Italy is home to a number of ghost towns, known locally as “città fantasma”. These were once thriving communities but are now abandoned and left to the ravages of time.

These abandoned towns are not just relics of the past; they offer a unique and fascinating opportunity for tourists and potential investors alike.

The Allure of Abandoned Towns

Ghost towns are essentially open-air museums. They offer an immersive historical experience, providing insights into the architectural styles and cultural practices of bygone eras.

Moreover, for photographers, these towns are a dream, presenting endless opportunities to capture the haunting beauty of decay.

Especially for those with a sense of adventure, exploring these quiet, eerie streets can be a thrilling experience.

And for cultural heritage enthusiasts, visiting and investing in these towns supports efforts to preserve Italy’s rich history.

Ghost Towns Tourism in Italy: A New Trend

Tourism in Italy’s ghost towns is becoming increasingly popular, drawing over 1.5 million visitors annually. This surge in interest is driven by several factors.

First, there’s the allure of stepping into a place frozen in time, offering a stark contrast to the bustling modern world.

Secondly, the mystery and romance of abandoned towns captivate many, providing a unique and off-the-beaten-path travel experience.

Ghost towns such as Bussana Vecchia in Liguria, Pentedattilo in Calabria or Craco in Basilicata, attract tourists not only for their eerie beauty but also for the stories and legends that surround them.

The growing interest in sustainable and experiential travel also contributes to this trend, as travelers seek meaningful connections with history and culture.

Craco: the lost town

Among the ghost towns in Italy, Craco stands out because of its picturesque landscape.

On a guided tour along a secured itinerary, visitors can explore the ghost town of Craco. While some of the architecture still stands, much of the town is crumbling, making it too dangerous, and illegal, to visit unaccompanied.

From the town’s main street, one reaches the centre of the ghost town: on the way, one encounters several noble palaces around which the village expanded in the 15th century.

Looking out from a window of the bastion, you can admire endless meadows and the characteristic calanchi, deep furrows dug into the clay soil that make the landscape unique and evocative.

Because of its beauty, the ghost town of Craco has been included in the list of the World Monuments Found, a list of safeguarded monuments around the world.

Outside Craco’s city walls, you can admire one of the area’s religious heritages: the Franciscan convent with the Church of San Pietro Principe degli Apostoli, that dates back to 1630.

In conclusion, Craco is a true heritage of the Bel Paese, which, although abandoned, is worth maintaining and preserving as many others lost gems that characterised the italian landscape.

Property Investments in Italian Ghost Towns

Investing in properties in areas with ghost towns presents a unique opportunity to be part of a rich historical and cultural legacy.

With many of these areas boasting fewer than 10,000 inhabitants, they offer promising prospects accessible to Canadian investors.

For more details about updates to Canadian FPPRA rules, consult our resources.

However, investing in areas with abandoned towns carries inherent risks and complexities, demanding careful consideration and due diligence.

Understanding the reasons behind a town’s abandonment, assessing geological phenomena, conducting thorough property surveys and understanding legal ownership are some of the vital steps for informed decision-making and risk mitigation.

Finally …

At De Tullio Law Firm, our expertise lies in property, inheritance, residence and family law matters in Italy.

If you have any inquiries regarding purchasing a property anywhere in Italy, feel free to reach out to us. We are happy to provide you with a complimentary preliminary consultation.

Schedule your consultation. 

 

In terms of international property investment, Canadian investors in Italian real estate face a complex and evolving legal terrain. This blog post builds upon a previous discussion and explores recent developments in the legal framework that directly impacts Canadian investors.

We’ll shed light on a crucial exemption to the Foreign Property Purchase Restriction Act (FPPRA), which holds the potential to significantly shape investment opportunities in Italy.

The FPPRA: A New Era in Property Investment

On January 1st, 2023, the Foreign Property Purchase Restriction Act (FPPRA) ushered in a new era for Canadians interested in acquiring Italian property. This  legislation aims to address concerns regarding the concentration of foreign-owned properties in certain regions of Canada.

Under the FPPRA, which restricts property purchases by foreign nationals in specific Canadian areas, Canadians seeking property abroad, including in Italy, face reciprocal restrictions.

A Pivotal Amendment: March 27th, 2023

However, the landscape of property investment took an unexpected turn on March 27th, 2023, with the introduction of a crucial amendment to Canada’s FPPRA. This amendment, found in section 3, paragraph 1, of the FPPRA, introduced an exemption from the property purchase restriction.

The amendment explicitly carves out certain properties from the FPPRA’s restrictions thereby offering a glimmer of hope for investors. This exemption applies to properties located outside Census Agglomerations or Census Metropolitan areas in Canada.

Defining Census Agglomerations and Census Metropolitan Areas

It’s essential to understand the definitions of Census Agglomerations (CAs) and Census Metropolitan Areas (CMAs). A CMA or CA is formed by one or more adjacent municipalities centered on a population center, known as the core.

A CMA must have a total population of at least 100,000, with 50,000 or more residing in the core. On the other hand, a CA must have a core population of at least 10,000. Adjacent municipalities must show high integration with the core in the CMA or CA, assessed from past census data.

If the population of the core of a CA declines below 10,000, the CA is retired. However, once an area becomes a CMA, it remains so even if its total population falls below 100,000. This applies even if the core population dips below 50,000. Small population centers with a population count of less than 10,000 are called fringe. All areas inside the CMA or CA that are not population centers are classified as rural areas.

Unlocking Potential for Canadian Investors in Italian Real Estate

With this exemption in mind, the door for Canadian investors in Italian real estate has opened.

We submitted the issue to the competent unit at the Italian foreign ministry. They have verified and confirmed the exclusion from the investment restrictions of residential properties located outside Census Agglomeration or a Census Metropolitan area in Italy.

The amendment allows Canadians to buy Italian properties located in areas with under 10,000 inhabitants. It therefore signals a crucial legal change and offers exciting investment prospects in Italian real estate.

The Importance of Due Diligence for Canadian Investors in Italian Real Estate

While this exemption presents an attractive prospect, it’s vital to underscore the significance of due diligence. Verifying the eligibility of a property through a lawyer and a Notary Public is fundamental to ensuring compliance with the FPPRA. Italian legal professionals can provide the necessary assurance that the property falls within the exempted category.

Finally…

To successfully navigate the intricacies of international property investment, it’s imperative to have a profound understanding of relevant laws and regulations. With over five decades of experience, De Tullio Law Firm has been consistently delivering expert legal advice to international clients. Moreover, while we offer comprehensive legal services across all domains of Italian law, our particular emphasis is on real estate, residency, family law, and inheritance matters.

We take immense pride in providing top-tier legal services to our clients. Additionally, we have a strong reputation for delivering pragmatic and efficient solutions. If you are  exploring investment opportunities in Italian real estate, don’t hesitate to get in touch with us. We are right beside you, guiding you every step of the way.

 

You may also be seeking information about how to obtain an Elective Residence Visa for Italy or you might like to peruse our series of informational videos.