Posts Tagged Italy

The Undiscovered Allure Of Italy’s Lake Iseo

The better-known Lakes Maggiore, Como and Garda draw the Hollywood stars and make the headlines. But growing numbers of property in Italy investors have instead discovered the delights of the peaceful banks of nearby Lake Iseo, almost unheard of outside Italy but one that is no less enchanting than the area’s more popular waters. Iseo features equally attractive real estate opportunites, in particular those that have breathtaking views overlooking the lake’s banks. But they are much cheaper, with prices scarcely 50% of what you would face in Lake Garda, just over 30km away. Typically, around Euro 210,000 should pay for a three bedroom property near the lake, while from just $135,000 you can land a two bedroom flat with lake view and garden or terrace.

In addition there are four airports lying within an 80-minute drive – Milan’s Malpensa and Linate, Bergamo’s Orio Al Serio (sometimes called Milan Bergamo) and a fourth in Brescia. A clear pointer to the growing attraction of Lake Iseo can be observed in the gradually rising number of cars displaying Dutch, Belgian, French and German number plates on Iseo’s charming streets and avenues in the holiday season.

Stef Russo, director at Italian real estate finders The Property Organiser, said: “We’re urging our clients who are mulling over lakes such as Maggiore, Como and Garda to certainly consider Iseo. It’s an area that is relatively unknown, unaffected by mass tourism and within easy reach of a clutch of airports as well as the Swiss border. We believe the real estate market here can only rise in the next few years.”

To back up the point, real estate prices across Italy’s lakes went down by more than 4% – reaching nearly 9% in some towns overlooking Lake Maggiore, a report last year by real estate group Tecnocasa revealed. Lake Iseo weathered the storm best, showing a much more modest 1.8% decline.

Lake Iseo is between Lakes Como and Garda and a few kilometres north of Brescia and Bergamo. Milan is around 85km south-west, or an hour by train and an hour and a half by car.

It is Italy’s seventh largest lake, some 24km by 5km , runs north to south and is overlooked by mountains. It is the perfect spot for people who like to swim, dive, sail, windsurf, water-ski or fish.

Lake Iseo also has Mount Isola, with around 2,000 inhabitants. The two-mile isle is linked to the shore by regular ferry services. With practically no cars, the isle has an oasis-like calm and is perfect to be explored by walking or cycling, in particular the paths to a church at the top of the island. The island has a thriving net-making industry, which started with fishermen’s nets but later expanded to include hammocks and tennis and volleyball nets.

Back on the lake’s shores, the most picturesque towns are on the eastern side, such as Iseo, Marone and Sulzano. Iseo is home to the greatest number of things to see, including an unfinished 900-year old church.

The surrounding countryside has several charming medieval buildings that can be found by exploring on foot, cycle or horseback. And in winter, the ski slopes of Montecampione are particularly popular. Be aware that with the Alps close by, some walking and cycling paths are somewhat steep.

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Tuscan Real Estate For Sale All You Have to Know About

There’s the entire notion of the process when it comes to purchase real estate in another country, becouse it is not so easy to do: rules, regulations, and procedures vary widely from country to country, which can become quite confusing to a first-time homebuyer. Additionally, for better or worse, Italy is known for its red tape and bureaucracy, which can make everything even more difficult.

The first step is to find a local expert that can guide you through the process. Make sure that this counsel (preferably with a background in the law) is beholden only to you, and will remain loyal throughout the process. There are various agencies operating throughout the area that can provide this kind of service. The last thing you want is a conflict of interest that could result in favoritism being shown towards the seller or the listing agent.

Discuss with this agent exactly what you’re looking for in a property. You should know ahead of time whether you’ll be renting it out primarily, or whether it will serve as a second home for your family. Having these goals in mind will determine the areas you look in, as well as the kinds of properties that best suit your needs.

The next move to make is a visit to the country to look at properties. Be objective, and don’t get too caught up in specific villas, homes, or farmhouses for sale in Tuscany. Above all, get some perspective by visiting a number of different properties; settling for the first place that catches your eye can be a recipe for disaster. Once you’ve seen a bunch of different real estate and have, after careful deliberation, settled on the perfect place for your family, it’s time for the more financial matters.

Place a deposit to secure the home, and then leave the remaining legal matters to your lawyer. He or she can advise you on the tax matters, as well as questions of contract law. The contract procedure can be completed by your attorney, as long as you have signed a power of attorney agreement that grants them the ability to act in your place.

At the end of the day the hassles will prove to be worth it. When the running around is over, you will be the proud new owner of a home in Tuscany, Italy, one of the most unique regions in all of the world.

Purchasing one of the many Tuscan properties for sale can be a start to a new, fulfilling life for you and your family. As long as you practice some due diligence and patience during the process, you can make it pain-free, and at the end of it, you’ll have a gorgeous new home to settle into in the heart of Tuscany. That’s something that you can’t put a price on.

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Ten Tips to Buy a Luxury House for Sale in Tuscany

Buying a house in another country can be an intimidating affair. There are language barriers to think about, and often words that mean one thing in English can mean something entirely different in the native tongue. That’s only one of the pitfalls you face. Below, we’ve listed ten tips for purchasing one of the prestigious properties for sale in Tuscany.

- Find a Lawyer You Can Trust: This one is crucial; you need to be absolutely certain that your lawyer is working on your behalf, and your behalf only. Many foreigners have been burned by dishonest agents, so perform due diligence when finding someone.

- Don’t Fall in Love at First Sight: There are thousands of historical Tuscan villas for sale; don’t immediately jump on the first one you see.

- Location: Like real estate the world over, prices vary greatly depending on where you look. Consider living a bit outside the city limits; you could save yourself a bundle and end up with a larger, more luxurious place.

- Talk to Your Accountant: There are certain tax implications that you may have to consider when purchasing a home outside of your native land. Talk to a tax professional to determine whether it is a good move financially.

- Buy to Own, Not to Rent: Many people bring in extra income by renting their home when they’re not living there. When you consider purchasing luxury property for sale in Tuscany, however, remember that it’s your home first and foremost, so think of yourself before potential visitors. A buy to let in Tuscany is a great investment, when done right.

- Don’t Forget Taxes: Taxes in Italy may be a good deal higher than the same taxes you would pay in your home country. Factor these prices in before settling on a property.

- Think About the Future: Look down the road when deciding on a property. Do you plan on doing a lot of work on your home, or would you rather have a house that you can move into right away? If it’s the former, check out some of the restoration villas in Tuscany: you might be able to find a steal that only requires a little tender loving care.

- Size Matters: How many bedrooms does your ideal home have? Will you be frequently entertaining visitors like family and friends? If so, consider purchasing a larger space.

- How Will You Get There?: One mistake that many first-time vacation home buyers make is a purchase far away from the airport. Remember that you’ll likely have to fly in and out… do you really want to live hours from the nearest major airport?

- Picture Daily Life: Living way out in the middle of nowhere seems romantic and quaint, but could become quite a hassle in everyday life. Is your new home near stores where you can buy food and other essentials? How far are you from a major population center with less frequently need but equally important goods?
These ten tips will help you find the perfect property in Tuscany, Italy.

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Inheritance Tax, And How To Avoid It

They say that two things are inevitable in life: death and taxes. We don\’t much care for thinking about either. Inheritance tax is the one tax we don\’t pay until we are dead, so perhaps understandably it\’s a subject way down our list of priorities. When pressed, most people express the hope that their families, rather than the state, will inherit their wealth when they die. Western governments vary considerably in the extent to which they accommodate this basic human desire. To a greater or lesser degree, death taxes are nearly everywhere viewed as a legitimate tool for promoting the objective of social equality. Karl Marx, Andrew Carnegie and John Maynard Keynes had this in common: they all favored high inheritance taxes. However, this view is by no means universal: with a little planning and a global perspective, there are steps that can be taken to avoid the tax altogether. Indeed, there is some truth in the old assertion that inheritance taxes are paid only by the poorly advised.

Most countries, with the exception of the UK and USA, tax the beneficiaries of a will, rather than the estate itself. International comparisons are difficult, but the following details are illuminating:

  • In the USA, a surviving spouse pays nothing. All other bequests above $1.5 US are subject to federal taxation at 45%, with additional local taxes pushing that figure above 50% in many states. When the current republican administration came into office in January 2001, the lower threshold was only $675,000: it has more than doubled in just 5 years. The USA now has the second-lowest inheritance taxes in the world.

  • In the UK, a surviving spouse again pays nothing. All other bequests above ?275,000 (?396,000 Euro or $483,000 US) are subject to taxation at 40%.
  • In Germany, inheritance tax is paid by the beneficiary: spouses pay 7% on legacies above ?307,000 Euro ($374,000 US), rising to 30% on legacies above ?25.9 Million Euro ($31.5 Million US) on a sliding scale. Non-spouse relatives pay 12% to 40%, and non-relatives pay 17% to 50% on legacies above ?307,000 Euro ($374,000 US), both rising on a similar sliding scale.
  • In France, as in Germany, inheritance tax is paid by the beneficiary. A surviving spouse pays 5% on legacies above ?76,000 Euro ($92,000 US), rising on a sliding scale to 40% on legacies above ?1.776 Million Euro ($2.162 Million US). Other relatives pay at similar rates but with a lower tax-free allowance, while non-relatives pay at up to 60% with an almost zero tax-free allowance.
  • In Spain, spouses have to pay 8.5% on legacies above ?16,000 Euro ($19,000 US), rising to 34% on legacies above ?800,00 Euro ($974,000 US). There is a partial-exemption system, but to benefit from it the beneficiary must keep any real estate asset at least 10 years. When the surviving spouse dies, inheritance tax has to be paid again – but this time on 100% rather than 50% of the assets. The Spanish tax system appears specifically designed to hit disproportionately all non-Spanish or second-home-owning beneficiaries.

    Sweden is an interesting case. Although inheritance tax has been abolished there, it now charges its residents a wealth tax of 1.5% of their assets above ?200,000 ($350,000 US) each year. This new wealth tax raises far more revenue than the old, abolished inheritance tax. There has in fact been a net loss to the Swedish taxpayers as a result of this reform.

  • The case of Italy, however, is the most interesting of all. Italian Inheritance and Gift Tax (Imposta sulle Donazioni e Successioni) was abolished in October 2001. As a result, there is now no inheritance tax whatsoever in Italy. Unlike the situation in Sweden, however, taxation was not increased in other areas to cancel out the inheritance tax saving: it is a genuine saving that applies to anyone domiciled in Italy, i.e. anyone not taxed by a foreign government.

    The Italian government introduced this measure for two reasons. Firstly, it realized that the value of the tax gathered was little more than the cost of the bureaucracy required to administer it. Secondly, Italy has traditionally been a big exporter of capital – but the current Italian administration believes that Italy\’s best interests are served by reversing that flow.

    Italy\’s efforts to attract capital into the country are almost guaranteed to be successful. Taking British buyers of overseas real estate as an example: when buying second homes abroad, 27% of them have in the past chosen Spain, 20% have opted for France, but only 1% have bought in Italy (source: British Office for National Statistics). However, when prospective British buyers were asked in a Barclays Bank survey where they intended to buy in the future, 30% said Spain, 14% said France – and 10% voted for Italy. Clearly, the stimulus provided by these beneficial fiscal changes is set to have a big effect on the Italian property market.

    One other thing is also clear, though. Italian real estate might just be the best investment choice you could make for your children.

    Gerald Smith is a technical consultant at Piedmont Properties, a real estate agency specializing in Italian vineyards. His website can be found at http://www.smithgcb.demon.co.uk

    Writen By : Gerald Smith

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