REAL ESTATE INVESTMENTS IN ITALY: Foreign and love for Italy
Despite a historical period marked by a deep economic crisis, the "Italian dream" never stop to be alive in the hearts of people from al lover the world.
Culture, good food, entertainment, buildings and landscapes are the main strengths that attract foreign investors increasing their desire to buy property in the "Bel Paese" for holiday or retire.
INVESTMENT PROPERTY IN ITALY: the most requested Italian regions
According to the estimates made from 2014 to the present, the most attractive places in Italy are:
Among International buyers who in recent years has demonstrated a growing interest in real estate properties in Italy, Chinese, acquired an important position and they seem to prefer the big cities like Rome, Milan, Venice, Como and also the Adriatic coast.
The increase in the Chinese investments flow in Italy did not happen by chance but it is due to some incentives for the purchase granted by the Italian Embassy in Beijing. First of all a "tourist visa – for the elective residence" for a period of five years which give right to property purchases in Italy only for tourism purposes or simply for investment.
INVESTMENT PROPERTY ITALY: passion for "the Sicilian East"
Sicily with its Mediterranean climate, rich in beauty and landscape, palaces, castles, rural areas, traditional food represent an ideal place of investment for foreign investors.
Among the chosen destinations stand out Taormina, the country houses with vineyards on Etna, Palermo, villas on sea and noble residences in Val di Noto, Cefalu, but also Ragusa Ibla and the Aeolian Islands.
The main investors are from Northern Europe and they are British, German, French and Swiss, who are particularly interested in the ancient buildings and historical and rural areas. The extra-European investors, Americans and Australians, prefer the town of Ragusa, Modica and Marina of Ragusa.
INVESTMENT PROPERTY ITALY: important guidelines for international buyers
Who can buy a property in Italy:
- A foreigner who is not legally residing, provided that it is permitted by an international treaty, or there is a reciprocity condition with the country of origin (it is therefore permitted to an Italian to buy a home);
A person legally residing in Italy and his family for less than three years, with residency permit or residence card;
- An European citizen, EFTA and stateless resident for more than three years.
The useful guidelines to invest in real estate:
- Obtain the tax code, by making a request to the Tax Office, required for the purchase deed;
- If you do not know the Italian language use an interpreter during the preparation of the deed, or if it is possible ask the notary to draw the act in foreign language;
Have the residence permit (if the person will remain in the State for a period exceeding 30 days) and a residence card (which allows a foreigner to stay legally in Italy);
An extra Schengen person in order to entry the Italian territory, need to show at the border-crossing point a valid passport or any other document (eg identity card) and financial funds in relation to the stay in Italy, and visa if required. It is important not being considered as dangerous individual.
INVESTMENT PROPERTY ITALY: useful tips to invest today in real estate
Given the complexity of the purchase of a property in Italy, there are many important aspects to check under the technical and legal aspects.
Make sure of the regularity of the building and that the owner has the building permit and the certificate of habitability.
If the building was orginally built illegally, it necessary to ensure that the owner has made application for the building amnesty and that he is possession of the related document issued by the Municipality. Without this document the notary not only will refuse to proceed with the deed, but, also the new owner would risk being called to answer for a criminal offense committed by others.
Verify that there are no mortgages, namely, that the owner has not incurred debts offering as collateral his apartment. In this sense, it will be useful to carry out a mortgage title search at the land register.
Make sure the seller has the right to sell. For example, if he is not the only owner then everyone must agree on the sell.
There is also another aspect to consider: the history of the flat, particularly in cases where it is received by the seller by inheritance or donation.
In consideration of all Italian bureaucratic procedures and in case of a property purchase in Italy, it is always advisable to ask for a professionals experts advice, such as lawyers and / or consultants, which can provide assistance at any stage of the sale, which will lead successfully to the final deed avoiding the potential risks to which you may incur.
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