Call or email today for your full property health check.
How about a little Tuscan town house or a flat in pretty Umbrian market town then? Purchasing a property of this type is perfect for anyone who prefers to pop out for breakfast and take part in the lovely early morning bustle that is so very enjoyable and so typically Italian. Also, it isn’t a major drama if you forget to buy the milk/some chocolate/cigarettes/beer/wine/shoes. Well maybe not shoes, but it is nice to have the opportunity if you feel the need!
First of all we would like to wish you all best for 2019. Chances are it's going to be a challenging year in the property market but with preparation and motivation we hope it will be as productive as 2018 which, surprisingly, was Abode's best year yet.
That said, 2018 would have been even better if it had been possible to avoid some frustrating moments regarding inaccurate or missing permissions and authorisations for properties which appeared to be perfectly saleable. This is something we are keen to avoid in the future.
So, on the presumption that you are keen to sell your property this year, we strongly suggest you make sure the paperwork is in order and that all relevant permissions are in place. How do you do that? By contacting your technician, or finding a fresh, new technician if need be, and asking him or her to provide you with an overview of the existing paperwork and outline what needs to be done in order to make your property saleable. You may be under the impression that your house is in order (and we hope it is) but it's better to make sure now in order to avoid disappointment later. Regulations and laws are constantly changing and what was permissible even five years ago may not be today.
A property that is ready to sell on the day we enthusiastically take a excited buyer to see it potentially means that the contract can take place sooner and the sooner a contract takes place the better.
As 2017 comes to a close we would like to take the opportunity to wish you a VERY happy and peaceful holiday season from all of us here at Abode.
If you have not got enough to do just before Christmas, we thought you might be interested in the information below. Something for Boxing Day afternoon, with a cuppa.
Our 2017 roundup
Abode Srl continues its association with Savills and has invested substantially in a marketing campaign throughout 2017. We continue to market properties via the major UK portals (Rightmove, Primelocation and Zoopla) and our own multiple award winning website www.abodeitaly.com. We strive to keep our website the best in Italy and are presently investing in a new site (launching Feb 2018) to continue our dominance as the best property website for international purchasers. We actively collaborate with other agents who we believe have accreditation and the professionalism to warrant collaboration. With over 50 years of experience in international real estate you can rest assured that The Abode Team and Abode as a recognised trademark will continue to strive to find purchasers from the four corners of the globe. We are, as ever, extremely excited about the opportunities and outlook in 2018.
2017 market conditions
2017, as you know, has proved challenging. The impact of both Brexit and earthquakes in 2016 has halted the market somewhat. Prices are down 30% from their 2008 peak and only the properties with realistic asking prices are generating enquiries, with the market under €600,000 being the most buoyant. Surprisingly we have had an increase in transactions compared to 2016. The most in-demand locations are those close to towns. Pricing is absolutely paramount to a successful sale, so we ask you, with that cuppa in hand, to consider what is the price you are willing to accept? We have sold properties this year by reducing asking prices to their current market value and these houses have sold quickly. There is no point sitting on the fence in 2018. If you want to sell you must offer value.
Buyers are extremely risk adverse, seeking properties which require little or no work and which can provide not only the happiness in owning a property in Italy. but the confirmation that their decisions have been made with good judgement.
Almost all of our buyers favour historic properties, and those renovated to a high standard are most in demand. Views are very important, as is access to a town/amenities (under 15 minute drive being deemed as tolerable and walking distance being the most sought after). Often the requirement is for little or no white road coupled with a need for privacy, no road noise and close to a village. So an almost impossible brief with respect to the average holiday home in Italy.
Everybody who comes to Italy has a list. It is interesting that we find people’s ideas change on a property tour and what was originally the purchasing brief ends with a completely different purchase. We therefore are constantly changing direction and that is why you sometimes get calls at short notice. Sorry about that, we’re just doing our job. As an Italian property owner we are sure you once made a similar journey.
Rental Income is now an important factor for most buyers and we have an increase in requests by buyers to see proven rental history figures even prior to viewing a property. It is also common for buyers to request annual running costs. In June 2017, the Italian Government introduced a 21% tax on the income from short-term holiday rentals. The tax is paid by the letting agency or web portal (previously, owners had to declare it and be taxed as part of their income)*.
On average buyers are on our database for a minimum of 12 months and there is usually a time span of a minimum of 3 months from initial enquiry to viewing. Buyers are avidly searching the various portals, sometimes daily and therefore have a perception of the market. Europeans comprise the bulk of our buyers. We have had a notable increase in enquires from Belgians and those from the Nordics as well as from Dubai, Singapore and the U.S.A.
Making sure your property is in perfect viewing condition is key to finding a buyer. We know our business and want to help you find the next owner of your Italian home. Canny purchasers are out in January and February so just let us know if we can do anything for you after Christmas.
Outlook for 2018
We want to sell your Italian home. Remember there’s going to be a general election in Italy next year. Brexit will continue to disrupt the market. Prices are stabilising, but if you haven’t adjusted your asking price in the last 12 months it’s about time to do so. Here at Abode we believe finding the right house for the right buyer is key, regardless of what’s happening. Having the wrong price will not help.
Interestingly we believe Italy’s new tax incentives for high net worth individuals will start to have an impact and stimulate the prime residential markets which in turn will affect the whole market. A new investor visa has also been introduced, requiring an investment of between €500,000 and €2 million in specified vehicles, held for at least two years. Successful applicants are entitled to a Schengen visa for themselves and family members.* We hope to see this having a positive impact on sales.
We’re positive and upbeat. Happy Christmas.
The Abode Team.
Now the boring but important stuff. Request from Abode Srl
We would like to take this opportunity to remind you that on instructing Abode Srl to sell your property the responsibility is yours to ensure the property is marketable and has all necessary planning permits and is in full compliance with prevailing planning regulations. Due to a couple of sales falling through this year we have implemented our Property Health Check Up service, whereby, we will find out, on your behalf, whether your property has all the necessary documentation. There is a charge for this service however losing your buyer is far more painful.
See below the information we require from you and which, on instructing us to sell a property, you must supply. Our T’S & C’s explains all and can be found on our website.
Please don’t hesitate to contact us if you require any clarifications or wish to instruct us to investigate on your behalf. Please do also send us any outstanding material such as the energy certificate and floor plans if you have not already done so.
The Owner declares and guarantees the following:
(a) to be the exclusive owner of the Property.
(b) to inform the Agent of the presence of any mortgages, liens and/or other burdens, including prejudicial transcriptions, that could impede the sale of the Property.
(c) that the Property is marketable and has all necessary planning permits and is in full compliance with prevailing planning regulations.
(d) that the Property is free from persons and things; or that it will be sold free from persons and things.
The Owner, within 30 days of signing this present mandate, will supply the Agent with the following;
i. a copy of the sales contract and any relative current maps and floor plans.
ii. a technical report drawn up and signed by a qualified professional describing the Property and its land/building registry records, stating in detail the status from the planning and permission points of view and listing (where necessary) any neighbours having pre-emptive rights under law. In the absence of complete documentation and/or a qualified technician, the Owner, at their own cost, authorises the Agent to obtain documentation and/or to entrust a qualified professional with the above.
iii. a copy of the energy performance certification as per law: either the ‘Attestato di Prestazione Energetica’ (APE) or the ‘Attestato di Certificazione Energetica’ (ACE), if issued prior to 06 June 2013.
Should the Agent successfully mediate a sale of the Property which may not be concluded due to undisclosed/unexpected problems/situations regarding the Owner or the Property for sale, then the Agent’s fee will be payable in full.
Any modification relative to the state of the Property, the asking price and any other variation on the initial agreements, must be communicated to the Agent within 15 days of said modification.
From the team at Abode we send you our very best wishes for the holiday season and wish you all a happy new year.
*Savills World Research team
Le Buche benefits from an enormous, ultra-modern Wellness centre on the lower level, complete with Turkish bath, sauna and steam rooms, showers, gym and treatment rooms. All the systems are new and professionally maintained to guarantee an ultimate experience of wellbeing.
The villa has been designed for guests to immerse themselves in all things Tuscan. Therefore, as you would expect, Le Buche is equipped with a professional kitchen and a conservatory style al fresco dining area, which is just perfect for any occasion.
Additionally, there are large communal areas on the ground floor for relaxing with a book or an Italian style business meeting with fresh Italian coffee and homemade Italian organic food. Here you will find a warm and inviting ambience.
The swimming pool is perfect and the classic Tuscan countryside enhances your ultimate Italian experience.
Le Buche is an incredibly rare opportunity for the incoming purchaser/s to enhance and develop both the Italian boutique hotel and the Tuscan wine estate.
The Tuscan wine cantina:
A short distance away for the main building is the hub of the winemaking activity. An enormous 1,800sqm newly built cantina. This wine cantina is set over two floors and incorporates events and tasting areas as well as external terraces, catering facilities, private offices and a cantina wine tasting room, where one can see the old oak wine barrels through a picture window.
This Tuscan wine estate is a Tuscan dream come true for anyone wanting to start their Italian winery.
No expense has been spared on the wine machinery and facilities. The cantina has the capacity to produce 250,000 bottles per annum. The wine has already been highly praised by wine connoisseurs near and far.
There are 25 hectares of productive, professionally maintained vineyards producing Sangiovese, Cabernet Sauvignon and Merlot, just to name a few grapes grown, of which 22 hectares are recently planted, high-density.
Additional land includes 11 hectares of beautiful mature olive groves, producing a high-quality virgin oil. 33 hectares of arable land and 50 hectares of woodland.
There are three other buildings, two of which could be restored to create further luxury accommodation within the estate. Near the cantina are three independent apartments for staff and the estate workshop and staff parking. This area has been cleverly masked by trees and mature bushes.
If you want to invest in Tuscany and love Italian wine, Le Buche is a must-see investment opportunity.
We're kicking off the holiday season with some exciting news. We are only 1 villa sale away from starting construction on Italy's premier sustainable boutique resort! Indulge in the holiday spirit and treat yourself to your very own villa at boutique resort Le Ville di Trevinano.
Now is the time to purchase an off-plan, resort villa to be used as your vacation home and rented out to tourists in the time you're not there. This means a perfect getaway for you plus a lucrative return on your investment. So if you are looking for a second home with modern architecture, sleek interior design and a worry-free service, overlooking the Tuscan hills, your search ends here!
Last Updated: 04/12/2017 08:39:30 Tags: Le Ville
The 2017 Italian Finance Bill has introduced an attractive tax regime for persons wishing to become tax residents in Italy. It is aimed at high net worth individuals and their relatives. The new law introduces a remittance-style tax regime and provides that the non-domiciled applicant for Italian residency status may opt for a new flat rate annual tax of €100,000 (€25,000 for each of the taxpayer’s accompanying relatives) that will shield all worldwide income and gains from further taxation in Italy. The new system is available to all persons, regardless of their nationality or domicile, who have been non-tax resident in Italy during nine of the ten years preceding their relocation to Italy. The successful applicants will also be entitled to a Schengen visa for themselves and their resident family members. The regime is a viable alternative to the similar schemes proposed by the UK, Portugal, Cyprus Malta and Switzerland.
The Budget also provides two other forms of tax incentives aimed at persons with specific qualifications who intend to move to Italy to perform a qualifying activity. These regimes provide for:
(i) a three-year tax exemption on 90% of remuneration for professors and researchers; or
(ii) a five-year tax exemption on 50% of remuneration for managers and professionals.
New Italian Resident - eligible individuals
Individuals regardless of nationality or domicile that have not been resident in Italy for tax purposes (according to art. 2 of the Italian Consolidated Law on Income Tax – TUIR) in at least 9 of the preceding 10 years are eligible for the flat tax scheme.
Unlike the tax breaks available to employees and professionals, the Flat Tax scheme does not foresee particular skills or conditions in relation to the period of stay in Italy.
Flat tax regime and exclusions
The Flat Tax regime provides for a lump-sum tax of €100,000 per year that substitutes all taxes on foreign assets and income produced abroad. As a general rule, Italian tax residents are subject to taxation on worldwide income as well as a wealth tax on foreign assets. This status will grant an exemption from:
- taxation on income and gains produced abroad by new non-domiciled residents;
- reporting requirements with respect to the wealth tax
- inheritance and gift tax on foreign assets (but not on Italian sourced income or assets or capital gains from “qualifying holdings” realized in the first five fiscal years).
The exclusion of capital gains arising from the disposal of qualifying holdings realized in the first five-year period after election is aimed at restricting abuse of the status. The dividends from qualifying holdings will, however, fall within the scope of the flat tax regime. Income from foreign sources may be remitted to Italy without any additional taxation.
Any Italian sourced income will continue to be taxed on a normal progressive basis.
Individuals opting for the regime may extend the Flat tax regime to cover some, or all, family members: in this case, a lump-sum tax of €25,000 is due for each additional person. The definition of family members is particularly broad and is not limited to a spouse or children.
Additionally, those intending to opt for this regime should pay attention to relevant international double tax treaties and their provisions on residence, partly because the Italian Revenue Agency may exchange information with countries where the new residents were formerly registered.
To apply for the Flat Tax regime the non-resident will need to obtain a specific ruling from the Italian tax authorities for himself and family members (who will be subject to an additional substitute tax of €25,000 per person). A check-list has been formulated listing the information to be filed with the application. The individual can select the foreign jurisdictions to include in the substitute tax regime (this is the so-called “cherry picking” principle). The Flat tax is in fact an “umbrella tax” that substitutes the normal taxation that would have been applicable on the assets or income produced in the countries included in the ruling request.
The income produced in countries that are not included in the ruling application will be subject to ordinary Italian tax rules. This will allow the taxpayer to benefit from a tax credit on taxes levied abroad (conversely this benefit is denied for the income included in the Flat tax regime). The ruling application need not include any specific description of the estate of the individual, unless it is relevant for assessing whether he or she was resident in Italy in a given period.
Income is deemed to have originated abroad when (i) the asset generating the income is situated abroad, or (ii) the business generating the income was conducted abroad, or when (iii) the individual remitting the income is resident abroad for fiscal purposes.
Once a favourable ruling has been issued all related foreign income will be covered by the Flat Tax regime for a 15 year period. The option is revocable by the taxpayer at any time. The regime will also cease to apply if the €100,000 flat tax is not paid in any one year.
Flat tax: the new status allows the newly resident taxpayers to opt for the payment of an annual substitutive tax of €100,000, which is an “umbrella tax”, in lieu of:
- Income tax on non-Italian sources of income (under Italian laws income includes capital gains)
- The 0.2 percent tax on the value of foreign financial assets
- The 0.76 percent tax on the value of foreign real estate
- Inheritance duties: The Flat tax regime allows a full exemption from succession duties (inheritance and donation taxes) on all assets located abroad for the 15-year period.
As a general rule, inheritance duties apply at a rate ranging from 4 to 8 percent on assets, wherever they are located, received by Italian tax residents as a donation or upon succession.
Reporting requirements exemption: Selection of the Flat tax status exempts the individual from all further reporting requirements concerning assets held abroad. Taxpayers who choose this substitute tax regime are guaranteed full confidentiality vis-à-vis the Italian tax authorities in relation to their non-Italian wealth. To a certain extent, information may automatically flow to the Italian tax authorities pursuant to the Common Reporting Standard (CRS), but taxpayers may keep financial assets in jurisdictions that have not adopted the standard (such as the US).
Fast-track visa procedure
A separate provision provides a series of investment incentives related to entry and residence visas for foreign non-residents proposing to invest in Italy.
The current regulatory framework on immigration inflow has been modified, and Article 26bis of the Consolidated Law on Immigration now includes a special “investor visa” status that lasts two years for incoming immigrants who need to stay in Italy longer than three months (renewable, under certain circumstances, for a further three years).
To obtain an "investor visa" - the non-resident investor will have to demonstrate a commitment to invest in Italy either by investing:
- €2 million in government bonds, to be kept for at least two years;
- €1 million in participation to the share capital of a company resident and operating in Italy
- €500,000 in the share capital of a company that is an innovative start-up registered in a special section of the business register
- €1 million in philanthropic donations in the fields of culture, education, immigration management, scientific research or cultural heritage restoration
A set of procedures has been put in place to verify compliance with these requirements and the source of funds. More detailed guidance is expected to be issued soon.
Italy now has one of the most comprehensive and attractive foreign investment and HNWI residency scheme currently available in Europe. It provides the opportunity for individuals and their families to become resident in one of the most beautiful countries in the world where property prices are still very competitive by paying a flat-rate tax on all worldwide income.
For further information please contact;
Nick Ferrand - firstname.lastname@example.org
Avv. Fred Cucchi - email@example.com
Copyright: Abode Srl 2017
Approximately 15 minutes from the historic Umbrian town of Gubbio this stone built farmhouse has three/four bedrooms, a swimming pool and 3,000 square metres of land.
The ground floor comprises a kitchen/dining room with access to paved terraces to both the front and rear of the building. There is also a useful cloakroom with WC just off the kitchen. A central staircase, with antique stone treads and recessed wall lights, separates the kitchen from a ground floor bedroom which also has exposed wooden beams and a set of doors leading to the front terrace. The stylish bathroom is divided from the bedroom by a sliding door of frosted glass. In addition there is a second totally independent and equally attractive ground floor bedroom with en suite bathroom; perfect for guests as they have their own portion of terrace and easy access to the pool area.
On the first floor one finds a spacious sitting room with a raised fireplace, solid wooden flooring and a spectacular high ceiling constructed in the traditional Umbrian manner with wooden beams and softly coloured terracotta tiles; each one different to the other. Two sets of wide, wooden stairs run up to an elevated sitting/dining room used also as an occasional bedroom. Sliding doors, again of heavy frosted glass, close this room off from the sitting room below and are decorative as well as functional. On this same floor is the double height master bedroom and galleried attic space. A funky metal wood burner is suspended from the roof/ceiling and hovers above the bedroom floor in front of the bed. The bedroom is open plan with a tub and two matching sinks. The W.C. is located in an adjoining bathroom which has a second door onto the landing. Basically the bathroom with the W.C. serves the occasional bedroom as well as the master. The stairs that lead up to the gallery are constructed in layers of heavy duty glass as is a small portion of the attic floor and the balustrades that run up the staircase and around the gallery.
A great deal of care and thought has clearly been put into every aspect of the house which is an extremely successful mix of traditional Umbrian architecture and features combined with slick modern fittings and unexpected quirky touches.
The house is surrounded by a variety of stone paved terraces and there is a fabulous built in barbeque/cooking area. The 12 x 6 metre pool is surrounded by a terracotta solarium with plenty of space for sun beds and loungers and there are two metal gazebos at one end to provide a little shade. Some of the property is fenced and access is barred by sturdy metal gates and the area immediately around the property has an irrigation systems. Poderetto has gas fired central heating with feature radiators, water from its own well, double glazed windows, an alarm system and all of the good quality fixtures and fittings that one would expect from a property of this type.
The surrounding area is softly hilly and from the pool and some areas of the house there is a fantastic far reaching view of the distant mountains.
Poderetto is an easy 15 minute drive to Gubbio and the Adriatic coast is roughly an hour away.
The Abode office will be closed from 16.00 on Thursday the 20th of December and we'll be back from 09.00 on Monday the 7th of January 2019.
L'ufficio di Abode sara' chiuso dalle 16.00 di giovedi 20 dicembre e torneremo dalle 09.00 di lunedi 7 gennaio 2019.
If you're looking to acquire part of this amazing county we presently have a great selection of property. Spring is in the air, blue skies, beautiful countryside, great wine, amazing food. What's not to love!
Call today to find your dream home and join our unique club.
Abode's award winning website is chock full of lovely properties to suit most tastes and pockets, and we are loading new instructions every day in anticipation of the rush. So, browse our website, send us an email and begin a dialogue with our team who will do all they can to find you something to enjoy before the summer gets here.