21/08/2017

Italy Property FAQs

Italy is a parliamentary representative democratic republic, the President of which is elected for a period of 7 years by parliament.

 

 

 

 


 

What economic and political situation will I find in Italy?
Italy is a parliamentary representative democratic republic, the President of which is elected for a period of 7 years by parliament. The President then nominates the Prime Minister who proposed the other ministers, pending the approval of the President who officially nominates them. The Judiciary is independent of the executive and the legislature.

 

The Italian economy is one of the strongest in the world today, with the one of the highest GDP, however in recent years the growth slowed considerably, mainly due to the lack of international competetiveness. The Italian economy has started to rebound, with export reviving and the level of job creation has surprised many analysts who had been watching the Italian economy carefully since the early 1990’s. As a result of this, the unemployment rate has lowered significantly, below that of neighbouring countries.

 

Based on the approved budget, things are looking up for fiscal performance in 2007. Preliminary indications for the first few months suggest that some of 2006’s tax buoyancy might carry forward to 2007. The budget will also be helped by new measures to raise revenues.

 

You will find that some others charges and conventions may apply so the base rate can be far from the reality depending on the different structure and history of mortgage lending in Europe (which is different to that of the UK for instance). Italians haven’t traditionally been such enthusiastic buyers and sellers of property as Britons and Americans (and they certainly don’t use their homes as vehicles for investment and speculation in the way the British do). Home ownership is high, around 68% in Italy and the UK, compared to 59% in the US, but when Italians own they tend to stick … and traditionally more homes have been bought for cash rather than financed by mortgages.

 

No matter the way you do it, but eventually you will find several options to get an Italian mortgage (for this is what you’ll have) the same in principle to the UK or US equivalent. A mortgage is a loan to you, to enable you to buy a house. This is secured against the value of the property you’re buying. Please, note that any default on your payments and the security (your Italian real estate) can be repossessed.

 

Are foreign nationals allowed to own property in Italy?
The answer is yes, any investor -no matter his nationality- is allowed to purchase property in the country.

 

Which is the best way to get to Italy?
Lying at the heart of the Mediterranean, Italy is the main thoroughfare linking southern Europe to northern and central Europe by land, sea and air.The majority of Europe's capitals are within 3 hours flying time from Rome not to mention many in the Balkans, North Africa, and the Middle East
Some of the larger airports are the Leonardo da Vinci International Airport in Rome, Naples International Airport in Naples, Malpensa International Airport in Milan and Marco Polo International Airport in Venice.

 

Do I need a VISA to enter the country?
British passport holders, endorsed British Citizens, British Nationals (Overseas), British Overseas Territories Citizens and British Subjects do not need a visa to visit Italy for up to 90 days. Italy is part of the Schengen area and therefore nationals from countries included in the Schengen area do not require a visa. Other passport holders require a visa.

 

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