STUDIO LEGALE ARCALENI
LEGAL EXPERTS ON ITALIAN REPOSSESSED PROPERTIES
This service is a tailored assistance provided to individuals, companies, or other kind of entities that wish to make advantageous investments in Italy, making worth the effort and the money. The possibility to make an immediate gain margin, investing in estates that have been repossessed by the banks and are now sold, with a significant lower price, through the Italian Courts.
You can find the property you wish to invest to, by yourself, or, upon request, we can provide you assistance in finding the right property, in consideration of your needs, wants, and possibilities.
We will be able to search properties all over Italy, or in a specific area or region. The results will depend on the availability of the market at the moment of the research.
The variety of possible investments, in this kind of market, it is quite vast. The criteria used in order to detect suitable property differ from the ones used by the usual market : Flats, Artists' studios, Barns, Stables, Beach establishments or thermal baths, Buildings and venues for sports training, Buildings constructed for industrial and commercial purposes, Buildings for agricultural activities, Castle and Estate with high artistic or historic value, Clinics and hospitals, Convents, boarding schools, For-profit sports facilities and buildings, Garages or vehicle storages, Gymnasium or other sports-related buildings, Hotels and B&B, Land, Low-grade low-income housing, Luxury residence, Offices, Parking spaces, Portion of buildings, Buildings under construction or on the process to be renovated, Residential homes or villas, Rural homes or buildings, Shops, boutiques, Theatres, cinemas, concert halls, Warehouses and storage depots, Workshops, etc.
After the finalization of the procedure, should you wish, and if needed, we will also be able to follow you in the further steps of the investment, providing the contacts and dealing with trusted professional experts, in the field of Property's Development, Construction and Design Management.
Properties are usually listed 1 or 2 months before the auction take place, so the action need to be fast. Time is the key.
Once that you contact us explaining your needs, wants, and possibilities, we will be able to revert to you with the results of our research in some days. We have years of experience, and we would be able to assist through the complex process, as many are the requirements and the factors to comply with.
As previously said, the convenience in making an investment buying a property at a Court's auction is to purchase a property, always under the market value, that has already been viewed, checked and valued by an impartial Court's expert. In Italy, properties going to be repossessed, are always checked and valued by an expert nominated by the Court. The expertise usually analyse all the issues and give the valuation.
On the base of that, is given the starting price for the auction. Also, for every time the property goes unsold, there is a price reduction of 1/4 of the previous starting price. Plus, despite a starting price is indicated, at the beginning of the auction, it is usually possible to offer what is call a "minimum price" which is an offer of the starting price reduced of 1/4. Furthermore, before making an offer, it is usually possible to agree and organize, with the auctioneer a site visit.
Once agreed to the strategy, with a Power of Attorney signed by You, authenticated and with Apostille, we will be able to act on your behalf in the procedure. This need to be prepared and made before the offer is submitted. The offer is always binding and irrevocable. A deposit will need to be paid upon presentation of the offer.
As for the method to participate in the auction. Each auction has usually tailored guidelines given by the Court. This is analysed and discussed together with you, before entering any kind of offer. During the Auction, if no competitors show up, the maximum offer made in the previous days will be accepted. Possibility to complete the payment for the auction, paying with a mortgage, are valued upon availability of the procedure with the bank.
Usually, if the bid is the winning one, the Court will give 120 day to make all the payments. Once that the payments are made, the Judge will sign the decree to transfer the property. From that date if there are any building irregularities for the property, the usual term of 120 days is given to settle them with the Authorities. Usually, the property will be sold cleared of all the charges, so if any exist, will be lifted. Further to the cost of the property, there will be also to consider the taxation and the Court's costs, however again, this will depend on the property.
ADDITIONAL RELEVANT INFORMATION
FOR FOREIGNERS INVESTING IN ITALY
WEALTHY FOREIGNERS' TAX
Italian Tax scheme to attract Wealth from Abroad.
From January 2017, there is an extremely interesting law for wealthy foreigners who are interested in moving to Italy.
Foreigners who decide to transfer their residence to Italy may choose to pay a fixed tax of EUR 100,000.00 (hundred thousand/00) per year irrespective of their income level.
ITALIAN VISAS & INVESTORS
Italian Visas for Foreign Investors.
Investors wanting to stay more than 90 days in Italy, and wanting to take residency there, require a Visa.
In order to avoid an unpleasant situation, it is always best to check the situation, planning it forward. In Italy, there are different kinds of Visas to be considered. In 2017, it has been introduced the "Italian Investor Visa", which however require several factors to be requested.