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Italy, + 30% of requests for luxury property due to “flat tax”

The demand for luxury properties is growing: from Milan to Lake Como, Liguria to Tuscany and Rome, requests have recently grown by 30% thanks to the “flat tax”. First introduced in 2017, the flat tax has only just begun to have a dramatic influence on the market which is evident in the numbers from 2019.

 

What is “flat tax”?

The flat rate tax of 100.000 euros is basically a “flat tax” for foreigners who plan to settle in Italy. The scheme was introduced in 2017 as as a way to encourage the movement of capital into Italy by attracting both Italian and foreign high-net-worth individuals who are residing abroad. The effects are only just beginning to unfold. When the tax was first rolled out two years ago, it has been argued that Italy did not advertise it forcefully enough internationally and so only now are wealthy foreigners becoming aware of this opportunity. 

Those who intend to transfer their tax residence to Italy are offered a substitute tax on income generated abroad with a flat rate of 100.000 euros for each annual tax period.  

 

What are the benefits for family members?

The flat-rate regime can also be extended to one or more family members who meet the requirements. It is possible through a specific indication in the tax return relating to the tax period in which the family member transfers the tax residence to Italy. In this case, the substitute tax is equal to 25.000 euros for each family member to whom the effects of the same option are extended.

 

Who are the buyers?

The new residents in Italy are mostly northern Europeans, including many French, Russian and Ukrainians, many of whom come from London, or who have Swiss, French or Bulgarian residences that are no longer convenient.

 

What kind of properties are in demand?

The foreign clients who transfer residence to Italy for the flat tax often buy luxury properties – the so-called “trophy assets”. There are also opportunities to rent prestigious properties in the high-end rent bracket. The trend is mainly focused in the cities of Florence, Rome and Milan where luxury penthouses with panoramic views are always in demand, as well as coastal areas and large historic residences in the country.

FORBES – 5 Top Italian Art Cities Where You Can Also Go To The Beach (Genoa/Liguria)

While you probably don’t head to Italy’s major art cities to go to the beach, with many of them you can. Here are coastal areas close to some of Italy’s top culture stops (listed alphabetically) that are good for a seaside break after a morning of museum hopping when temperatures soar.

From simple village beaches to jet-set havens, Genoa and its neighboring towns offer plenty of options for sun time. Boccadasse, the fishing hamlet that’s part of Genoa and reachable after a good walk (around an hour) along the Corso Italia from the city center, has a small beach (pebbly like many in the area) rimmed by colorful houses. Plan on stopping for lunch or staying for dinner at a waterside restaurant like Capo Santa Chiara, where the views of the sparkling Ligurian Sea are splendid, and the menu provides sophisticated offerings and Ligurian specialties. About 11 kilometers from Genoa, Bogliasco is an under-the-radar coastal stop, the first town you come to on the Golfo Paradiso once you leave the city (the preceding village, Nervi, is a district of Genoa). After walking the seaside path, you can relax at the dark sand beach fronting a sheer blue-green sea. Nine kilometers from Bogliasco, the pastel-toned town of Camogli has a good-sized seafront with public areas and private beach clubs, as well as many restaurant options. Enjoy a sunset dinner at the popular spot, La Piazzetta, right off the promenade. For a slice of jet-set heaven, swing by Paraggi, nestledbetween Santa Margherita Ligure and Portofino, where you can while away the afternoon in luxe style if you stay at the Eight Hotel, which has a beach club on the bay of Paraggi.(Nonguests can take in the heavenly setting by booking lunch at The Eight, the hotel’s fusion restaurant on the beach.)

 

Catherine Sabino – Forbes


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TELEPHONE
+39 34 702 37502

EMAIL
info@ibinternational.it

ADDRESS
Spianata di Castelletto, 69R
16124 Genova
Italy


P. Iva 02501680991

OPENING DOORS ON THE ITALIAN RIVIERA AND BEYOND

© Copyright – IB International

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