Q: I have a very limited budget but would still like to buy a property in Italy. I read that in certain regions you can get government support and save a lot of money on purchase or conveyance taxes.
A: Yes, there are several opportunities of investment with very limited budget. For instance, in Sicily there is a town called Salemi, which was the first capital of Italy (even if for one day only). Back in 1968 Salemi was hit by an earthquake and has been basically untouched since. The town’s mayor Vittorio Sgarbi (a former Italian Deputy Minister of Culture) in the past had advertised that there were approximately 3,000 houses on the market for sale for one euro. These properties were not being given to just anyone who had an extra euro. The mayor’s goal in doing this was to revive the town and make it a noted cultural destination. Therefore, potential purchasers were invited to submit a proposal describing the future use of the house and proposed renovation work. In 2010 The council approved the regulations to start assigning approximately 1,000 properties to some of the 10,000 applicants who had submitted a letter of interest.
Also, in certain areas of Italy, e.g., in Abruzzi, it is possible to purchase a property with application of 0% transfer taxes, instead of 10%. Buyers are not required to meet any peculiar requirement nor to undertake any formal commitment. The 0% benefit is granted right away on completion and there is no follow up burden of any nature. In these places it is not hard to be able to find houses for sale for less than EUR 500 per square meter.
Another currently common oportunity is to buy brand new Italian homes 50% off. Such properties are typically in very good conditions and offered to the market for a much reduced price as a consequence of the global financial crisis.
Should you like to contact our Italian attorneys, please click here.