The Pros of Buying A Piece of Italy

| September 26, 2015

Marsala

Do you want to invest in property? There has never been a better time.

Thinking of foreign investment? Here is insider information on the benefits of buying a home in Italy right from the expert’s mouth.

Value for your money

Property buyers outside the Eurozone will find affordable homes here because of the weakening Euro. It means that you do not have to dig deep into your pockets to afford a house in Italy. If you are selling your home in another country to emigrate to Italy, your standards of living are likely to improve due the affordable cost of living.

Vast selection of properties at competitive prices

The property sector in Italy is vibrant. You will enjoy a great variety of homes to choose from at pocket- friendly prices. At Gate-Away.com, we give you a broad range of homes to choose from so as to fulfil your dream to own a home in the bel paese. You can decide to buy a home on the picturesque coastline or near the scenic mountains with a quiet environment. If you are more of an urbanite, there are plenty of cities to choose from. Most Italian home- owners are selling their second homes due to the economic climate in the country now. This has decreased the prices of properties making it a great time for purchasing.

Inheritance tax

Italy abolished inheritance tax in October 2001. This move has helped all those domiciled in Italy, and if you are buying a property with your children in mind, there is no better place. The government took this measure for two reasons.

1. It realized that the inheritance tax collected was only a little more than the amount of money it cost to administer it. It did not make financial sense.

2. Traditionally, Italy has largely been a capital exporting country. The current government is keen on reversing this state of affairs. It has devised this method to give the property market some stimulus.

For economical reasons it was reintroduced some years later, but it still has a low impact. In wider terms no inheritance tax must be paid unless the inheritance exceed €1m.

Capital gains tax

In Italy, capital gains tax is charged at a rate of 20% on the profit from the proceeds of the sale of your property. You can reduce this difference by subtracting the cost of renovations and estate agent’s fees incurred during the purchase of the house. You can also apply the ‘doppio valore’ rule where tax is paid on the registry value of the property. The most amazing thing about capital gain tax in Italy is that you can avoid it altogether! You achieve this by simply waiting for five years after purchase or building before selling your property. If the property was not your principal home, you are not obligated to pay capital gain tax.

Friendly and helpful people

Italy is a wonderful nation; it has beautiful lakes, stunning mountains, and ancient cities rich in history. It is also known to be a very romantic country. Its beauty , as well as the warm waters of the Mediterranean Sea, is a sight to behold. It also has the most incredible people in the world. Italians are very friendly and always ready to lend a hand when need be. They will welcome you with open arms and make you feel at home.

If you have decided to buy a property in Italy, come and visit first. Familiarize yourself with the property you want to buy and know your neighbours! If you own a piece of Italy, you will soon realize that it was worth your while.

[Featured image by Bert Kaufmann]

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