Search Results ...

Buying luxury properties at auction in Italy can prove to be an incredible deal, offering a series of advantages that go far beyond the aesthetic aspect. Let's explore the key reasons why this opportunity can be beneficial and how it can represent a stable and prestigious investment. 1. Competitive Prices: Real estate auctions offer the opportunity to access luxury properties at prices that are significantly competitive compared to their market value. This means that you can enjoy all the comforts and luxury associated with these residences without having to pay an excessive price. 2. Long-Term Investment Opportunities: Luxury properties are often considered stable investments that can appreciate over time. Purchasing at auction allows you to obtain a return on investment, positioning the buyer in a favorable context to benefit from the growth of the luxury real estate market in Italy. 3. Portfolio Diversification: Owning a luxury property can add an element of diversification to your investment portfolio, protecting you from the volatility of other asset classes. A luxury home represents a tangible investment that can offer stability even in times of economic uncertainty. 4. Potential for Passive Income: If you don't plan on occupying the property yourself, you can consider renting it out to generate passive income. Luxury properties are often able to attract high rents, helping to cover the costs of purchasing and providing a stable monthly income stream. 5. Exclusive Design and State of the Art: Luxury properties at auction often feature exclusive features and designs, with high-quality finishes and unique architectural details. These elements add intrinsic value to the property, guaranteeing an extraordinary living experience. 6. Privileged Position: Many of the luxury residences up for auction are located in prime locations, such as coastal areas, historic centers or exclusive neighborhoods. The privileged position not only improves the quality of life, but also contributes to maintaining and increasing the value of the property over time. 7. Renovation Opportunities: For those willing to invest in renovations, auctions offer the opportunity to customize a luxury property to your tastes and increase its overall value. 8. Legal Assistance and Consultancy: During the real estate auction process, you can benefit from the assistance of experienced legal professionals and real estate consultants. This ensures that the entire purchasing process is carried out correctly, providing valuable guidance. 9. Growth of the Luxury Real Estate Market: The luxury real estate market in Italy is constantly growing, particularly in cities such as Milan, Rome, Venice and the Costa Smeralda. This positive trend could increase the value of your properties over time. 10. Social and Aesthetic Status: Owning a luxury property is not only an investment, but also represents a social and aesthetic status. Enjoying the prestige of a high-end residence adds a touch of elegance to your lifestyle. In conclusion, purchasing a luxury property at auction in Italy offers extraordinary opportunities for those seeking financial stability, prestigious investments, or both. However, it is crucial to conduct thorough research, obtain professional advice and enter auctions with a well-defined strategy to maximize your opportunities for success in this competitive industry. Investing in style thus becomes not only a shrewd financial choice but also a way to experience luxury in an intelligent way. In this luxury investment adventure, it is crucial to have a reliable partner by your side. For those who wish to explore the extraordinary opportunities offered by luxury properties at auction in Italy, Best Luxury Property emerges as a point of reference. Our agency is highly specialized in consultancy for the purchase of prestigious properties at auction, offering vast experience and expertise in guiding you through every stage of the process. With Best Luxury Property, you will not only have access to an exclusive selection of luxury properties, but you will also benefit from comprehensive support from industry professionals. Our team of expert lawyers and real estate consultants are ready to offer you a personalized service, ensuring that every detail is handled with precision. Choosing Best Luxury Property means not only investing in luxury properties at auction but also guaranteeing yourself a trusted partner to navigate the fascinating and competitive world of prestigious real estate investments. Make your decision wisely and in style – Best Luxury Property is here to make your dream of owning a luxury property a reality. Contact us today to begin your journey to an unprecedented luxury investment.

15 Essential Steps to Buying a Property in Italy One of the world’s top five second-home destinations, Italy draws international interest with its gorgeous beaches, lakes, vineyards, and flat tax policy. Purchasing Process Duration: 6 months Transaction Costs (for Luxury Real Estate): 28-30% Golden Visa Status: N/A Italy is becoming a hotspot for high-net value individuals looking for a second home they can enjoy and also earn an income from. Research from Knight Frank’s Global Buyer Survey recently ranked Italy as one of the world’s top five second-home destinations, with European and North American buyers particularly enjoying the beautiful lakeside lodges, snow-decked cottages for skiing and untouched beaches of the region. Italy’s flat tax policy has drawn interest from non-nationals, as it allows overseas residents (irrespective of their citizenship), who move to Italy and become Italian tax residents, to pay a lump sum form of taxation on all non-Italian sourced income for up to 15 years. Recognised as a largely “no restrictions” country, property purchases in Italy are quite straightforward for non-nationals but can take up to 6 months to process. It is essential you acquire the right professional help, in the form of specialized solicitors and wealth management advisors, to streamline the process and ensure it takes place legally. Transaction costs in Italy differ from property to property but can be up to 20% of the property value including foreign exchange fees, notary, and legal fees. Finding the perfect second home in Italy is worth the effort and the steps below will help you along your journey: Step 1: The Online Search Exploring online, you can easily browse different destinations, get a feel for a range of locations, and narrow your shortlist down to the perfect properties for your needs. View 15,000+ luxury homes for sale in Italy Top tips for Success: You may find your dream Italian property is represented by a number of different agencies. Don’t be alarmed, this is quite normal and shouldn’t impact your chance to view and purchase. Professional help: Online marketplaces and forums and real estate agents. Step 2: Choose your Location Take time to explore the pros and cons of each area and consider your needs. Do you want to live in an expat area or prefer something less popular with tourists? What amenities and attractions do you need nearby? Top tips for Success: Explore online and you’ll find a range of local guides and information from experienced real estate agencies as well as residents in your chosen areas. Professional help: Online marketplaces and guides and real estate agents. Step 3: Finding the Right Property Type Top tips for Success: If you’re looking for a rare historic property (either a Tuscan farm ranch, a castle or a palazzo), Italy is one of the top destinations in the world, with only France offering more castle-style properties for sale. On the opposite end of the upscale market, newly-built apartments are available but represent a smaller percentage of the real estate stock. But if you’re looking for a villa, there is definitely something elegant and unique for every buyer. Professional help: Real estate professionals Step 4: Freehold VS leasehold properties The legalities around freehold and leasehold properties in Italy can be complex, so ensure you get appropriate professional advice. Most new-build Italian property is sold freehold, but this isn’t always the case with older and renovated properties. Keep in mind you do not need building permission to restore an Italian property, but you will need a SCIA (Certified Start of Activity Report) from your local municipal office. There are also historical, artistic, landscape, environmental or hydro-geological protections for some properties so it is vital you get the right guidance from your advisors. Top tips for Success: Always take time to check before investing in a property which needs significant work. Ensure all legal checks are conducted and the renovations you want to make can be legally carried out before you sign any contracts. Professional help: Wealth management advisor with real estate experience and architects or similar to assess historic properties. Step 5: Open your Italian Bank Account You require an Italian bank account to purchase your chosen property. It needs to be done in person. Prior to opening the account, you will need to obtain your codice fiscale or tax code. You can apply for your codice fiscale either at the Italian Embassy in your home country or at any Revenue Office in Italy. This code is essential for almost all day-to-day activities in Italy, including opening your bank account. You can open an account at any branch of your chosen Italian bank, and you will need your passport, proof of address (even if abroad) and your codice fiscale. Top tips for Success: While it is not essential to open an Italian bank account and you can rely on your Notary, it is much more convenient and cost effective to have a bank account in Italy to run and manage your new second home. Professional help: solicitor or wealth management advisor with expertise in expat and international clients. Step 6: Finding your real estate agent There are 500+ Italy-based agencies registered on JamesEdition.com. Almost 80% of them are local brokerage companies with no ties to global real estate brands. The remaining 20% are represented by Coldwell Banker, Engel & Völkers, Sotheby’s International Realty, and Christie’s International Real Estate. How to contact an agent? Just hit the “Send Message” button on a listing page. Step 7: Planning Property Visits You can view your shortlisted properties online and via virtual tours, but an in-person visit is always the best way to get a feel for the place. View 100+ Homes in Italy with Virtual Tours Top tips for Success: Take the time to visit different properties so you can truly get an understanding of your preferred neighborhoods. Visiting properties advertised by different agents will also give you a more objective understanding of the areas. Professional help: Real estate agent / A wealth management advisor offering real estate services. Step 8: Property Due Diligence Due diligence should ensure everything is correct with the property, including any building permissions for renovation are in place and it is a legally built and legally on sale property. Top tips for Success: Most Italian properties can be renovated but make sure your advisors double-check if you plan to extend or redevelop the home. Keep in mind many historic properties, such as castles and palazzi, may have protected status. A specialist architect or property surveyor should be able to advise if there are going to be concerns with your building plans. Professional help: A wealth management advisor / Specialist property survey and valuation company Step 9: Italian Building Surveys to Consider It is not mandatory in Italian law to have any building surveys conducted, but you will find mortgage lenders may insist. Some lenders require a perizia (survey) before they will approve finance. This survey is usually a basic stima (valuation) to ensure the property is worth the purchase price. Top tips for Success: You should always request a building survey for historic properties. While your mortgage lender may only need to double check the value of the property, you need to know you are investing in something structurally stable and suitable for your plans. Builders and engineers routinely carry out checks and surveys on older properties while architects are more commonly employed to assess modern properties. Professional valuers or geometra can also be used. Building surveys or perizia strutturale usually costs around €1,000. Professional help: A property survey and valuation company as well as relevant experts such as valuers, builders, or architects if necessary. Step 10: Finance Options Available Top tips for Success: UK expats in Italy must remember they cannot rely upon UK-based financial advisors due to insufficient professional indemnity insurance. Professional help: A financial advisor from an EU-based wealth management firm or local real estate company Step 11: Choosing a Mortgage Lender Mortgage lenders will look at the affordability of the loan based on your application. Top tips for Success: Some Italian mortgage lenders ask for a survey to value the property and ensure it is worth the purchase price. They will organize this independently. Professional help: A financial advisor from an EU-based wealth management firm or local real estate company. Step 12: Money Transfer High value money transfers come with fees attached, as you move your funds from your regular bank account to your Italian one. Opt between transferring your funds via the Society for Worldwide Interbank Financial Telecommunication (SWIFT) network or use a foreign exchange broker. Top tips for Success: Keep in mind that banks often mark-up to the exchange rate which can be as much as 6% more than the mid-market rate. Foreign exchange brokers also have fees attached but they differ from broker to broker so it is worth shipping around. Professional help: Foreign Exchange service provided by a local wealth management company Step 13: Taxes and Fees to Consider Top tips for Success: Take your time to go through all additional fees, taxes and costs with your professional advisor to ensure everything is correct. Professional help: A lawyer and a real estate agent / A wealth management advisor offering real estate services Step 14: Sign your Preliminary Contract The preliminary contract, or Compromesso, is essential in all Italian property purchases. You ae required to pay between 10% and 30% of the property price as a commitment and confirmation you are buying the property. It is a legally binding contract which virtually guarantees the purchase. If you pull out, you lose your deposit and if the seller pulls out, they will have to pay double the deposit back to you. Top tips for Success: While property deposits can be up to 30% in Italy, they are usually around 20%. Professional help: A real estate agent / A wealth management advisor offering real estate services. Step 15: Sign your Final Contract Finally, you can sign the final title deed or Rogito. This represents the final contract before the property is finally yours. You pay purchase taxes and notary fees at this point. The time between preliminary and final contracts is usually between one and three months, as this is when an independent Notary is appointed. Top tips for Success: The Notary works for both the buyer and the seller they prepare the deeds and must be present as the document is signed to make it legally binding. Professional help: A lawyer and a real estate agent / A wealth management advisor offering real estate services

Our law allows foreigners to purchase luxury real estate or luxury properties in the following and different ways: foreigner who is not legally resident: he can buy a property only if an international treaty allows it or if there is a condition of reciprocity between Italy and his country of origin, that is, if an Italian is allowed to buy in his country of origin a house; legally residing foreigner, family member in good standing with the stay of a legally residing foreigner and stateless in Italy for less than three years: they can purchase a property, without verifying the existence of the condition of reciprocity, if they are holders of a residence permit for reasons of subordinate work or self-employment, for the exercise of an individual business, for family reasons, for humanitarian reasons, for reasons of study or an EC long-term residence permit (residence card); EU citizen, citizen of EEA countries (Iceland, Liechtenstein and Norway), stateless person or political refugee residing for more than three years: no particular requirements are required to proceed with the purchase. It is therefore necessary - in order to know which documents are needed in practice to be able to acquire rights in Italy - to identify which of these categories a foreigner can refer to. In the case of a foreigner who is not resident in Italy, the first step is to request the Revenue Agency to issue the Tax Code. It will then be necessary to open a current account at a bank or post office. TAXES: FIRST HOUSE PURCHASE From PRIVATE - registration tax of 2% - fixed mortgage tax of € 50 - fixed cadastral tax of 50 € PURCHASE SECOND HOUSE - registration tax of 9% - mortgage tax of € 50 - cadastral tax of € 50 From manufacturing COMPANY WITHIN 4 years from the completion of the works - 4% VAT (22% if the property is luxury) - fixed registration tax of 200 € - fixed mortgage tax of € 200 - fixed cadastral tax of 200 € Second house: - 10% VAT (22% if the property is luxury) - fixed registration tax of 200 € - fixed mortgage tax of € 200 - fixed cadastral tax of 200 € From manufacturing COMPANY AFTER 4 years from the completion of the works - VAT exempt - registration tax of 2% - fixed mortgage tax of € 200 - fixed cadastral tax of 200 € Second house: - VAT exempt - fixed registration tax of 9% - fixed mortgage tax of € 200 - fixed cadastral tax of 200 € Translation of the Italian document into a foreign language The Italian foreign notarial deed must be accompanied by a translation into a foreign language certified in accordance with the Italian text by an official translator (who can also be the Italian notary who knows the foreign language), unless the foreigners who purchase do not declare that they understand and read perfectly the Italian language. Tax concessions for foreigners linked to the purchase of the so-called "first house" The foreigner is also allowed to enjoy the "first home" benefits if he meets the requirements, which obviously are the same as those required for Italians. WHAT TO DO TO ENJOY THE FIRST HOME BENEFITS: To enjoy these tax advantages, the buyer must declare in the deed, under penalty of forfeiture, that: • the property is located in the territory of the Municipality in which you have or intend to establish your residence, within 18 months of purchase, or in which it is based or where the buyer carries out his main activity or, if transferred for work , where the employer is based; • you are not already the exclusive owner or in communion with your spouse of the right of ownership, usufruct, use and home, of another home in the municipality where the property to be purchased is located; • you are not already the owner, not even for shares or in legal communion, throughout the national territory, of the rights of ownership, usufruct, use, dwelling and bare ownership on other property for residential use purchased, including by the spouse, with the facilities " First house". At the time of purchase, the buyer pays 2% (registration tax) if he buys from a private subject, or 4% (VAT) if he buys from a business or company (except in particular cases), plus mortgage and cadastral taxes in a fixed amount (currently totaling Euro 400.00). Legally residing foreigners who are registered on the employment lists or carry out subordinate or self-employed work activities have the right to access, on equal terms with Italian citizens, public residential housing and subsidized credit in the field of construction, recovery, purchase and lease of the first home. Another tax relief related to the purchase of the "first home" concerns the deductibility (to a certain extent) from income tax of interest paid on mortgages stipulated for the purchase of the so-called first house. Finally, the income produced by the "first home" is not subject to income tax. MORTGAGES On the website of the Foreign Department it is clarified that "in the drafting of the list relating to the condition of reciprocity in the matter of real estate purchases, no information is provided regarding mortgage loans which, unless otherwise indicated, do not require further verification of the condition of reciprocity, since these acts are connected to the purchase transactions ". Therefore, there is no need to verify the existence of reciprocity in the stipulation of mortgages, in the absence of an express indication to the contrary in the aforementioned office. COMPANIES, ASSOCIATIONS AND OTHER OPERATIONS The foreigner can set up a company in Italy, create an association, or any other operation, under the same conditions as mentioned for the purchase of the house. With one caveat: reciprocity can exist only for certain subjects. If, for example, in a certain country an Italian can set up a company but not buy a house, the foreigner (not legally resident in Italy) from that same country can set up a company in Italy but not buy a house. PREPARE A POWER OF ATTORNEY A person cannot always express his will directly: for example, because he is abroad, or in any case far from the place where a specific act or contract should be concluded. In these cases, a power of attorney can be used, that is, a document that gives a person the power to perform a material or legal act in place of another. For example, if the husband is abroad and a house purchase deed must be concluded urgently, the husband - before leaving or from abroad - can give his wife a power of attorney so that the wife can conclude the contract. for both. If the power of attorney comes from abroad, all the rules relating to the foreign deed will apply. DONATIONS A foreigner can give his possessions as a gift to anyone who wants to live, that is, make donations. BALANCE SHEET Also for foreigners it is necessary to clarify the matrimonial property regime. The property regime is the set of rules governing the ownership and methods of administration of assets purchased by two people married to each other while the marriage lasts and when the marriage is dissolved for any reason (death, divorce). In other words, the property regime indicates the rights that each of the spouses has over the assets acquired (by one or the other spouse, or both) during the marriage, both for the period in which the marriage exists and for the case of dissolution. In Italy the "normal" regime established between two married people (unless they make a different express choice) is the "legal communion" of assets. However, the spouses can choose the "separation of assets" (not to be confused with the "legal separation" of the spouses), or a regime of communion but with particular rules ("conventional communion"). The choice affects both the possibility of selling or mortgaging the property without the consent of the other spouse, and the rules for the division of assets in the event of the dissolution of the marriage. Based on art. 30 of Law 218/95, foreign citizens residing in Italy can also choose one of the property regimes provided for by Italian law and this can facilitate their integration into common life in Italy. LEGAL COMMUNION Legal communion of assets is the property regime that Italian law links "automatically" to marriage, while leaving the spouses free to choose different rules (such as separation of property or conventional communion). In summary, legal communion provides that, in principle, all the assets acquired by the spouses during the marriage, even if formally registered in the name of only one, actually belong to both. This means that to sell, donate, mortgage or otherwise dispose of them, the consent of both spouses is required and the value of the assets themselves is half due to each spouse. In summary, only goods for strictly personal or professional use, and the remuneration for one's work, are excluded. GOODS SEPARATION It is the property regime according to which two spouses continue to purchase assets, after marriage, exactly as if they were not married to each other. The property purchased by each spouse remains personal to her, without the other being able to claim any rights over the property itself. Of course, the spouses can buy an asset even halfway between them, but each can then resell (or donate) her share even without the consent of the other (unlike what happens with the legal communion of assets).