Now that you have experienced the mixture of beauty, adventure, and historical culture of Italy, it's been decided that this is where you will buy your next vacation home. There's a wide array of places to own here for people ready to invest in Italian properties as their perfect summer retreat. Choose from a prestigious luxury villa perched up on the rocks of the Amalfi Coast, to a bachelor pad in a resort style condo complex facing white sails of a marina - the choice is yours. The real estate market in Italy is not as volatile as it may be in parts of North America. Buying Italian properties is a fairly safe way to stash some money away, while having a great opportunity to spend some amazing time enjoying this climate and everything else to do with beautiful Italy.
If you are thinking about buying properties in Italy, buyers should note that while the buyers market is quickly emerging in Italy, many of the properties have the qualities akin to older homes. As Italy is filled with historical landscapes, many of its architectures are unchanged from many centuries past. Before purchasing properties in Italy, buyers should consider that many of the homes are old and the properties are usually not well maintained. However, one of the best reasons to buy a house in Italy is the incredible tourism that never experiences a low season. Therefore, Italy is a perfect spot to purchase a vacation home to rent out to travellers.
Many of the stone-built villas across Sicily, Tuscany, and Umbria are scattered with heritage homes from the 18th century. Historic real estates are some of the most beautiful real estates in the world, especially as they bring memories of architecture and livelihoods that were built from another life. Heritage homes are especially abundant in Italy, where the towns and cities remain unmoved by the modern world. Some of these might be priced quite cheaply but keep in mind the fees that will be associated with the purchase. For example, if you do not have an Italian or EU passport, a foreign tax will apply when you purchase the property and it's based on the assessed value, not what you paid for it. Also, keep in mind the construction expenses to bring your new home up to snuff, such as labour costs, materials and so on.
Despite growing interest in buying properties in Italy, the biggest question of the day is whether foreigners can buy homes in Italy. Through media, Italy is depicted as a glamorous country with lovely beaches, expansive vineyards, and alluring views from the mountains to the sea. So what is keeping non-Europeans from buying properties in Italy? Perhaps it is the lack of knowledge on the foreign buyers market in Italy. Despite several restrictions in buying foreign homes, the EU nations surprisingly do not have many restrictions when it comes to buying houses. As long as you live in a country with reciprocity for foreign buyers, or you have a residence permit, foreigners are welcomed to purchase properties in Italy.
All you need to buy a home here is your Codice Fiscale - a tax number similar to Social Security number in the United States. You can get this number from Agenzia delle Entrate (Revenue Agency), offices of which are available in all the major cities. Once you have this number, you can open a non-resident bank account so you can transfer your money there from anywhere in the world and proceed with your real estate purchase. As mentioned above, there will be a non-resident tax applied to your purchase, based on the assessed value. This tax is around 10% so it's a lot more economical to buy as a resident, if such opportunity exists.