These articles are your go-to resource for comprehensive advice on buying a home or moving to Italy, featuring general advice, engaging Q&A sessions with our former clients, and general advice.

Digital Nomads in Italy: A Short Guide

/in /by

In a world shaped by remote work and the digital nomad lifestyle, Italy has taken a pioneering step to adapt to this evolving labor trend. As part of the “Decreto Sostegni Ter” legislation, the decree of 29 February 2024, published in the ‘Gazzetta Ufficiale’ on April 4, 2024, represents a significant milestone in Italy’s efforts to regulate the influx of individuals from non-EU countries seeking opportunities as digital nomads in Italy.

Through collaboration between key ministries including the Ministry of Foreign Affairs, International Cooperation, Tourism, and Labor and Social Policies, the decree aims to provide clarity and structure in navigating the expansion of digital nomadism in Italy.

The decree aims to integrate digital nomads and remote workers into the Italian landscape while enhancing the nation’s competitiveness in the global job market. By establishing clear procedures and requirements, it simplifies the process for individuals eager to tap into Italy’s rich culture, quality of life and thriving business environment while working remotely.

Understanding the Categories: Defining Digital Nomads and Remote Workers

Distinguishing between two categories, namely “digital nomads” and “remote workers,” the decree acknowledges the diversity within the remote work sphere.

Digital nomads are self-employed, whereas remote workers maintain an employer relationship while operating outside traditional office setups.

Advantages of Italy’s Digital Nomad Visa

Extended Stay with Renewal Option: Enjoy a one-year residency in Italy, with the option to extend your stay.

Family: This visa permits you to bring your immediate family members with you.

Reliable Connectivity: Italy boasts reliable internet connections across most urban areas and even smaller towns, ensuring robust remote work opportunities.

Schengen Area Access: Holders of this visa can freely travel within the Schengen Area, granting visa-free access to other EU countries.

Unrestricted Permits: Italy’s Digital Nomad Visa isn’t bound by annual quotas typical of some work visas, potentially making it a more accessible choice.

Potential Residency Route: While not a direct pathway to permanent residency, this visa serves as an initial step towards establishing long-term roots in Italy.

Eligibility Criteria for Italy’s Digital Nomad Visa

To qualify for Italy’s Digital Nomad Visa, you must satisfy the following conditions:

Non-EU Citizenship: This visa is exclusively designed for individuals residing outside the European Union.

Highly Qualified Remote Worker: The program targets “highly qualified” remote workers. While official job criteria are yet to be released by Italian authorities, a diverse range of professions, including experienced tech professionals and online entrepreneurs, are likely eligible.

Remote Work Arrangement: Your work must be conducted remotely, whether for a company, clients, or your own business located outside of Italy.

Minimum Income Requirement: Applicants must demonstrate a monthly income surpassing €2,335, equivalent to approximately €28,000 annually. This criterion is based on a minimum threshold of three times the Italian national minimum wage.

Health Insurance Coverage: Comprehensive health insurance valid in Italy is a mandatory requirement.

Clean Criminal Record: Similar to most visa programs, applicants are required to present a clean criminal background check.

Italy’s Digital Nomad Visa
How to Apply for Italy’s Digital Nomad Visa:

Gather Required Documents

Before starting your application, ensure you have all necessary documents:

Valid Passport: Ensure your passport remains valid for at least three months beyond your intended stay in Italy and contains a minimum of two blank pages.

Passport-Sized Photos: Typically, provide two recent, color passport-sized photographs adhering to specific size and quality standards.

Proof of Employment: Present either contracts with clients outside of Italy demonstrating ongoing work or a letter from your employer (registered outside of Italy) verifying your remote work status.

Proof of Income: Furnish bank statements, tax returns, or other documentation demonstrating compliance with Italy’s minimum income requirement, approximately €28,000 annually.

Health Insurance: Secure comprehensive health insurance coverage valid in Italy for the duration of your stay.

Proof of Accommodation in Italy: Submit a rental agreement, hotel reservation, or equivalent documentation confirming suitable lodging arrangements within Italy.

Criminal Background Check: Provide a clean criminal record certificate from your home country or country of residence, as per the visa requirements.

Schedule a Visit to the Italian Consulate

Once you have gathered all your paperwork, schedule an in-person appointment at the nearest Italian consulate in your country of residence. During your visit, you’ll complete the official visa application, submit your documents, and pay the visa fee – typically around $125.

Await Approval

After submitting your application, anticipate a waiting period of several weeks to a few months to receive a response regarding your visa approval status.

Obtain Your Official Residence Permit

Upon visa approval, you have 8 days following your arrival in Italy to apply for a residence permit, known as a permesso di soggiorno. Obtain a “Yellow Kit” from any post office, complete the enclosed forms, and return the kit to the post office. They will manage the submission process to the appropriate authorities. Subsequently, authorities will schedule you for fingerprinting and other necessary checks to facilitate the issuance of your permit.

Cost of Italy’s Digital Nomad Visa

Italy's Digital Nomad Visa

The comprehensive cost of Italy’s Digital Nomad Visa is subject to further clarification by Italian authorities. However, here’s a breakdown relying on the currently available information:

Application Fee:

Anticipate a standard non-refundable application processing fee. While the exact fee for the Digital Nomad Visa is yet to be specified, it could align with other Italian visa application fees, typically around $125.

Residence Permit Fee:

Upon successful application, there may be an additional fee for the issuance of the residence permit itself.

Administrative Fees:

Factor in supplementary expenses for document translation, notarization, and potential postal charges associated with submitting your application.

Social Security and Tax Matters

Importantly, the decree also addresses the complexities of social security compliance for digital nomads in Italy. This aspect will depend either on bilateral social security agreements or adherence to Italian legislation, contingent upon existing agreements between Italy and the nomad’s country of origin.

Furthermore, upon obtaining a residence permit, digital nomads will receive an Italian tax code and must apply for a VAT number. The Revenue Agency and local police headquarters (Questura) will oversee adherence to Italian tax regulations.

Seizing the Moment: Your Path to Professional Fulfillment

Digital nomad in ItalyItaly’s proactive approach to embracing digital nomads underscores its commitment to fostering innovation and inclusivity in the contemporary workforce. By providing a clear framework for entry and stay, the decree not only attracts top talent but also nurtures a dynamic ecosystem conducive to professional growth and cultural exchange among digital nomads in Italy.

As Italy solidifies its position as a global hub for digital nomads, the Decree of 29 February 2024 epitomizes its forward-thinking strategy in navigating the complexities of the digital age. With its fusion of tradition and innovation, Italy beckons those seeking professional fulfillment amidst the splendor of its timeless landscapes and hospitable communities, offering an ideal setting for digital nomads in Italy.

Finally …

If you’re considering Italy as your digital nomad destination or require expert guidance on navigating Italian bureaucracy as digital nomads in Italy, don’t hesitate to schedule a free consultation with one of our legal experts at De Tullio Law Firm. From securing residence permits to navigating tax regulations, our team offers comprehensive support at every stage of your journey.

Canadian Investors: Italian Real Estate 2024

/in , , , /by

Against the backdrop of Canada’s prolongation of its ban on foreign involvement in its real estate market, this blog post serves as an update on previous discussions, offering insights into recent developments. We aim to provide Canadian investors with an understanding of shifts in Canadian property law and explore potential investment opportunities in Italian real estate.

Canada’s recent decision to extend the Foreign Property Purchase Restriction Act (FPPRA) for an additional two years has reignited debates. Questions arise regarding the ban’s effectiveness in alleviating housing shortages and its impact on housing affordability for Canadians.

Furthermore, this decision has sparked conversations about investment prospects. Economists and real estate agents contend that foreign ownership has not been the primary driver of demand in Canada. Official data indicates a drop in foreign ownership of homes in Canada, to just 1% from 2 to 3% in 2021, according to Statistics Canada.

Foreign buyers have been implicated in driving up property prices in countries like Australia, the UK, and New Zealand. However, only Canada has taken as firm a stance in banning foreign ownership.

For Canadian investors eyeing real estate opportunities abroad, including Italy, the landscape presents questions. For example, can Canadian investors still pursue real estate investments amidst these regulatory changes?

The Impact of Italian Property Investment Laws on Canadian Investors

Because of Canada’s FPPRA, Canadian investors exploring the Italian real estate market face reciprocal arrangements in Italy.

However, an amendment to the FPPRA in 2023 offers an exemption, unlocking investment opportunities for Canadian investors exploring the Italian real estate market.

The FPPRA Amendment

An amendment introduced on March 27th, 2023, to Canada’s FPPRA, marked a significant shift in reciprocal property investment regulations.

This pivotal amendment exempts certain properties from purchase restrictions in Canada. In particular, those located outside Census Agglomerations or Census Metropolitan areas.

Unlocking Potential for Canadian Investors in Italian Real Estate

Canadian investors exploring Italian real estateWith the aforementioned exemption under the FPPRA, Canadian investors exploring Italian real estate can now seize promising prospects.

Italian properties located in areas with fewer than 10,000 inhabitants have now become accessible to Canadian buyers.
This legal change creates opportunities for Canadian investors exploring Italian real estate markets.

While the FPPRA exemption presents opportunities, due diligence remains paramount for Canadian investors venturing into Italian real estate. Verifying property eligibility through legal professionals will ensure compliance with regulations and mitigate risks.

Finally …

As Canada navigates its real estate policies, Canadian investors exploring Italian real estate have an opportunity to broaden their investment portfolios. With legal exemptions facilitating access to properties in Italy, prudent due diligence and legal guidance are essential for a successful investment venture.

At De Tullio Law Firm, 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 looking to buy 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.

 

Click here to read the news release from Department of Finance Canada

 

2024 Italian Real Estate Trends

/in , , /by

As we usher in spring, 2024 Italian real estate trends are subtly complex, painted predominantly in shades of gray. The outlook for the Italian residential housing market spans from relative stability to a slight downturn. However, uncertainties cast a shadow, intertwined with the fluctuating cost of borrowing, as highlighted in a survey by the Corriere della Sera.

The Gray Dominance: Unveiling 2024 Italian Real Estate Trends

Gray, as the dominant color in the residential market of 2024, sets the stage for a year of potential shifts. While some anticipate stability, others predict a gentle downturn. The pivotal factor here is the trajectory of the cost of money, introducing an element of unpredictability. If interest rates decrease, the consensus is not an immediate surge in sales, but rather a certainty that both sales and prices will respond if the cost of money remains static or banks tighten credit access.

Scenari Immobiliari’s Perspective

For a comprehensive understanding, Corriere della Sera sought insights from renowned real estate research firms. Scenari Immobiliari’s President, Mario Breglia, characterizes 2024 as a “year of transition.” He points out that while inflation is decreasing and economic uncertainty is subsiding, shadows persist due to the potential decline in mortgage demand amid reduced incomes. Breglia suggests that families, in response, might choose to defer property purchases until economic conditions improve.

Nomisma’s Analysis

Nomisma’s three-year forecast paints a cautious picture. While a slight recovery in property transactions is projected for 2026, 2024 could witness a substantial decline of 8.8%. The institute’s CEO, Luca Dondi, emphasizes the significance of credit access and the potential impact of a more expansive ECB policy in the coming months.

Market Trends and Predictions for 2024 Italian Real Estate

As we delve deeper into projections, a nuanced narrative unfolds. Nomisma foresees a 17.4% decrease in mortgage disbursements for 2024, coupled with a 6.8% decline in the following year. Price variations in large cities are expected to hover around +0.6%, with Milan leading at +1.4%, and the capital, Rome, at +0.6%. Despite these figures, the overall market sentiment remains cautious, with optimism tentatively deferred to 2025.

The Role of Financing in 2024 Italian Real Estate Trends: MutuiOnline.it’s Perspective

MutuiOnline.it injects a note of optimism, particularly in the financing realm. Alessio Santarelli, the platform’s DG, highlights the divergence between the ECB and the Fed’s approaches to interest rates. He suggests that this prolonged discrepancy may become untenable. However, Santarelli points to the potential for optimism, as Euribor futures indicate a decrease in variable-rate mortgages by approximately 170 basis points by year-end, potentially revitalizing the market for young buyers and those seeking larger homes.

Interpreting the Market Dynamics: Gabetti’s Take on 2024 Italian Real Estate Trends

Gabetti’s CEO, Roberto Busso, envisions a more favorable financial leverage perspective if inflation continues to decline. Nevertheless, he underscores the importance of understanding the evolving demand for a new housing model. Furthermore, Busso suggests that this model may not necessarily involve property ownership, signaling potential shifts in housing preferences.

Considering Societal Changes: Fiaip’s Perspective on 2024 Italian Real Estate Trends

Francesco La Commare, head of the Fiaip study office, highlights the evolving dynamics spurred by diminishing job security. Consequently, this shift has resulted in increased mobility and a growing demand for rentals outside major cities. Importantly, he emphasizes the crucial need for legislative responses to ensure secure leasing options for property owners in this changing landscape.

Forecasting Rental Trends: Tecnocasa’s Insights on 2024 Italian Real Estate Trends

Tecnocasa’s Fabiana Megliola anticipates a growth in rentals due to strong demand. However, she points out that the lack of supply, coupled with a resurgence in short-term rentals, may lead to an unsustainable increase in rents. The future trajectory, she suggests, depends on economic evolution, projected weak growth, inflation trends, and the confidence of businesses and consumers.

Finally …

In a market characterized by uncertainty, navigating the complexities of Italian real estate in 2024 requires careful consideration. If you’re contemplating property acquisition in Italy this year, consider consulting with De Tullio Law Firm. As experts in legal matters related to Italian property, we are right beside you to guide you through the intricacies, ensuring a safe, smooth and informed decision-making process. Get in touch with us for a free preliminary call.

Easter in Italy: Traditions and Celebrations

/in /by

Easter, or “Pasqua” as the Italians say, is a celebration that fills Italy with the joy of starting anew and coming together as a community. Because this significant holiday has deep historical roots, it is a fundamental part of Italian culture. Moreover, it offers an excellent opportunity to reflect on the new beginnings that spring brings as well as the strong bonds we share. As Italy comes alive with the green beauty of spring, let’s look into various traditions, family gatherings, and what makes Easter special here.

The Origins of Easter in Italy

Easter in Italy dates back to ancient times but is most intricately linked to Christian beliefs, symbolizing the resurrection of Jesus Christ. This sacred time culminates on Easter Sunday, with religious ceremonies and people from all walks of life coming together. From the Pope leading a grand service in Rome to intimate gatherings at churches in the countryside, Easter is a time to deeply reflect on faith and togetherness. This cherished tradition has endured for centuries, fostering a sense of unity and spiritual connection among Italians.

Eating and Togetherness at Easter

Easter in ItalyEaster Sunday in Italy also means gathering around tables filled with local dishes, from tasty lamb to artichokes, and the traditional Easter bread such as the sweet, dove-shaped “colomba”. This meal, following a period of fasting and reflection during Lent, brings forth the happy spirit of Easter, highlighting how important family and ancient traditions are in Italian life.

 

Easter Eggs: Signs of New Beginnings

Easter eggs, symbols of new life and new beginnings, are a beloved part of Easter in Italy. Besides the excitement of finding surprises inside chocolate eggs, some places in Italy make the holiday more fun with egg-breaking games, adding a playful touch to Easter traditions.

Parades and Welcoming Spring

Easter in ItalyEaster in Italy is characterized by parades and processions that tell the story of Christ, especially in the south, adding drama to the celebrations. The following day, known as Easter Monday or “Pasquetta,” Italians go out to enjoy the spring weather with picnics and walks, strengthening the sense of community and the joy of the season.

Exploring Italy at Easter

Easter is the perfect time to see the beauty of Italy as it transforms into a spectacle of colors and life. The mild spring weather is inviting and allows visitors to immerse themselves in Holy Week events, from solemn processions to lively markets, for a complete experience of Italy’s culture and spiritual history.

Since Easter is a popular holiday among locals and visitors alike, it’s a good idea to plan your trip in advance. This way, you can fully experience Italian Easter traditions and the beauty of spring, treating yourself to a journey rich in cultural discoveries and the natural charm of Italy at this time of year.

Easter in Italy: A Mix of Traditions

Easter in Italy is more than just a religious event; it’s a moment that brings people together, celebrating new beginnings, family, and the lasting joys of life. From quiet moments to festive ones, Easter traditions throughout Italy show us the heart of a country that values its cultural history and the bonds between people.

Finally …

As Easter 2024 approaches, we at De Tullio Law Firm extend our warmest wishes for a season filled with reflection, happiness, and the warmth of being together.

If the joys of Italian spring have inspired you to consider purchasing property in this breathtaking country, we are here to help. With our tailored legal services, we can help you navigate the complexities of property transactions in Italy. From contract drafting and negotiations, you can trust our expertise. We are right beside you to guide you every step of the way. Why not get in touch with us for a free preliminary consultation?

Happy Easter from De Tullio Law Firm!

Easter in Italy

Italian Golden Visa: Unlocking Opportunities

/in , , , , /by

Dreaming of a life in Italy? The Italian Investor Visa, also known as the Golden Visa is an interesting solution for non-EU citizens who choose to invest in strategic assets that benefit Italian economy and society.

In this blog post we explore eligibility, investment options, and the application process. To discuss your situation and eligibility, get in touch for a free consultation.

What is the Italian Golden Visa?

The 2017 Budget Law introduced the Italian Golden Visa. It allows foreign investors residency in Italy for 2-5 years as well as travel within Schengen countries. This initiative bolsters Italy’s economy and visa system, offering a gateway to long-term investments.

Requirements for the Golden Visa in Italy

To apply, non-EU citizens must:

– Be 18+ or a legal entity’s representative.
– Meet investment thresholds.
– Provide an Anti-Money Laundering Declaration.
– Demonstrate financial stability.

Eligibility of Family Members

Family members can obtain visas and residence permits, fostering family reunification or cohesion.

Types of Golden Visa Investments

Options include government securities, company shares, or philanthropic donations, each with specific investment criteria.

Italian law outlines the eligible investment options for the investor visa application as follows:

– Securities issued by the Italian government: Requires a minimum investment of €2,000,000.00, which must be held for at least 2 years.
– Stocks or shares of an existing capital company operating in Italy: Involves a minimum investment of €500,000.00, to be held for at least 2 years. However, if investing in an existing innovative Italian startup, the amount is reduced to €250,000.00.
– Philanthropic donation to an Italian non-profit organization: Supporting public interest projects in sectors such as culture, research, migration management, or restoration of natural/artistic resources requires a donation of at least €1,000,000.00.

Additionally:
– The applicant must demonstrate ownership and be the beneficial owner of at least €2,000,000.00 (in the case of securities) or €1,000,000.00 (for shares/stocks or philanthropic donations), which must be available and transferable to Italy.
– A written declaration committing to using the funds for eligible investments or donations within three months of entry into Italy is required.
– Sufficient resources, beyond the investment funds, must be demonstrated to cover the applicant’s living expenses during their stay in Italy, exceeding the minimum level for exemption from healthcare expenditure as per the law.

Anti-Money Laundering Declaration

Only single investments are permitted, with funds verified for legitimate origins.

Transferring Funds and Nationality Considerations

Transferring funds to Italian banks may ease the application process. Nationality doesn’t directly affect eligibility, but origins of funds may trigger scrutiny.

Additional Considerations and Investment Types

Ensure compliance with Italian law when choosing investments, whether in companies or bonds.

How to Obtain the Golden Visa in Italy

The Investor Visa falls outside the annual entry quotas set by the Italian Government, allowing applications at any time without quota restrictions.

The initial step involves applying for a Nulla Osta, available through the Ministry of Economic Development’s online portal. The application requires submission of:

– Personal details
– Passport copy
– Applicant’s CV
– Investment type indication
– Evidence of investment ownership
– Clean criminal record confirmation
– Investment description and recipient consent attestation

Following a preliminary review by the Committee’s Secretariat, the application undergoes evaluation, with the Committee typically issuing the Nulla Osta within thirty days.

Subsequently, applicants have six months to visit an Italian diplomatic mission in their home country to finalize the investor visa application. Entry into Italy is permissible within two years of visa issuance.

The investor visa grants a two-year validity period in Italy. Upon arrival, applicants must apply for a residence permit for investors at the Questura within eight days. This permit remains valid for two years from the date of entry into Italy.

Issuance and Maintenance of Residence Permit

Investors must fulfill investment commitments and maintain original investments for permit validity. Renewals and citizenship opportunities follow.

Incentives for Investments in Italy

Tax incentives and work permit options enhance the allure of Italian residency for investors and their families.

Special Italian Tax Regimes

Impatriates Regime

Designed for employees and self-employed individuals relocating their tax residency to Italy for work. Income from dependent work or self-employment in Italy is taxed at 30% for 5 years, or 10% in Southern Italy. The regime can extend for 5 more years under specific conditions, with 50% of income taxable during this period.

New Tax Regime for Resident Pensioners

Non-resident pensioners in Italy receiving foreign pensions can opt for a 7% flat tax on foreign source income if they meet certain criteria and reside in qualifying municipalities.

Special Tax Regime for High Net Worth Individuals

Available to those not tax residents in Italy for 9 out of 10 years preceding their transfer. Exempts them from applying a substitute tax to foreign income.

Italian Tax Incentives for Foreign Professors and Researchers

Offers a 90% reduction in taxable income for researchers and professors, with durations of 8, 11, or 13 years, contingent upon residency in Italy.

Finally …

To navigate the complexities of the Italian Golden Visa, expert legal counsel is essential. With over five decades of experience, De Tullio Law Firm is your trusted partner, offering personalized advice to international investors. Specializing in real estate, residency, family law, and inheritance matters, we ensure pragmatic solutions tailored to your needs. If you’re considering investment in Italian real estate, contact us today. We’re dedicated to guiding you through every step of the process with confidence and clarity.

Buying A House in Puglia: A Guide

/in , , /by

If you are thinking of buying a house in the Italian region of Puglia, you’ve come to the right place. In this guide, we’ll uncover the unique charm of this hidden gem. We’ll also provide insights into its real estate market and look at the property purchasing process.

Buying A House in Puglia: Coastal Beauty and Inland Bounty

Puglia, the heel of Italy, boasts an 800-kilometer coastline along the Adriatic and Ionian Seas. From charming fishing villages to lively coastal towns, Puglia’s shores offer cliffs, golden beaches, and secluded coves.

Venturing inland, the landscape transforms into a tapestry of olive groves, vineyards, and fertile plains. Renowned for olive oil production, Puglia is a leading Italian producer. The Valle d’Itria, with rolling hills adorned by iconic trulli, adds enchantment to the terrain.

The Murge Plateau, a vast limestone highland, commands the central area of the region. In addition to its visual diversity, the Murge Plateau serves as a vital agricultural hub.

Beyond nature’s gifts, Puglia is steeped in rich historical and cultural heritage, with ancient cities like Bari, Brindisi, Taranto, and Lecce standing as testament to the region’s past.

For anyone considering buying a house in Puglia, the affordability of housing and cost of living in Puglia compared to some northern regions of Italy makes it an attractive destination. Puglia offers a high quality of life as well as a unique and inviting atmosphere.

Provinces from North to South Add Layers to Puglia’s Charm

Foggia:

Known for its expansive plains, Foggia is an agricultural heartland, featuring towns like Lucera and Troia, blending historical heritage with rural charm.

Barletta-Andria-Trani:

Formed by three historic cities, this province combines cultural richness with architectural splendor, featuring sites like the Colossus of Barletta and Castel del Monte.

Bari:

Bari, the regional capital, is both an economic hub and a cultural center, featuring historic landmarks like the Basilica di San Nicola and the Swabian Castle.

Brindisi:

This province, with its Adriatic coastal location, is rich in maritime history, offering ancient ruins and pristine beaches in towns like Polignano a Mare.

Taranto:

Situated on the instep of Italy’s boot, Taranto boasts ancient Greek ruins and a vibrant waterfront, serving as a gateway to both the Ionian and Adriatic coasts.

Lecce:

Lecce showcases distinctive Baroque architecture, earning it the title “Florence of the South,” while the Salento Peninsula offers sun-soaked beaches.

The Real Estate Market in Puglia

If you are thinking of buying a house in Puglia, let’s explore the diverse range of properties that make the region a strong investment opportunity.

The significance of location cannot be overstated in the Puglia real estate market. Because Puglia is a peninsula, you are never far from the sea. Towns such as Martina Franca, Ostuni and Ceglie Messapica particularly popular for their proximity to the coast. They are also clsose to international airports of Brindisi and Bari. Puglia’s accessibility, combined with a Mediterranean climate, makes it an attractive destination for both residents and tourists.

The real estate market in Puglia is thriving.  Prices are generally lower compared to northern Italy. With its slower, sunnier lifestyle, and the potential return on investment from the vibrant tourism sector, Puglia attracts buyers worldwide. Homes from Polignano a Mare to Santa Maria di Leuca generate significant interest, emphasizing the enduring appeal of Puglia’s architecture and coastal views.

The Range of Real Estate in Puglia

Puglia offers a diverse range of properties. In addition to traditional houses and villas, you will find farmhouses, known as masserie, and iconic trulli with conical roofs. Moreover, the region’s homes often boast breathtaking views of the countryside and/or the sea.

Whether you are in search of a ready-to-live-in house in Brindisi or a trullo in the Valle d’Itria for renovation, Puglia can accommodate every preference and budget. Properties in Brindisi start from around 70 – 80,000 euros. A trullo, in need of renovation, can be purchased for about 50,000 euros. Additionally, the region boasts opulent luxury homes, attracting savvy investors seeking promising returns.

The Process of Buying a House in Puglia

To navigate buying a house in Puglia safely and smoothly, it’s important to understand the main steps of purchasing property in Italy:

  1. The Reservation Offer (Proposta irrevocabile d’acquisto): Once you have identified a property you wish to purchase, you’ll need to submit a purchase offer. Before doing so, it is crucial to carefully study the property’s documentation. In particular, you need to ensure compliance with cadastral, urban planning, energy performance, and tax requirements. Protect your interests by consulting with a specialized lawyer who can review and draft your offer.
  2. The Preliminary Contract (Contratto preliminare di vendita): Upon acceptance of your offer, the next step is to negotiate and establish a sales agreement with the seller. This agreement will outline the terms of the transaction, including the price, payment terms, and any other relevant details necessary for a successful deal.
  3. The Deed of Sale (Atto di vendita): The last stage involves signing the final deed of sale. This legally transfers ownership from the seller to you as the buyer. It is important to note that Italian law requires non-Italian-speaking foreign buyers to hire an interpreter during the signing process. Again, working with a bilingual lawyer can provide significant cost savings as they can act as both a legal advisor and interpreter.

Finally…

Buying a house in Puglia can be a rewarding investment, but it requires careful consideration and adherence to legal procedures. With over 55 years of experience throughout Italy, De Tullio Law Firm can assist you every step of the way. Our team of specialized lawyers can provide expert advice, ensuring a secure and legally sound investment. In addition, we can help you with residence, inheritance and tax matters. Contact us today to start your journey towards owning a house in the captivating region of Puglia.

Buying a House in Tuscany: A Guide

/in , , /by

If you’re considering buying a house in the beautiful region of Tuscany, you’ve come to the right place. At De Tullio Law Firm, we specialize in real estate transactions throughout Italy. We’re here to provide you with valuable information and guidance. In this comprehensive guide, we’ll walk you through the process of buying a house in Tuscany. Additionally, we highlight important considerations and precautions to ensure a smooth and secure investment.

Exploring the Tuscan Real Estate Market

The Tuscan real estate market continues to be highly attractive, offering opportunities for both first-time homeowners and investors. While there was a slight slowdown in transactions during the second half of 2022, overall, the market values in Tuscany have remained positive, indicating stability and potential for growth. In addition, the market has witnessed a shift in buyer preferences, with increasing interest in Tuscan villas that provide a better quality of life, including dedicated workspaces and outdoor areas like terraces or gardens.

The Process of Buying a House in Tuscany

To navigate the buying process effectively, it’s important to understand the main steps involved in acquiring a property in Tuscany:

1. The Reservation Offer (Proposta irrevocabile d’acquisto) : Once you have identified a property you wish to purchase, you’ll need to formalize your desire by submitting a purchase offer. Before doing so, it is crucial to carefully study the property’s documentation, ensuring its compliance with cadastral, urban planning, energy performance, and tax requirements. Consulting with a specialized lawyer who can review and draft the offer is highly recommended to protect your interests.

2. The Preliminary Contract (Contratto preliminare di vendita) : Upon acceptance of your offer, the next step is to negotiate and establish a sales agreement with the seller. This agreement will outline the terms of the transaction, including the price, payment terms, and any other relevant details necessary for a successful deal.

3. The Deed of Sale (Atto di vendita) : The last stage involves signing the final deed of sale, which legally transfers ownership from the seller to you as the buyer. It is important to note that Italian law requires non-Italian-speaking foreign buyers to hire an interpreter during the signing process. Working with a bilingual lawyer can provide significant cost savings as they can act as both a legal advisor and interpreter.

Precautions When Buying a House in Tuscany

While the Tuscan real estate market offers great opportunities, it is essential to be aware of potential risks and take necessary precautions. Here are two key considerations:

1. Deruralization of Properties: Many properties in Tuscany are located in agricultural areas, which may require deruralization before legally inhabiting them. Deruralization involves meeting tax and urban planning requirements, which can incur additional costs. Understanding the implications and expenses associated with deruralization is crucial before proceeding with a purchase.

2. Urban Planning Regulations: Tuscany boasts rich cultural and historical significance, coupled with seismic risks. This results in strict regulations for construction and renovation projects. Before buying a property, it is important to thoroughly check the urban planning guidelines in the area. This will ensure your intended projects align with the regulations.

Finally..

Buying a house in Tuscany can be a rewarding investment, but it requires careful consideration and adherence to legal procedures. With over 55 years of experience throughout Italy, De Tullio Law Firm can assist you every step of the way. Our team of specialized lawyers can provide expert advice, ensuring a secure and legally sound investment. Contact us today to start your journey towards owning a house in the captivating region of Tuscany.

Work from Ollolai for a monthly rent of €1

/in /by

In the heart of Sardinia, a village is reimagining the concept of remote work. The picturesque village of Ollolai, in the hilly Barbagia area of Sardinia, is pioneering a new initiative. Work from Ollolai (WFO), provides individuals with the extraordinary opportunity to both live and work in Ollolai for the symbolic monthly rent of just €1.

Over the past century, Ollolai’s population has significantly decreased, dwindling from 2,250 to 1,300 residents. The village, which famously counts Arnold Schwarzenegger among its honorary citizens, sees only a handful of babies born each year.

In 2018, Ollolai followed a trend seen in many Italian towns by selling homes for the price of 1 euro to revitalize its historic district. This initiative aimed to breathe new life into the area as well as attract residents.

WFO elevates this revival. In addition, the concept aims to foster cultural exchange in a way that promises to inspire, inform, and unite communities.

A Unique Experience: Tradition Meets Innovation

Sardinia, with its serene beauty, seems to slow time itself, allowing tradition and nature to harmonize. Ollolai is the embodiment of this unique blend, where simplicity and innovation intersect.

Now, through its WFO, the village extends a warm invitation to professionals and entrepreneurs from across the globe, beckoning them to become part of its vibrant community.

Work from Ollolai: Enriching Lives

This initiative encourages participants to contribute through lectures, presentations, or projects. Experienced professionals, artists, writers, scientists, and academics can all play a role in enriching the local culture.

Cultural Exchange

Work from Ollolai goes beyond work; it’s about forging enduring connections and embracing a lifestyle rooted in community. Participants receive the gift of a distinctive cultural experience while imparting their knowledge.

Work from Ollolai: Practical Details

Under the WFO initiative, Ollolai’s town hall has allocated 20,000 euros (approximately $21,460) to host 30 remote workers from around the world, providing them with free stays in the village, one at a time, over the next two years.

Online applications for this unique opportunity are open until 31st December, 2023.

The selected participants can reside in Ollolai for up to three months at a time. This is in line with the legal maximum stay duration for non-EU nationals in Italy without a visa.

Accommodations provided consist of private houses. However, it’s important to note that these are authentic homes, not Airbnb properties or hotels.

Despite the symbolic monthly rent for the house being €1, guests are responsible for additional expenses, encompassing food, utilities, deposits, and travel.

Moreover, guests can access high-speed internet via e-SIM cards on their phones, making use of any Italian mobile network provider, thereby ensuring speeds of approximately 150Mb/s.

A Life-Changing Journey

Work from Ollolai is an opportunity to shape a community, and, in return, have your life transformed. In this remarkable village, tradition and innovation converge, while shared wisdom and cultural immersion enrich lives. It’s not just a program; instead, it’s an unforgettable journey that you won’t want to miss.

Finally …

At De Tullio Law Firm, we have been delivering exceptional legal services for over 55 years, serving clients both internationally and locally. Our commitment to quality, expertise, and professionalism has earned us an enviable reputation.

If you are interested in moving to Italy or buying an Italian property, we recommend you seek independent legal advice before committing yourself. We are here to help, please get in touch.

Canadian Investors in Italian Real Estate 2023

/in , , , /by

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.

Ferragosto in Italy: A Time of Celebration

/in /by

Ferragosto in Italy is a time of joyous festivities and a well-deserved break from the daily grind. This cherished holiday, deeply rooted in history, has become an integral part of Italian culture. As the country gears up to celebrate Ferragosto, let’s explore the traditions, closures of public offices, and how this holiday impacts services, including cross-border property transactions and inheritance matters in Italy.

A Brief History of Ferragosto

Ferragosto traces its roots back to ancient Rome when the Emperor Augustus established a festival called “Feriae Augusti” in 18 BC. The event was celebrated to honor the gods and allowed the hardworking citizens to take a much-needed break from their daily toils during the hot summer months. Over the centuries, the festival evolved and became linked to the Catholic holiday of the Assumption of Mary, which falls on August 15th.

Celebrations and Traditions

In modern times, Ferragosto is a time of merriment, relaxation, and togetherness for Italians. Families and friends gather to enjoy sumptuous feasts filled with traditional dishes which often vary across different regions. Many towns and cities organize lively parades, music festivals, and firework displays to mark the occasion. Beaches, parks, and public spaces are filled with laughter and cheer as people take advantage of the warm weather and spend time outdoors.

Public Offices and Services

During the Ferragosto period, which typically extends from the 15th of August (the day of Ferragosto) to the end of the month, Italy adopts a more laid-back approach to work. Many public offices, including government agencies and local municipalities, close their doors for a week or even two. The Italian culture deeply ingrains this custom, passing it down through generations, reflecting the importance of taking time off to recharge and enjoy life’s pleasures.

August: Italy’s Main Holiday Season

It’s important to note that Ferragosto is not an isolated event but part of a broader tradition in Italy. Italians generally consider August as the main holiday season. As the weather reaches its peak, most of the country takes advantage of the opportunity to go on vacation. Whether it’s a trip to the picturesque Italian countryside, a coastal retreat along the Amalfi coast, or exploring the historical treasures of Rome, many Italians use this time to escape the bustling cities and embrace a slower pace of life.

Impact on Property Transactions and Inheritance Matters

For those dealing with cross-border property transactions or inheritance matters in Italy, it’s crucial to be mindful of the Ferragosto holiday and the overall August slowdown. Public services, including government offices and legal institutions, might experience reduced operating hours or complete closures during this period. As a result, there may be delays in processing paperwork, obtaining necessary documents, or receiving responses to inquiries.

 

Happy Ferragosto from De Tullio Law Firm.