Where in Italy

Italy is basically split into main regions: - Calabria’s in the south, Le Marche lying between the Adriatic and the Apennine Mountains, and the new developing Abruzzo region.

Should you wish to go for the traditional targets, such as Venice, Rome, and Tuscany, these are straight forward propositions, and the only real consideration is price. There are still bargains out there, but they are becoming harder to track down, so if you find one, you need to go for it straight away, otherwise someone else will.

Calabria

Access to the region of Calabria has increased greatly with the emergence of routes provided by some low cost airlines.

The increased access has encouraged developers and new builds purposed built complexes, along the coastline, making an attractive, affordable opportunity to new investors. The only problem is the word is getting out about these properties, which is starting to push up some of the prices.

Le Marche

Although this region, lying between the Adriatic, and the Apennine Mountains, has featured in the media, and accordingly attracted a level of property investors, it appears to have managed to stay true to its traditions and not been affected by tourism.

If you prefer a live in more cosmopolitan city than in a completely rural environment, the region has four main cities in the region, Urbino, Pesari, Ancona, and Ascoli Piceno. These cities are based on the coast and are traditional fishing port, providing exquisite fresh seafood. When you add this to the fashionable shopping, and beautiful architecture, it is well worth consideration.

Abruzzo

Abruzzo is located in central Italy, just east of Rome. Although centrally based it has escaped the glare of the major developers, and still contains many opportunities for development in its medieval villages. If you fancy a more coastal property, there are new developments, purpose built for tourists, which cater for there every need. Bizarrely, the region of Abruzzo can also provide winter sports facilities. You can start your day on the ski slopes, and finish you day sun bathing on the beach.

Buying in Italy

Even though geographically the UK and Italy have similar economies, don’t be fooled onto thinking the house buying process is the same.

It is essential that the first item on your agenda is to attain the services of an English speaking legal advisor, who will act for you on all the legal transactions. The first step is the buyer gives a ‘compromesso’ or ‘proposta d’acquisto’ which is an Offer to buy the property. This will expire after 30 days. Should the Offer be accepted, the buyer must provide a 10% deposit. At this point the Notary (who acts for sides) draws up the ‘compromesso di vendita’, which is the initial contract of sale, setting out the formalities of the sale and any special conditions. At completion (typically 6-8 weeks later) the title should pass to the purchaser.

Living in Italy

If you want to visit Italy, and as members of the EU, you don’t require a work permit or visa. Should you wish to take up residency, ‘permesso di soggimomo’, this can be normally attained quite easily providing you can prove that you will not reply on gaining employment in Italy.

Although the Italian legal system has incorporated a more uniform approach, it would advisable to retain the services of an English speaking lawyer. Apart from the legal issues, Italy has a complicated tax system, which varies from region to region, according to the requirements of the local town council. Advice must be taken regarding the amount of tax that may be payable, as this could effect any potential return on investment properties.