Why Invest in Italy
No capital gains tax on profits from investment creating maximum returns on investment.
Possibility to cut purchase costs in half by becoming a resident.
Prices remain relatively low, compared to many EU destinations.
Capital growth of 20% per year in some locations
Italy is at the hub of the low cost flights revolution, forever enhancing its strong tourist industry.
The Italian government offers investors grants to reform rural.
Italy has pioneered property tax reforms, offering great opportunities for the rural renovator, including substantial VAT discounts.
EU member country.
Economic and political security.
Italy is renowned for its long hot summers and year-round Mediterranean climate
No matter where in Italy you are, you’re never more than 40 minutes from the stunning beaches and clear blue seas
A quaint village lifestyle while enjoying all luxuries of a contemporary modern home
Affordable luxury homes in fantastic areas
Italy need not be expensive. Act quickly and you could snap up property coming onto the market in the idyllic and extremely affordable Calabria.
Italy offers something for everyone with enough variety to entertain you on a short trip, or for the rest of your life.
In search of the place in the sun? You won’t head far wrong with Southern Italy for a perfect climate with year-round rays.
Bel Paese, the “Beautiful Country” as Italians call it is overflowing with natural beauty; lemon trees, olive groves, craggy cliffs and some of the best beaches in the world.
Passionate, warm and friendly with one of the most musical languages to listen to, the Italian people are one of the country’s biggest assets.
You can fly to Italy, even its Southern most tip, from many UK airports in under three hours. It’s incredibly close to home.
Do we really need to mention the food? Authentic Italian food has to be tasted to be believed with every town bursting with excellent restaurants.
Why Calabria?
Two hundred km of coast, sea clean and rich in fish, Aspromonte mountain area with its forests, the waterfalls, protected fauna, geological monuments, unique and propitious climate, historical and cultural evidences that go back to Ancient Greece: Calabria province is without a doubt, the heart of Mediterranean. The choice between the sea and the mountains is easy thanks to the possibility of getting from the Ionic or Tyrrhennian coasts to the mountain areas in just a few minutes.
Why choose Puglia?
Clean seas and reliable sunshine have made Puglia a popular region for second homes. There's a geographical diversity to Puglia that is very attractive, though to get to the best from the province you either need your own transport. The very southern tip, the Salentine peninsula , is rocky and dry, more Greek than Italian, while there's plenty of mountain scenery in the undulating plateau of Le Murge , in the centre of the province. The best escape, though, is north to the mountains, forests and beaches of the Gargano promontory with some of the finest unpolluted sand and sea to be found anywhere on the Adriatic.
Getting around Puglia by public transport is fairly easy, at least as far as the main towns and cities go. Trains connect nearly all the major places, while small, private lines head into previously remote areas - in the Gargano and on the edges of Le Murge. Most other places can be reached by bus.
Why choose Sicily?
Sicily is the largest island in the Mediterranean, separated from Italy by the Strait of Messina.
Throughout is history, Sicily has been ruled by the Greeks, Byzantines, Arabs, Normans, Swabians and Spanish - accordingly, it has acted as a crossroads in the Mediterranean becoming an island of rich contrasts. Architecture ranges from the Baroque style in the east to the Greek design in the west.
Its landscape is also varied though dominated by Mount Etna, the tallest active volcano in Europe. Major parts of the Island are home to gentle hillsides, stepped in olive groves and vineyards. Sicily also boasts a number of stunning sandy beaches most notably, Vendicari Reserve, Pozzallo and Isola Bella, each with a backdrop of steep cliffs.
The climate in Sicily never drops below an average of 12 °C (54 °F), peaking in July and August with a daytime average of 26 °C (79 °F).
Do you want to learn about Greece? So come to Sicily. It is a paradox, for sure, but only to a certain extent. The Greek cities of Sicily (Agrigento, Selinunte, Segesta, Syracuse, to mention the most important) were among the most beautiful of the Hellenic world.
Sicily is a book of history and art history, a compendium of the greatest civilisations and cultures of all time. A sunny island whose landscape is rich in contrasts, with a splendid coastline and a refined, delicious and varied cuisine of traditional flavours and exquisite aromas.
Using an Agent
Using an agent who has local knowledge and can guide you through any difficulties you may come across is essential. A good agent will know lawyers and other professionals who may be needed to ensure the decision you make is the right one.
The Initial Agreement (Compromesso di vendita)
Once you have researched and found the property you wish to purchase, an initial agreement between yourself and the vendor will need to be signed and executed. This documents the agreed price of the property and deposit paid. You will need to pay a deposit of 10% of the total purchase price, however in Italy it is not uncommon for this deposit to run as high as 50% of the purchase price. Generally, the deposit is non-refundable, except in the event that the clear title to the property cannot be obtained within the time specified in the initial agreement.
During the period of the initial agreement, you may well then need to obtain finance while the vendor will need to ensure that the title to the property is free and clear of any debts. As the real estate purchase process can take more than six months to complete in Italy, unlike in most other countries of the world, it is quite normal for purchasers to move into residential properties after the signing of the initial agreement before taking possession of the property at final agreement.
The Preliminary Contract
The next step is the preliminary contract. This contract is usually conditional to all searches being clear. It is advisable that you have the right to pull out of the sale and the return of all deposits written into the contract. This is usual practice and protects you in case searches on the property are unsatisfactory or you are unable to get a mortgage. Be warned, however, you won’t be able to pull out at this point just because you have changed your mind.
The Notary
Real estate purchase is overseen to a large extent by a notary. The notary performs more duties than normally associated with notaries in other countries. In Italy they are responsible for legal title searches and checking the property is free of any defects or debts.
Appointing a Lawyer
In Italy the notary acts for both sides, so it is essential to have your own lawyer who will look after your interests. This is particularly important, as there is a law of “subrogation” which means that debts such as utility bills, community dues, local taxes etc., remain with the property. Your lawyer will ensure the property is clear of all liabilities. He will also check ownership rights and that the relevant building licences have been approved by the local town hall. The lawyer will also keep his eye on the notary and ensure that he is completing all the necessary searches.
We recommend without guarantees or liability
Angela Gatto
Avvocato (Foggia Bar, Italy)
Registered European Lawyer
with the Solicitors Regulation Authority
AG LAW International Law Firm
142 Buckingham Palace Road
London SW1W 9TR
tel. +44 (0)20 7099 3040
fax +44 (0)20 8082 5792
www.ag-law.co.uk
The Geometra
At this stage, it is important to get the building inspected or surveyed. No self-respecting Italian would put in an offer without this and we advise that you do the same, particularly in the case of older Italian properties. The Geometra will survey the boundaries of the property for sale and make sure it fits with the legal description laid out in the contract of sale.
However an architect would be more suitable to check a modern building, provided he isn’t the designer, of course. Some purchasers use a geometra, a surveyor and official valuer.
Completion
The final step is the transfer deed. All fees are paid at this point and the notary lodges the deeds with the land registry office
Costs
You will need to build into your budget at least 10% of the purchase price to cover professional fees. A further 10% is needed for property VAT, plus 5% to cover utility connection fees.
Documentation
Documentation is uncomplicated. You will need your passport and an Italian tax number. You can apply for this at the Italian consulate or embassy in you home country. If you are a married woman, you will need your birth certificate or marriage certificate, as the deeds are put in your maiden name in Italy.
Mortgages
Mortgages of up to 70% are available in Italy. It is a good idea to have the offer of a mortgage in place before looking for your property – contact us for details of our recommended mortgage provider. Typical interest rates are 3.3% (2006) and minimum loans are for €50,000.
Tax Liability
Initial taxes on the purchase of your property are as follows:
Registration tax (imposta di registro) is the main tax on property and is levied at between 0 and 10 % of the declared value.
Land registry First home resident buyers of new or resale properties pay a fixed fee of €129.11. Buyers of second homes and non-residents pay 11 % of the declared price.
Local community tax or rates, ICI, ('Ichy') is paid annually and is usually between 0.4 – 0.7% depending on the local authority and size of the property.
This is usually paid in June and December.
Accessibility
Flying to Italy has been revolutionized by budget airlines, so wherever you choose to invest, your property will be readily accessible. Variety in property type and prices are an added advantage, making Italy an ideal investment for a second or holiday home destination. A gradual move away from the more popular destinations towards some more hidden investment hotspots is the current trend while today property in southern regions such as Calabria is well regarded as a highly promising investment.
Many of the new areas that are finding their way onto the property market are on the islands of Sicily and Sardinia where property prices are about 25% cheaper than on the mainland. The regions of Puglia, Le Marche and Abruzzo are also up and coming investment regions. In these areas bargains ranging from as little as £20,000. can still be found.
Calabria
Ryanair flies direct from London Stansted to Lamezia Terme
EasyJet flies from London Stansted to Naples.
Easyjet and Alitalia fly to Milan Malpensa and thereon to Lamezia Terme in Calabria. Other regional Calabria airports are Crotone and Reggio Calabria.
Airports
• Aeroporto di Lamezia Terme-Sant'Eufemia (Airport IATA code: SUF)
• Aeroporto dello Stretto (Reggio Calabria, Airport IATA code: REG)
• Aeroporto di Crotone-Sant'Anna (Airport IATA code: CRV)
Seaports
• Corigliano Calabro (Porto di Schiavonea)
• Crotone
• Gioia Tauro (RC), the biggest in the Mediterranean sea
• Reggio Calabria
• Vibo Valentia
• Villa San Giovanni (RC)
Sicily
Ryanair offers direct flights from Stansted to Palermo, Sicily. British Airways fly direct into Catania, Sicily from London.
Palermo Airport (PMO)
Palermo Airport is the most convenient Sicily airport for UK budget travellers, as Ryanair run low-cost flights from London Stansted. Most flights, though are to/from other Italian destinations, including the holiday islands of Lampedusa and Pantelleria. The airport is named Aeroporto Falcone Borsellino (after two anti-Mafia investigators assassinated in 1992), and is located at Punta Raisa, about 30km from the city. Half-hourly buses run from the airport into Palermo, to Stazione Centrale. Less frequent buses run to Agrigento (two per day) and to Trapani (one per day). The airport's official website (see panel on the right) has useful bus timetable info.
Catania Airport (CTA)
Fontanarossa Airport is only 5km from Catania. A bus service (Alibus) connects the airport with the town's Via Etnea and Stazione Centrale every twenty minutes. There are also direct services from the airport to other Sicilian destinations, such as Taormina and Siracusa (these connections are run by Interbus, and timetable information can be found via their website. Select 'Aeroporto Catania' from the drop-down menu TRAINS and RAIL services to SICILY
For many visitors, this is the most convenient way to reach Sicily from the Italian mainland. Trains with connections from all over Europe, including Rome and Naples, arrive at the port of Villa San Giovanni, near Reggio Calabria, in southern Italy.
Trains roll onto enormous barges for the 1/2-hour crossing into eastern Sicily. Passengers remain in their seats during the short voyage across the Straits of Messina, eventually rolling back onto the tracks once they reach Sicily. The train from Rome to Palermo takes about 13 hours, 11 to Catania, 14 to Siracusa. The rail route from Naples to Palermo takes about 10 hours. It is possible also to travel by night, booking a place on a bunk bed. As an island, Sicily is well connected via sea links to mainland Italy. For fares and information see www.trenitalia.com
New electric trains have made travel between France and Italy faster and more comfortable than ever. France's TGVs travel at speeds of up to 185 miles per hour and have cut travel time between Paris and Turin from 7 to 5 1/2 hours and between Paris and Milan from 7 1/2 to 6 3/4 hours. Italy's ETRs travel at speeds of up to 145 miles per hour and currently run between Milan and Lyon (5 hr.), with a stop in Turin.
Puglia
Puglia airports and travel
Ryanair operates direct daily flights from Stansted to Brindisi and Bari airports, both of which are located in southern Puglia.
Ryanair offer budget flights from London Stansted to Bari Airport (called Palese Airport). From the airport there is a local bus service into the centre of Bari, and there is also a more expensive airport shuttle bus which runs straight to the railway station. Puglia has another international airport at Brindisi, called Brindisi Casale. This too is connected by bus to the centre of town. The airport is close to a great tourist attraction: the frescoed Basilica di Santa Maria del Casale. From Brindisi Airport there is also a fast coach service to Lecce, which runs several times a day and stops just outside the centre of Lecce.
Pisa -> Lucca = 25km
Pisa -> Florence = 95km
Ryanair fly daily from Stansted to Pisa and Bologna Forli and from Liverpool and Glasgow to Pisa
British Airways fly from Gatwick and Manchester to Pisa Alitalia fly from Heathrow to Pisa
Easyjet fly from Gatwick to Pisa, and from Stansted to Bologna
Thomson fly from Coventry and Doncaster/Sheffield to Pisa
Jet 2 fly from Manchester to Pisa
Easyjet fly from Bristol to Pisa
Meridiana fly from Gatwick to Florence Sometimes, there are also charter flights from
Manchester (Britannia)
Glasgow (British Midland)
Bristol (British European)
Dublin (Icelandic)
Gatwick (BA, Euair Charter, British European)
BOLOGNA is approximately 100km north of Florence and BOLOGNA FORLI (with Ryanair from Stansted.) is about 100km north-east of Florence by slow-road. It's quicker to drive the 180km to Florence by motorway.
Further afield and handy for the northern Tuscany/Liguria area is GENOVA with Ryanair
or for eastern Tuscany - Arezzo etc, there's also ANCONA with Ryanair
Now you can also fly to PERUGIA - in Umbria, not far from the Tuscany border, with Ryanair from Stansted. Driving down http://www.autostrade.it/ To hire a car at Pisa or any other Italian airport, we recommend the following companies:
Avis: click here
Hertz: click here
Europcar: click here
