A Jewel for Tourism and Property Investment
As the third-largest economy in Europe, Italy holds an irresistible allure with its cultural richness, art, history, stunning landscapes, appealing climate, and delectable cuisine. It is a country that has numerous reasons to attract both tourists and overseas property investors alike.
Picture Liguria, nestled on the Italian Riviera, with its mild climate, beautiful beaches, and charming villages. And the best part? It's just a hop away from Nice airport in France, offering more bang for your buck compared to its French counterparts.
Moving north, Lombardy boasts lakes, mountains, and the bustling city of Milan. Plus, it's home to the largest concentration of UNESCO World Heritage sites in Italy - a history buff's paradise.
If you're into history and luxury, Tuscany's 'Golden Triangle' should be on your radar. With cities like Siena, Florence, and Volterra, you'll be surrounded by the legacy of the Italian Renaissance and some seriously exclusive real estate. But let's not forget Umbria, often called the "green heart of Italy." It feels like a quieter, less touristy version of Tuscany, complete with medieval towns, olive groves, and delicious culinary delights.
Heading south, Puglia is making waves with its wine, stunning coastline, and unique architecture like the trulli and masserias. It's got that old-world charm that's hard to resist.
Investing mattersWhen it comes to investing in Italian property, it can be a bit tricky if you're not familiar with the ins and outs. That's where a reliable agent comes in handy. They'll help you navigate the process and make sure you're not missing any important details.
Budgets and Capital Gains TaxIn terms of a budget, it’s important to remember to factor in about 10-12% on top of the asking price for taxes and fees. And don't forget, the agent's fee is usually split between the buyer and seller. Completing the sale involves a public Notary who ensures everything is legally sound. And as for taxes, Italy offers some incentives, especially if you're renovating or making it your primary residence. Plus, there's no Capital Gains Tax after five years of ownership.
If you're a non-EU citizen looking to stay longer than 90 days, there are visas and permits you'll need to consider. But don't worry, the Italian consulate can help guide you through the process.
At John D Wood & Co. we value partnerships and fostering a chain of trust, so whether it’s in Italy, London, or somewhere else in the world you are looking to buy or sell, please get in touch – we are globally connected, representing 70,000+ properties worldwide.