Hey there! We're Optimum Income Property, a real estate investment company settled in Charlotte, North Carolina, U.S.
We have a few clients who have been looking into getting property overseas in italy, and they want to deal with familiar faces. However, that leaves us to settle a few questions!
We want to know the general workings of the italian real estate market. Would they need to apply for dual citizenship in order to own property and pay the taxes on the said foreign property? Is there an easier way to do this that doesn't involve so much paperwork on their part?
Been looking at Italy for a while now, so can tell you this much –
1) no citizenship is required, but they will need to apply for a tax ID, most likely in person
2) they can handle all transactions through a "Notaio" (equivalent of notary public or judicial scrivener) – generally speaking, lawyers aren't necessary – however, we met a great and reliable lawyer in Milano on our last visit, who is very reasonably priced and will be happy to assist – she also knows alot about the property market, at first glance.
3) prices there are WAY over the top, considering the state of the economy – we dropped the idea for now, mostly because it seems like their bubble is due to burst, particularly with the stale mate they had in the last elections and the resurfacing of berlusconi and his cronies
4) tenants are very problematic job and payment wise, far more so in recent years. Not so many apartment trashes and criminal elements like you'd find in the US, but severe issues with long term residencies
5) property management is largely unheard of – you'll need to educate your realtors to manage the properties for you, they'll want to charge you alot for it, and are inexperienced, so will most likely not be very good at it
6) absolutely do NOT stray further south than Rome – it gets real iffy down there, with horrible tenants, professionals, and some of Europe's highest unemployment rates.
Having said all of that, my wife loves the place, and hasn't forsaken the idea of investing there – so if we end up getting some experience under our belts will be more than happy to share, and possibly expand our services to facilitate buyers and proxy services there, as we do in japan – so stay in touch if you want, may have more to report down the track.
Ziv Nakajima-Magen | Nippon Tradings International (NTI)
http://www.nippontradings.com
Email Me | Phone MeZiv Nakajima-Magen - Partner & Executive Manager, Asia-Pacific @ NTI - Japan Real-Estate Investment Property
Hi Ziv,
Thanks for your comment.
I didnt know anything about the real estate market in Milano. Now I do
Love that place. I have traveled there on 7 separate occasions. I would spend a good 2 days just walking in Via Montenapoleone haha
Wouldn't mind buying a studio one day lol
Thanks and have a great day.
EngeloRumora | Ohio Cashflow
http://ohiocashflow.com/
Email Me | Phone MeF@#$ THE REST WORK WITH OHIO CASHFLOW TO INVEST
Italy is the next Spain or worse Greece. Somewhere between now and the next three years everything points to Italy requiring massive bailouts that I doubt the ECB can facilitate.
When Hope Fails: Why Italian Banks Better Be Praying Draghi Can Still Do "Whatever It Takes"
and France is right behind them
I think Freckle comments on Italy are putting it mildly.
The Prime Minister is supposedly making a Confidence speech to the nation tomorrow to try and hold the financial system together.
Good luck………
The Portuguese Government has been punished and if the Germans ever decide to cut their losses on Greece the whole place will collapse.
Europe is a can of worms and will be for some years to come. The question is how long will it before the Banks come clean and we flush out the bad debt.
If you are investing in the Euro Zone at the moment in my opinion you need your head seen to.
A Non resident can't even borrow to buy a decent pasta so forget getting a lender to fund a deal to buy residential real estate.
Cheers
Yours in Finance
Richard Taylor | Australia's leading private lender
FORZA ITALIA hahaha
EngeloRumora | Ohio Cashflow
http://ohiocashflow.com/
Email Me | Phone MeF@#$ THE REST WORK WITH OHIO CASHFLOW TO INVEST
Love Milano too, gorgeous city – although the area around Centrale is starting to scare me, and will probably get worse in coming years. As for their economy – yup – can't wait to nab a couple of properties when the **** finally hits the fan – any day now, it would seem.
Ziv Nakajima-Magen | Nippon Tradings International (NTI)
http://www.nippontradings.com
Email Me | Phone MeZiv Nakajima-Magen - Partner & Executive Manager, Asia-Pacific @ NTI - Japan Real-Estate Investment Property
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