Italy Property - Frequently Asked Questions
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Italy Property - Frequently Asked Questions
What economic and political situation will I find in Italy?Italy is a parliamentary representative democratic republic, the President of which is elected for a period of 7 years by parliament. The President then nominates the Prime Minister who proposed the other ministers, pending the approval of the President who officially nominates them. The Judiciary is independent of the executive and the legislature.
The Italian economy is one of the strongest in the world today, with the one of the highest GDP, however in recent years the growth slowed considerably, mainly due to the lack of international competetiveness. The Italian economy has started to rebound, with export reviving and the level of job creation has surprised many analysts who had been watching the Italian economy carefully since the early 1990’s. As a result of this, the unemployment rate has lowered significantly, below that of neighbouring countries.
Based on the approved budget, things are looking up for fiscal performance in 2007. Preliminary indications for the first few months suggest that some of 2006’s tax buoyancy might carry forward to 2007. The budget will also be helped by new measures to raise revenues.
Are foreign nationals allowed to own property in Italy?
The answer is yes, any investor -no matter his nationality- is allowed to purchase property in the country.
Which is the best way to get to Italy?
Lying at the heart of the Mediterranean, Italy is the main thoroughfare linking southern Europe to northern and central Europe by land, sea and air.The majority of Europe's capitals are within 3 hours flying time from Rome not to mention many in the Balkans, North Africa, and the Middle East
Some of the larger airports are the Leonardo da Vinci International Airport in Rome, Naples International Airport in Naples, Malpensa International Airport in Milan and Marco Polo International Airport in Venice.
Why Italy?
Geographical and Cultural factors
- Italy is the main “road” to link southern Europe to northern and central Europe, being at the heart of the Mediterranean Sea. Italy is perfectly connected with the rest of the countries of Europe, being able to reach the country within three hours flying from almost any city in the continent.
- You will find a low cost of living in this country if you compare it to other places like the UK for example.
- Other European resorts offer property prices which are more expensive than the ones you are going to find in Italy (for instance Spain or France)
- Regarding to climate benefits, you will enjoy some mild winters and warm summers in order to spend your days in one of the beautiful beaches, mountains or lakes.
- If you want to be surrounded of some of the best cultural attractions in the World, this is your place. You will be able to visit some of the most recognised museums, architectures, towns and a long etcetera.
- The natural scenery can be defined as breathtaking with a low development density if we compare the country with Spain for example. You will see multitude of unexploited beaches and coastlines.
- If you like the sun and the beach this is perfect for you, but if you prefer the winter sports, there are plenty of Ski resorts within easy access
- All investments are enforced by local legislation, in addition, it is also important the fact that a stability in the government of the country can be appreciated.
- There is a capital appreciation of up to 20% per annum in many places throughout the country.
- There has been a recent trend encouraging all incentives for foreign investment as this is seen as even more prosperity for the coming years, that is why you can own 100% of land and property.
- There is no capital gains tax since the year 2002.
- The maximum inheritance tax applicable in the country is set in 8%.
- Economist agree saying that in a maximum period of two years there will be a rebound in the Italian economy.
- More than 37 million tourists go to the country every year as it is now the fifth largest tourism destination in the whole world.
British passport holders, endorsed British Citizens, British Nationals (Overseas), British Overseas Territories Citizens and British Subjects do not need a visa to visit Italy for up to 90 days. Italy is part of the Schengen area and therefore nationals from countries included in the Schengen area do not require a visa. Other passport holders require a visa.
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