garden on water; the villa on the island is far less flamboyant than the palace on Isola Bella but it is worth visiting due to its collection of marionettes and background sceneries for puppet shows, as well as for 17th century paintings and porcelain. Finally, the third Borromean Island is L’Isola dei Pescatori (“Island of the Fishermen”), which is the only Borromean Islands to be inhabited all year round. Unlike the other two islands, there are no villas nor gardens on L’Isola dei Pescatori, rather, the island is home to a small village characterized by a little square enclosed by narrow and winding alleys. As far as prices are concerned, prices per square meter for properties around Lake Maggiore range from 2,900 to 4,500 euros.

If you are eager to purchase a property in these areas, bear in mind that the price will increase as you get closer to the lakeside. It is also worth mentioning that if you buy a property in a municipality around the lake, you will need to consider the municipality’s rules and regulations with regards to building and renovating.  There are also norms regulating the style of the properties around the lake.

In conclusion, location is key to valuable real estate and waterfront properties are the most coveted real estate in the world. Without a doubt, Italian lakes offer not only peace, romance and charm, but also a great choice of properties and some of the best long-term investments. For more information about this topic feel free to watch our podcast below. Finally, if you would like more information about the process of purchasing a property in Italy, send us an email at info@italianrealestatelawyers.com. We will be happy to assist you!

 

If your plan is to move to Italy, or if you wish to purchase a vacation property there, this article will provide you with a few ideas on where to actually relocate and/or purchase a property. Italy is home to some of the most stunning locations, however, it is impossible to describe all of them in one article so we have selected a few that we believe are worth mentioning. 

At the bottom of the page you will also find a podcast where you can learn more about Italy’s charming coastal towns.

Italy has some of the most stunning seaside locations in the world. Some are very well known and very popular among tourists, but there are also a few that do not get as crowded with tourists as you may think. This is the case of Sardinia, for instance, which is one of the two biggest islands off the coast of the Italian peninsula. Sardinia is one of the least populated regions in Italy, therefore even during the summer when tourism hits its peak, this region does not get too busy. Sardinia is an ideal place for people who enjoy breathtaking views and a quiet and relaxing environment. In April 2022, the average price for residential properties for sale was 2.215 euros/m2. The most expensive and sought-after villas are in Northern Sardinia, and more specifically in Costa Smeralda, San Teodoro and in the Gulf of Arzachena. These places are very famous both for their beaches and for the night life and the luxury shops. On the other hand, the least expensive properties are located in the Sardinian hinterland in the towns Barumini, Isili and Samugheo, to name a few. In these towns, a house in the historic center can cost approximately 50,000 euros.

If you prefer a more exotic location then you might consider the region of Apulia, which has become famous for the so-called “Le Maldive del Salento”, (in English they are referred to as the Maldives of Italy), with their wonderful sandy beaches and extremely crystal clear and clean water. A town which is definitely worth visiting in the province of Bari is Polignano a Mare, which is perched upon limestone cliffs overlooking the azure sea. The historic old town has many panoramic terraces offering views of the Adriatic Sea. Santa Cesarea Terme in the ‘heel’ of Southern Italy in the province of Lecce is also a beautiful coastal spot, which sits atop a rugged plateau overlooking the sea. The town is characterized by an architectural style typical of the early 20th century, while the coast is punctuated with thermal springs and natural caves. Santa Cesarea Terme is not as popular with international tourists as it is with Italians themselves, which makes it all the more authentic. Indeed, Apulia attracts many tourists from all over Italy, especially from the north, as well as many foreigners and it has become particularly popular among British, French and Americans. Indeed, Apulia has witnessed a serious boom in tourism in the past ten years and the trend continues to grow. Therefore, investing in a property in this region has excellent growth potential and currently prices are great value for money. Furthermore, there are properties to meet every budget, from the iconic trulli, the fairytale farmhouses which are sold for 25.000 euros, to modern 2 bedroom villas offered for 65.000 euros. 

Therefore, luckily, these areas can be quite affordable if you want to buy real estate or you want to move there permanently. In fact, the most expensive seaside areas are Liguria in the northwest and the Amalfi Coast in the south. In particular, in Portofino-Santa Margherita Ligure (Liguria), for instance, the average price for a property is of 5189.18 euros/m2. As for the Amalfi coast, perhaps the most famous spot is Positano due to its rustic charm and wisteria-draped hotels, which also make it most photogenic town in Italy and therefore, it is also the most expensive spot on the coast. Furthermore, due to its position, its visitors can travel by boat to the nearby islands of Capri, Ischia and the Grotta dello Smeraldo. As for property prices, the average price in Positano is 8.486 euros/m2 whereas in Capri it is 8.264 euros/m2. Among the most expensive seaside towns in Italy for buying a holiday home are also Forte dei Marmi, Bonassola, Anacapri, Ravello, Sperlonga and Minori. On the other hand, Calabria’s Tropea Promontory is mid-priced; the average property price is 890 euros/m2.

It is important to bear in mind that many towns by the sea become deserted during winter. However, in the countryside towns and the cities, life goes on all year round. This is also the case for Venice, for instance, which is close to the coast but has tourism all year round. Mestre is another area which is worth considering as it is close to Venice and has good transportation links to Venice and to the islands of the Venetian lagoon, such as the famous Lido, Murano, Burano, Torcello and Mazzorbo. Owning a property in these locations also offers a good source of income should you decide to rent it.

If you would like more information about this topic please watch our podcast below. Finally, if you would like more information about the process of purchasing a property in Italy, please send us an email at info@italianrealestatelawyers.com. We will be glad to assist you!

If you are considering purchasing property in Italy but you are not an Italian citizen and you do not live in the country, the bureaucratic and legal process of buying a property might sound complex. Our advice is to seek the help from real estate attorneys and professionals in the real estate market who can guide you throughout the purchasing process. Italian Real Estate Lawyers has been working in this field for many years and it has helped hundreds of buyers in the U.S and elsewhere to purchase their dream home in Italy. This article will outline what Italian Real Estate Lawyers can offer to all of those who are interested in gaining a better understanding of the Italian real estate market and want to start a safe investment.  

  • Free initial consultation

Italian Real Estate Lawyers offers a free initial phone consultation to potential clients; this can be done over the phone or via a Zoom call. The preliminary consultation is meant to assess clients’ needs and preferences in order to research and identify potential properties. This phase is also an opportunity for clients to ask questions and gain a better understanding of the Italian real estate market, the legal requirements and the purchasing process per se

  • What Italian Real Estate Lawyers can do for you

Italian Real Estate Lawyers assists clients throughout the entire purchasing process, which begins with carrying out research to identify the property that best suits the client’s needs. The Italian real estate market offers a great variety of choice, from small apartments in big city centers to luxury homes in the countryside. When a client has identified a property, one of our real estate experts will provide detailed reports, including pictures and videos of the properties, which will be personally inspected by our professionals. Our team will then carry out due diligence and if all legal requirements are met one of our attorneys will appear before a notary and will sign the Final Contract of Sale on the client’s behalf via a power of attorney. Therefore, there is no need for clients to be physically present in Italy throughout the purchasing process. When we carry out due diligence, we analyze the condition of the property subject to a potential transaction before conveyancing is formalized in a contract and made enforceable. Our aim by conducting due diligence is to ensure that we cover any potential risks related to the transaction in order to effectively manage them through an appropriate drafting of the contract and the connected safeguard clause or liability restrictions. As for payments, we provide assistance with all transactions and finally, we mail the client the keys to the property.  

  • Professional team

Our legal team is comprised of experienced attorneys who have been admitted to the bar in Italy, real estate experts and professional translators. Our team is fluent in English so you will never need to worry about language barriers as our professional translators will translate all legal and bureaucratic documents for you.

  • Fees and payments

For a flat fee or a retainer fee, our professionals will develop an in-depth understanding of our client’s requirements and research properties which are ideal for the client’s profile. We can check among private real estate listings or local agents. If the property is being sold through a real estate agent we act as intermediary. This time-saving solution will keep many foreign buyers free from scouring through websites, travelling to Italy, meeting with agents and attending inspections. Furthermore, if an overseas client is interested in purchasing a property and then renovating it to their own particular taste, we source and provide budget estimates of all the required construction works so that our client can have a clear understanding of all future costs involved. We also help clients manage payments towards the seller, the notary, real estate agents and third parties involved in the purchasing process. Payments can be made by wire transfer, credit card or PayPal.

If you are considering purchasing property in Italy and you would like further information about the purchasing process and our services please feel free to contact us at info@italianrealestatelawyers.com for a free consultation. We will be happy to help you.

It is finally official: Italy has joined Portugal, Spain, Estonia, Croatia and the Czech Republic and will offer a visa to Digital Nomads. After weeks of speculation, decree n. 4/2022 (Decreto Sostegni Ter) was finally approved and converted into law on March 28, 2022. The aim is to attract citizens of non-EU countries “who carry out highly qualified work activities through the use of technological tools that allow them to work remotely, autonomously, or for a company that is outside of Italy”. In other words, this visa appears to be meant for:

  • Freelancers and digital nomads
  • Remote workers employed by a non-EU company.

Although there are a number of conditions that still need to be clarified, MP Luca Corbetta has declared that the requirements to apply for the visa are “suitable accommodation, adequate income, health insurance and clear criminal records”. However, the specific details about these requirements and their implementation are yet to be defined.

Nevertheless, compared to other types of long-stay visas, the new Digital Nomad visa appears to be more flexible and accessible. In particular, with regards to self-employment, the new visa extends a number of opportunities which had been previously offered by Decreto Flussi, which allowed for the temporary entry of a capped number of foreigners from specific countries to work seasonally and non-seasonally. however, unlike Decreto Flussi, the new law has established that there will be no limit to the number of people Italy may issue its Digital Nomad visa to. Furthermore, the holders might be able to apply for an extension, and it might also be possible to extend the visa to immediate family members. Though the amount has not been specified yet, there may be a minimum income requirement.

Some argue that a substantial difference between the old Decreto Flussi and the new law is that with the new visa, workers will no longer need to apply for the so-called “Nulla Osta”, an authorization from the Local Immigration Office which is needed to be able to work in Italy. In other words, digital workers will only need to follow the provisions that regulate taxation. These have not been established yet, but some maintain that the government might allow workers to pay a 5% flat tax (the so called “Regime forfettario”) or it will provide them with significant tax reductions, such as the tax reduction introduced for new residents.

It is worth mentioning that the government has thirty days starting from when the decree was converted into law to clarify and determine further details about the requirements, such as income and other factors which determine eligibility, as well as the duration and the application process per se.

If you are interested in moving to Italy as a digital nomad, but you do not know where to start especially when looking for accommodation, our real estate agents will find the perfect place for you to begin your new adventure. Email us at info@italianrealestatelawyers.com or use our contact form to request a free consultation, we will be happy to help you!

The Italian real estate market offers a great variety of investment opportunities; however, if you do not speak Italian you might find the language barrier challenging, especially when reading contracts, deeds and other legal documents that have very specific terms that might not have a direct translation into your native language. Drawing from this, it will be the aim of this article to provide you with an explanation of two words, namely usufrutto and nuda proprietà, and to shed light on the broader context in which they are used.

When you search for a property you want to purchase you might come across the term “nuda proprietà”. Buying a nuda proprietà means acquiring the ownership rights of a property but not the rights to use and economically exploit it until certain conditions occur. In other words, buying a nuda proprietà means that the seller keeps the right to use the property, a right which is called “usufrutto”. The “nudo proprietario” (= the purchaser of a nuda proprietà) can normally use the property after the “usufruttuario” (= the seller of a nuda proprietà) has passed away. Alternatively, the nudo proprietario can determine a date from which he or she can use the property.

It is worth pointing out that one can sell a property as nuda proprietà even though there are tenants living in the property at the time of the sale. In this case, the tenants can continue living in the property and the usufruttuario will continue receiving the rent.

This type of real estate transaction has great advantages for both the seller and the purchaser. In particular,

  • the seller (usufruttuario) can cash the capital immediately and continue enjoying his/her property, or he/she can rent the property;
  • the buyer (nudo proprietario) can purchase a property at a lower price compared to other properties in the same area. Furthermore, the value of the property might increase when he/she can use the property. It is worth mentioning that the buyer will not need to worry about any repairs to the property as they will be part of the seller’s obligations unless otherwise agreed. Finally, the nudo proprietario does not need to pay taxes on the property after the purchase because the usufruttuario will still be liable to pay taxes. Therefore, this type of purchase is generally recommended for young people who want to invest in a property for the future or for parents who want to purchase a house for their children.

As the sale occurs between individuals, the price of the property can be negotiated by the parties. Usually, a professional surveyor determines the price of a nuda proprietà which is calculated on two factors:

  1. The market value of the property, which takes into account several factors such as the price of similar properties in the area, the conditions of the property and the local supply and demand for properties;
  2. A coefficient set by the Italian Ministry of Finance that is multiplied by the age of the seller in order to determine the fair price of the property. It logically follows that the age of the seller is critical in this type of transactions: the older the seller is (and thus the shorter the life expectancy and his/her stay in the property), the higher the purchasing price will be.

On the other hand, when parties agree to a temporary usufrutto the price of the property is calculated by deducting the number of years on the contract from the average life expectancy of the seller, which is a figure provided by ISTAT (Italian National Institute of Statistics).

In conclusion, it appears that in recent years, more and more people have decided to purchase a nuda proprietà. As a matter of fact, the interest rates for those who sell and buy a nuda proprietà are favorable at the moment thanks to the positive trends in the real estate market. Since this type of transaction may not be common outside of Italy, it is important to have a good understanding of the process and of the legal and bureaucratic requirements in order to invest money safely.

If you are thinking of buying a property in Italy and you are interested in this type of investment, our team of real estate professionals would be glad to assist you throughout the process. Feel free to contact us at info@italianrealestatelawyers.com for more information.

 

If you are an EU citizen and you are planning on moving to Italy and purchasing or renting a property there, this article will provide you with information regarding a number of aspects that are related to living in Italy and purchasing or renting real estate. As an EU citizen you can work, study and reside anywhere in the Europe Union without any restrictions. However, if you are planning on moving to Italy there are a few rules to follow based on the time you plan on staying in the country. More specifically, if you decide to stay in Italy for less than 3 months you do not need to fulfil any formalities, however, you will need a valid passport or an identity card to travel to Italy. On the other hand, if you would like to stay in Italy for longer than 3 months you will need to register with the registry office (Ufficio Anagrafe) in the municipality in Italy where you intend to reside, and you will need to provide information regarding the reason for your stay. If you would like to establish legal residency in Italy you can file an application via the municipality where you would like to reside and a police officer will verify that you are living in the property where you are staying.

There are a number of advantages to being registered as a resident. In fact, you can apply for an Italian health card (tessera sanitaria), which will allow you to access the national health care system,  and you might also consider applying for a Codice Fiscale, the Italian tax code which is used by public administration bodies to identify individuals living in Italy. The tax code is mandatory to be able to open a bank account, purchase a property, enter a tenancy agreement, and set up utilities. With regards to opening a bank account in Italy, it is worth pointing out that it is convenient to do so if you plan on renting a property. On the other hand, if you are interested in purchasing a property it is not necessary to have an Italian bank account, however, it might be useful in order to manage payments more easily.   

It is worth mentioning that if you are planning on renting a property in Italy, it is advisable to be registered as a resident of Italy and to provide your landlord with as much evidence as possible that you have the financial means to rent a property. This is due to the fact that lease agreements in Italy tend to be rather long (4 years on average) and therefore landlords tend to choose tenants very carefully. As for the cost to rent a property in Italy, this varies depending on a number of factors, such as the type of property you would like to rent, its location and size, among other factors. However, in some cases there might be additional charges; if you are renting an apartment in a condominium, for example, you will need to pay a number of common charges which include cleaning costs and electricity bills for communal lighting and elevators. On the other hand, if you are planning on purchasing a property in Italy you do not necessarily need to establish residency in Italy, this is the case for individuals who will use their property as a vacation house, for instance. However, if you wish to spend more than 3 months in your property it is advisable to establish residency there. 

As for taxation, if you plan on relocating to Italy it is advisable to speak with a specialist in international taxation. As a general rule, you are not required to pay taxes in Italy unless you spend more than six months in the country. However, if you are purchasing a property in Italy you will need to pay a number of taxes every year such as IMU (municipal property tax), which is calculated based on the cadastral value of the property and TARI (municipal solid waste tax), which is proportionate to the average quantity of waste produced per unit of surface area.

If you would like further information about moving to Italy and purchasing or renting a property please feel free to contact us at info@italianrealestatelawyers.com. We will be happy to assist you!

The Covid-19 pandemic has had an impact on a number of aspects of our society, primarily on the healthcare system and the economy but also on the real estate market. However, in spite of the economic recession caused by the health emergency, which has changed people’s housing needs, Italy’s real estate market is withstanding the negative impact of the pandemic and it is holding steady. As a matter of fact, not only Italians but also a considerable number of foreigners have purchased property in Italy in the last year, and there are good reasons to believe that the housing market will grow by driving the country’s real estate market in its entirety.

According to recent ISTAT estimates, in the third quarter of 2021 the House Price Index (HPI), which measures the evolution of market prices of all residential properties that are purchased by households, increased by 4.2% compared to the same quarter of the previous year due to an increase in both the prices of new dwellings and the prices of existing ones. This trend shows that people are committed to buying property, considering it a safe investment, especially in areas which are deemed to be the most sustainable to live in. Furthermore, investors’ attention is focused on both vibrant cities and small towns with charming historical city centers, or suburbs. In particular, the value of the latter has increased during the pandemic; in fact, small towns or suburbs offer better quality of life compared to crowded city centers which are characterized by constant traffic and air pollution. As a matter of fact, properties outside big city centers are more likely to have gardens, bigger balconies and other outdoor spaces to be dedicated, for instance, to remote working.

Over the last year many foreigners have decided to invest in the Italian real estate market making Italy the first choice among people from North America and the United Kingdom who wish to purchase a second house outside their home countries. Notably, a number of renowned real estate companies noted that they sold more properties in the first half of 2021 than in 2019.

Purchasing property in Italy is a good investment for a number of reasons. Firstly, Italy’s transaction costs are lower compared to other European countries such as Spain or Portugal. Currently, the interest rate on properties is still at historic lows, which makes purchasing a property a very good investment. Secondly, purchasing a property in Italy is a good investment if you plan on renting it, thereby generating passive income. Cities like Florence, Rome and other historic cities in Italy are very popular with tourists and many cities are also witnessing urban development and thus attracting new residents. Thirdly, the Italian government has introduced new policies regarding tax deductions and state incentives such as convenient rates on mortgages, reductions in the registration, mortgage and cadastral taxes, and other incentives. In particular, a number of deductions have been introduced to incentivize renovation works in order to increase energy efficiency levels in households. These deductions include the renovation bonus, the facades bonus and the 110% Superbonus, to name a few.

In conclusion, purchasing a property in Italy appears to be a good investment due to number of reasons including the major financial advantages to buying at the moment.  If you are thinking of purchasing a property in Italy and you would like more information about the purchasing process, the requirements to purchase a property and the best locations in Italy, our team of professionals can carry out a market analysis in order to identify the property that best suits your needs. Do not hesitate to contact us at info@italianrealestatelawyers.com.

Italy is undoubtedly one of the most attractive destinations among foreigners due to its natural beauty, historical monuments, lifestyle and investment opportunities. As a result, many dream of moving to Italy to study or work there, and many foreigners also choose Italy as their retirement destination. With regards to this, this article will discuss an interesting option for retirees wishing to relocate to Italy: the 7% Flat Tax Regime – an advantageous tax regime which is applicable to any individual who receives a pension from abroad. It will be the aim of this article to provide you with further information regarding this regime and the specific requirements that must be met in order to apply.

What is 7% Flat Tax Regime? 

The 7% Flat Tax Regime is a tax incentive that was introduced by the 2019 Budget Law, and it was designed for people who receive a pension from a foreign institution. In other words, individuals who receive a pension from abroad and who relocate to Italy are granted a special substitute tax of 7% on their income deriving from their pension. This tax incentive was designed to attract not only foreign retirees but also Italians that once left Italy and continue to live abroad, including those who are no longer Italian citizens. The aim, in fact, is to encourage people to move back to Italy, especially to repopulate specific municipalities and areas of Italy that have experienced mass emigration.

What are the requirements to benefit from this tax incentive?

One of the most important requirements to be able to benefit from this regime is to receive a pension from abroad; the pension can either be issued from a private or public institution. As previously mentioned, you do not need to be an Italian citizen in order to benefit from the 7% Flat Tax Regime. In addition to the above, you need to establish your residency in Italy in order to qualify for the incentive. More specifically,

  • you must not have resided in Italy 5 years prior to applying for the incentive;
  • the benefit applies only if you move to an Italian municipality in Southern Italy (specifically in the regions of Abruzzo, Calabria, Campania, Molise, Apulia, Sardinia and Sicily) whose number of inhabitants must not exceed 20.000 people. However, we suggest checking the data on the Annual municipal statistical survey provided by the Italian National Institute of Statistics (ISTAT) for an updated number of inhabitants in each municipality.

It is worth clarifying that the benefits deriving from the tax regime are limited it time, in other words the incentive is valid only for 9 consecutive years from the date you establish residency.

In conclusion, both a foreign citizen and an Italian citizen who relocate to Italy can benefit from this tax regime. The 7% flat tax regime may be an interesting option to consider to minimize any impact on your retirement funds and at the same time to move to one of the most beautiful countries in the world.

If you would like further information please feel free to contact us at info@italianrealestatelawyers.com for a free consultation. We will be happy to assist you.

Page 1 of 71 2 3 7