With Italy now lifting some restrictions under phase two of its lockdown, here's what second home owners need to know.

Italy has been on a strict nationwide lockdown since March 9th in an attempt to control the coronavirus outbreak. During this period, people in Italy have not been allowed to go to their second homes, or travel between regions or even towns within the country. On Monday, May 18th, the Italian government lifted some restrictions and allowed people to visit their second homes once again - within their own regions.
 
That said, there are still restrictions on travel to and within Italy, for the moment. These rules are set to be relaxed from June 3rd.

Right now, Italy is only allowing people to enter the country in emergencies or for urgent health or work-related reasons, or for repatriation. So if you're returning to your place of permanent residence in Italy, that's permitted. But travelling to Italy in order to visit a second home, or anywhere you're not ordinarily resident, is not allowed before June 3rd.

After that date, it should be possible to visit Italy for tourism or to stay at a second home - depending on where you're arriving from. Not everyone will be able to travel freely to Italy.  From June the 3rd Italy will drop the current 14-day quarantine requirement for people arriving from the following countries:

-  The 26 other members of the European Union

-  Schengen Area members Iceland, Liechtenstein, Norway and Switzerland

-  The United Kingdom

-  Andorra, Monaco, San Marino and Vatican City

Tourists arriving from these countries will not face any restrictions upon entering Italy, though depending on their own country's rules they may be required to quarantine when they return home. Likewise, Italian residents can make a trip to any of these countries without being required to quarantine when they return to Italy.

You will face restrictions, however, if you're coming from one of the approved countries but have visited somewhere not on the list within 14 days of travelling to Italy - for example, if you fly from the US to Italy via Germany. Most of Italy's travel restrictions will be dropped from June 3rd, meaning that residents and visitors can also move freely throughout the country for any reason. Some regions, however, may keep their own quarantine rules in place. As every Italian region has its own local rules, it's advisable to check your region's website before you travel.

Here below are some wonderful second home properties. Find yours today!


Il Vecchio Mulino - €240,000

Apartment with terrace - €235,000

Niccone Valley House - €270,000

Casa Mentuccia - €350,000

Now that the lockdown here in Italy has eased a little we are pleased to announce that the Niccone Valley office will be manned on weekdays from 10.00 until 16.00. The Buonconvento office will remain closed for the time being.

Of course restrictions are still very much in place so we are unable to conduct viewings at this time, but, if you are interested in any of our listings and would like to speak to someone do call +39 075 941 7554 which is the direct number of our Niccone Valley office. If you prefer to send an email the address is info@abodeitaly.com

For those of you who own properties, we will continue to keep in touch with you in the coming weeks but if you have any questions or would simply like a chat, just call the office. Again the number is +39 075 941 7554.

We very much look forward to hearing from you.

According to Rightmove demand for overseas properties is increasing. They report that they are now seeing signs of an increase in demand from UK buyers looking for overseas properties. In April, searches on Rightmove Overseas reached their highest point in 2020 - up 50% compared to March, and an increase of 18% on April 2019.

Early signs for May indicate that this trend is accelerating, with searches for overseas properties up 29% in the first two weeks of May 2020 compared to the same period last year.

In Italy specifically, the rise has been significant, with searches up 20% year on year in the first two weeks of May.

Now is an optimum time to start your search with us. It takes time to hone in on the most important factors you are looking for in a property in Italy. As we understand what those are, we help identify the properties which are going to match your requirements. We will also search through the whole market to identify other properties for your consideration. This saves you a great deal of time and hassle.

Soon it will be possible to travel to Italy again to view properties, with International travel allowed form the 3rd of June. At the end of the search process we will have put together a viewing itinerary for you, ensuring your time here is optimized. We can advise you on the best places to stay and eat so your viewing trip is also fun!

We will be supporting you through the whole process, from initial contact to getting you set up in your new property and finding your feet in Italy. Read our testimonials to see what our clients say: Testimonials

Contact us today to start your Italian property search: info@abodeitaly.com

See our properties here https://www.abodeitaly.com/buy/property-for-sale

A brand new home for the Abode blog

After many years our long-standing blog has a new abode and can be seen on our award winning website, so keep a look out for an assortment of news and articles regarding property and all things Italian.

www.abodeitaly.com/blog

 

 

You can also follow us on twitter and on Instagram #italianproperty

 

 

 

Well, we've done it again! 

 

Abode will be honoured at the 2019 European Property Awards at the Royal Lancaster hotel, London, on Thursday the 24th October for best Italian estate agent and website. 

 

Tickets booked!!!

Eye-catching and a little bit retro; the Abode billboard made its debut this morning.

Despite rain, hail, wind and an unseasonal dose of thunder and lightening, our brand new billboard was successfully wrestled into place this morning so keep an eye open for it if you are passing through Umbertide.

Iris Garden in the Niccone Valley

Weather permitting there will be a lovely display of Irises here in the Niccone valley from the 15th to the 19th of May.

15, 16 and 17th of May from 15.00 until 18.00
18 and 19th of May from 10.30 - 12.30 and from 15.00 - 18.00

Here's address - Società Agricola Casa Nova SRL, Località Sant Anna, Via Comunaglia, 251, 06019 Umbertide PG

And a google maps link - https://goo.gl/maps/x5FKEuUnSXPudUvy5

Easter in Italy - more than just chocolate!

If you're lucky enough to be in Italy for Easter, you probably won't see the Easter bunny or go on an Easter egg hunt but Easter in Italy is a huge holiday, second only to Christmas in its importance for Italians. While the days leading up to Easter in Italy include solemn processions and masses, Pasqua, as it's called in Italian, is a joyous celebration marked with rituals and traditions. Pasquetta, the Monday after Easter Sunday, is also a public holiday though-out Italy whilst strangely, Good Friday or Venerdì Santo, is not.

On Good Friday the Pope celebrates the Via Crucis or Stations of the Cross in Rome near the Colosseum. A huge cross with burning torches lights the sky as the stations of the cross are described in several languages. At the end, the Pope gives a blessing. Easter mass is held in every church in Italy, with the biggest and most popular celebrated by the Pope at Saint Peter’s.

Solemn religious processions are held in Italian cities and towns on the Friday or Saturday before Easter and sometimes on Easter Sunday. Many churches have special statues of the Virgin Mary and Jesus that may be paraded through the city or displayed in the main square. Parade participants are often dressed in traditional ancient costumes, and olive branches are often used along with palm fronds in the processions and to decorate churches. Enna, in Sicily, has a large procession on Good Friday, with more than 2,000 friars dressed in ancient costumes walking through the streets of the city. Trapani, also in Sicily, is a good place to see processions, held several days during Holy Week. Their Good Friday procession, Misteri di Trapani, is 24 hours long. These processions are very elaborate and quite dramatic. What's believed to be the oldest Good Friday procession in Italy is in Chieti in the Abruzzo region. The procession, with Secchi's Miserere played by 100 violins, is very moving. Some towns, such as Montefalco and Gualdo Tadino in Umbria, hold live passion plays during the night of Good Friday. Others put on plays enacting the stations of the Cross, or Via Crucis. Beautiful torchlight processions are held in Umbria in hill towns such as Orvieto and Assisi.

In Florence, Easter is celebrated with the Scoppio del Carro (the explosion of the cart). A huge, decorated wagon is dragged through Florence by white oxen until it reaches the Basilica di Santa Maria del Fiore in Florence's historic centre. After mass, the Archbishop sends a dove-shaped rocket into the fireworks-filled cart, creating a spectacular display. A parade of performers in medieval costumes follows.

 Sulmona, in the Abruzzo region celebrates Easter Sunday with La Madonna Che Scappa in Piazza. 

The island of Sardinia is a part of Italy steeped in tradition and a good place to experience festivals and holidays. Because of its long association with Spain, some Easter traditions are strongly linked to the Spanish Semana Santa or holy week. Since Easter is the end of the Lenten season, which requires sacrifice and reserve, food plays a big part in the celebrations. Traditional Easter foods across Italy may include lamb or goat, artichokes and special Easter breads that vary from region to region. The Colomba (a dove shaped cake) is often given as a gift as are the more recognisable chocolate eggs that usually come with a surprise inside.


On Easter Monday, some cities hold dances, free concerts, or unusual games, often involving eggs. In the Umbrian hill town of Panicale and many other rural areas a game called  ‘Ruzzolone’ is played and involves rolling wheels of cheese, weighing about 4 kilos, around the village walls and along village roads. It’s a bit like a cross between a huge cheesy yoyo and an old fashioned stick and hoop and the object is to get your cheese around the course using the fewest number of strokes.

 

 

Whether you're just getting started with Italian or approaching fluency, here are 21 odd, amusing and mildly interesting facts about a language known for its beauty, romance and musicality.

1. There are 21 letters in the Italian alphabet. J, k, w, x and y don't exist in Italian, except for in loan words like 'jeans'. Some of the dialects do use these letters though, particularly 'j' and 'k', and for that reason they appear in some proper names of people and places.

2. Did we say 'dialects'? Strictly speaking, that's wrong, because the regional languages of Italy are just that - languages. Dialects are variants of a standard language, but in Italy these different languages developed from Latin independently, before eventually people decided it made sense to settle on one common tongue.

3. The language we now call Standard Italian derives from 13th century Tuscan, or Florentine, to be specific. This choice was made after a few centuries of disputes between linguists, and was down to a number of factors. Florence's economic and cultural prestige played a part, particularly the works of the three great writers of the day (Dante, Petrarch and Boccaccio), and perhaps most crucially, one particularly keen linguist, Pietro Bembo, who created the first ever grammatical manual of the Florentine language. Having the rules written down meant it was easier to adopt Florentine as the national tongue, rather than relying on a variety which was mostly spoken.

4. When it comes to the other regional dialects, the most widely spoken is Neapolitan, with over five million speakers.

5. And the least widely spoken is Croato. This is a dialect used by an ethnic minority from a region corresponding to present-day Croatia and spoken in Molise, which has only around 1,000 speakers. Hey, that's not bad coming for a region lots of people claim doesn’t exist.

6. Italy is an official national language in Italy, Switzerland, Vatican City, San Marino, and the Sovereign Military Order of Malta - not to be confused with Malta the country, where it enjoyed official status for centuries until 1934 but no longer does. It's also an official language of the European Union.

7. And it is recognized as a minority language in three other countries: Slovenia, Croatia and Brazil.

8. Slightly more than one million people speak Italian in the United States, although the number of Americans with Italian roots is far higher, at around 17 million.

9. There's debate as to what the first document written in Italian is, because it's hard to tell where Vulgar Latin ended and Latin began. The two main contenders are the Veronese Riddle - a scribble by a monk on a piece of parchment, likening ox ploughing fields to a pen on a page - and the Placiti Cassinesi - some legal documents about a property dispute. Thrilling stuff. Most linguists agree that the latter is the first true example of Italian, since the Veronese Riddle has too many features which are ambiguous or obviously Latin.

10. As for the first novel written in Italian, that's Alessandro Manzoni's I Promesso Sposi (The Betrothed). Anyone who's been through the Italian school system will have read it, and it's a good read, giving a great insight into Italy under Spanish rule and told through the lives of a peasant couple (available in English translation too). Manzoni agonized over writing it, spending four years on revisions and 'purification' of the language - which he achieved by spending time in Florence.

11. The purity of the Italian language is fiercely protected by the Accademia della Crusca, a society of linguists based in Florence.

12. When Italy was unified in 1861, only 2.5 percent of the population could speak the language - they all spoke their regional variants. Now, that figure is in the high 90s - though around five percent speak only or predominantly in their regional language.

13. Italian has some very close relatives. Its vocabulary is 89 percent shared with French, 88 percent with Catalan, 85 percent with Sardinian, 82 percent with Spanish and Portuguese, and 77 percent with Romanian.

14. Italian is the fourth most studied language in the world - an impressive feat, considering Italy's relatively small size.

15. Want to show off? The longest word in the Italian language is generally said to be 'precipitevolissimevolmente' meaning 'very quickly', but at 26 letters, it is surpassed by some medical terms such as 29-letter 'esofagodermatodigiunoplastica' which refers to a kind of plastic surgery. And we think this is cheating, but there are also numbers such as the mammoth 64-letter-long 'quattrocentocinquantaquattromilacinquecentoquarantaquattresimo' - that's the written form of '454,544th'.

16. Two words have eight consecutive vowles in them: ghiaiaiuolo and cuoiaiuolo. They refer, respectively, to someone who sells or produces gravel, and someone who sells or produces leather goods.

17. A few words contain four consecutive consonants, including 'substrato' (substrate), 'sanscrito' (Sanskrit), inscritto (inscribed) and 'instradare' (to direct).

18. Italian loves double consonants, but you'll rarely find an instance of double ‘q’. One of the few words it features in is 'soqquadro', which can be translated as 'disarray' or 'shambles'.

19. When we say Italian loves double consonants, we mean it really, really loves them. Some words have as many as four pairs of consonants, including some conjugated forms of 'appallottolare' (to ball up) and 'disseppellire' (to dig up).

20. 'But what is the highest number of occurrences of a single letter in a single Italian word?' we hear you cry. The answer is eight: both 'indivisibilissimi' and 'indistinguibilissimi' (the plural forms of 'very indivisible' and 'very indistinguishable' boast eight letter 'i's.

21. Finally, one for the poets: No word in Italian rhymes with 'fegato' (liver) even though plenty end in 'egato', because the stress falls on the first syllable. The same goes for 'despota' (despot), so if you were planning on writing a poem about a tyrant with liver problems, save yourself the bother.

Disneyland for foodies

A gastronomic theme park designed as a celebration of Italy's field-to-fork food culture opens next week with backers aiming to pull in six million visitors a year.

Dubbed a 'Disneyland for foodies' and billed as the biggest venture of its kind in the world, FICO Eataly World is located on the outskirts of Bologna.
It is the brainchild of Oscar Farinetti, the entrepreneur behind Eataly, a global network of upmarket Italian food halls that has taken New York and a string of other major cities around the world by storm in recent years.
Spread over ten hectares (25 acres), the park, which will operate as a conference venue as well as a tourist attraction, will be run by a partnership of Eataly and Italian retail group Coop.
The venue has been financed by a consortium of private investors and the local authorities in a city famed for its rich cuisine but off Italy's main tourist track.
The FICO of the park's name comes from the acronym for Fabbrica Italiana Contadina (Italian Farming Factory). Fico is also the Italian word for a fig, and a popular slang term for 'cool'.
The multiple meaning is in keeping with Farinetti's multi-faceted vision of a venue that will allow visitors to take part in activity workshops ranging from food photography to gelato-making via the basics of truffle hunting.

'Total panic'
A fifth of the park, assembled in what was the city's wholesale fruit and vegetable market, is outdoors with some 200 animals and 2,000 species of plant life due to be on show.
"Education is fundamental to the whole thing. But it is also about having fun, eating, shopping," Farinetti told AFP in an interview ahead of Wednesday's opening.
The park is also about celebrating the culinary and farming crafts that lie behind many of Italy's most famous gastronomic products, and the bio-diversity of a country that stretches from Mediterranean islands within sight of Africa to snow-capped Alpine peaks.
Visitors can explore that diversity via more than 40 eateries and a similar number of learn-how-its-done displays by specialist producers of everything from rare-breed beef to liquorice sweets.
As the opening date nears, Farinetti says he is caught between rampant enthusiasm at seeing a dream realised, and "total panic."
"This for me is quite normal. I'm terrified that people won't come in the numbers we expect. You can't help but feel panicked when you start something like this."
Park CEO Tiziana Primori said the target was to be drawing six million visitors a year by 2020, with the business plan envisaging a third coming from the local area, a third from the rest of Italy and a final tranche of around two million from abroad.

Betting on success
Asked if that target is realistic, Farinetti responds with a broad smile.
"No, it's utopian, but every project I have been involved with has been utopian. The whole world is realistic, I prefer utopia. I don't know if we will make it but we'll give it our all.
Underpinning that ebullience is the success enjoyed by almost all of the Eataly stores that have been opened from Copenhagen to Sao Paolo.
"At the moment there is an absolutely crazy interest in Italian food from the citizens of the world, for pasta, for pizza, for our simple cuisine," said Farinetti.
That, he says, is down to the ease in which dishes tasted in Italy or in restaurants can be reproduced in domestic kitchens.
"You can buy half a kilo of pasta, some extra virgin olive oil and San Marzano tomatoes and go home and make what you had. And it is very digestible and light."
Among those backing Farinetti's vision is Antonio Capaldo, owner of the Feudi San Gregorio wine company and one of dozens of entrepreneurs involved in the project.
Capaldo has teamed up with a seafood wholesaler to create a fish-based fast-food eatery at the park which will showcase his expanding company's white and sparkling wines.
"We know all the complications but there is a great thirst for Italian culture around the world, and that, combined with Oscar's track record, is why we are betting on this being a success," he told AFP.
By Angus MacKinnon (The Local)

It's all going on at Monte Santa Maria Tiberina! Brad Pitt, a giggle, giants, singing and dancing, a bit of crying, magical beasts (and where to find them), literature, classical music and blues. Something for everyone!

Monte Santa Maria Tiberina is a hilltop village that was once an independent state, one of two places in Europe where duels were legal. Located in the Upper Tiber Valley it has Etruscan roots but a Medieval heart, with narrow streets, historic stone buildings and a panoramic position with unparalleled views of the surrounding area. Close to the border of Umbria and Tuscany it was part of the latter right up until 1927. It therefore enjoys the cultural and gastronomic pleasures of both regions, with truffles, porcini mushrooms, excellent olive oil, fantastic wines, and traditionally-made cheeses and salamis.

In the next couple of weeks there is quite a lot going on. From the 16th of August there is a week of films starting at 9.30pm. Shown in the gardens the titles include 'la la land', an Italian comedy called (in English) 'I can quit whenever I want', the Stephen Frears’ film about Florence Foster Jenkins, 'Fantastic beasts and where to find them' (the Harry Potter prequel so to speak), 'Allied', a Romantic thriller with Brad Pitt, the multi nominated 'Manchester by the Sea' and Spielberg's BFG.

 

 

There is also music on the 23rd and 25th; classical violin and blues respectively with the evening in between dedicated to the writer Carlo Cassola, an influential Italian novelist and essayist. 

There's quite a choice and something to suit all tastes!

Monte Santa Maria is well worth a visit anyway. The Bourbon palace, built in the 1500’s, dominates this tiny village along with a crenelated castle. The pretty church is dedicated, as the name of the village suggests, to the virgin Mary, and has an interesting baptismal stone font and a Bourbon family chapel. The procession of the Ascension, re-enacted for centuries on the 15^th of August, honours the virgin Mary, the protectress of the village. There are several food festivals throughout the year, dedicated to the area's primary products of mushrooms, truffles, chestnuts, and roast pork.

For more information - www.isogniinteatro.org or call +39 342 275 656 ​

  

The 2nd of June is the Festa della Repubblica

Here in Italy Republic Day is celebrated on the 2nd of June each year. It commemorates the institutional referendum in 1946 when the Italian people were called to the polls in order to decide on the type of government they wanted following the second world war and the fall of fascism. With 12,717,923 votes for a republic and 10,719,284 for the monarchy, the male descendants of the House of Savoy were sent into exile.

To commemorate this event a grand military parade is held in central Rome and presided over by the President of the Italian Republic in his role as supreme commander of the armed forces. The prime minister, formally known as the President of the council of ministers, attends along with other high officers of state. There are important celebrations in all the Italian embassies and foreign heads of states are invited. Even though the main parade is in Rome, many Italian cities celebrate the day as well.

Prior to the foundation of the Republic, the Italian national day was celebrated on the first Sunday in June, the anniversary of the granting of the 'Statuto Albertino'. From 1977 to 1999, for economic reasons, this was the day when the foundation of the republic was celebrated and it was only in 2000 that the 2nd June was officially instated.

 

Viva L'Italia !

                                                                      

Italy is in the spotlight this week!

The Obamas have been enjoying the wonders of Tuscany this week staying in a property located very close to this villa which we are selling:

The presidential couple were guests of former US ambassador to Italy John Phillips at his luxury resort Borgo Finocchieto. They have been delighting in the historical treasures of Siena and Montalcino. In Siena they visited the magnificent Cathedral and were accompanied by the Mayor. The Cathedral is one of Italy's most illustrious Romanesque and Gothic cathedrals. Entering the Cathedral means not only experiencing spiritual elevation but also opening up to beauty and exploring one of the city's most valuable art treasures according to its website http://operaduomo.siena.it/en/sites/cathedral/ According to tradition, the present Cathedral replaces an earlier church dedicated to the Virgin Mary erected in the 9th century or thereabouts on the site of a temple serving the cult of Minerva. Equally unconfirmed rumour suggests that the building was consecrated in 1179 in the presence of Sienese Pope Alexander III Bandinelli after the papacy had made peace with the Emperor Frederick Barbarossa. The Cathedral contains numerous masterpieces from every age but its marble mosaic inlay and graffito floor is in many ways its most prized possession. Giorgio Vasari certainly considered it the "most beautiful..., largest and most magnificent floor ever made".

 

 

http://www.dailymail.co.uk.fxsc.ru/news/article-4524300/The-Obamas-arrive-Tuscany-five-days-villa.html

 The current President and his entourage have been at the Vatican meeting Pope Francis and will be heading back to Italy to attend the G7 summit in Sicily on Friday.

https://www.nytimes.com/2017/05/24/world/europe/trump-pope-vatican.html?_r=0

http://www.g7italy.it/en

 Colin Firth has applied for Italian Citizenship as according to his spokesperson “Colin was horrified by Brexit and is worried about the consequences”. He already owns a home in Umbria.

Read more: http://www.dailymail.co.uk/news/article-4532042/Colin-Firth-applies-Italian-citizenship-Brexit.html#ixzz4hzgaDYug

Free historic monument anyone!

Italy is giving away more than 100 historic castles, farmhouses and monasteries for free in an effort to breathe new life into its disused public buildings. Under a new scheme unveiled by the country's government run State Property Agency, 103 ancient buildings will be up for grabs to entrepreneurs who promise to transform the locations into tourist destinations.

The disused properties are situated along eight historic routes running the breadth of the country and the nearby islands of Sicily and Sardinia. It is hoped that the initiative will create a series of new facilities for the hundreds of hikers, cyclists and pilgrims who use the routes each year.

The project aims to promote and support the development of the tourism sector and the goal is for private and public buildings which are no longer used to be transformed into facilities for pilgrims, hikers, tourists, and cyclists.

The scheme, which is backed by Italy's Ministry of Tourism, calls on applicants to submit a proposal outlining how they intend to transform their preferred building into a tourist attraction  and the eventual transformation will have to be paid for by the applicant. Specific preference will be given to those aged under 40. 

Successful applications will then be awarded rights to the property for nine years, with the option to extend for an additional nine years.

The deadline for applications is June 26 and work will be expected to commence next summer and a further 200 buildings are scheduled for inclusion in the project over the next two years.

This is the latest initiative to emerge from Italy as part of on-going work to regenerate the country's rural areas.

Move to Italy...you know it makes fiscal sense

 
Flat Tax and Fast-Track Visas

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. 

Ruling procedure 

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. 

Main benefits 

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. 

Conclusion 

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 nick.ferrand@abodeitaly.com or Avv. Fred Cucchi  f.cucchi@legalis.it

Copyright: Abode Srl 2017

 

 

 

 

 

'Michelangelo and Sebastiano' exhibit in London

The National Gallery of London will this spring showcase the Italian Renaissance from March 15 through June 25 with the 'Michelangelo and Sebastiano' exhibition.The creative collaboration and friendship between the two artists, with their complementary but radically different talent, will be on display for the first time. Through about 70 works of art including paintings, sculpture, drawings and letters, the exhibition documents a professional relationship that lasted for over 25 years and does not shy away from times of both exultation and frustration experienced by both Michelangelo and Sebastiano del Piombo.

For the full story click here.

The recipe - Strufuli di Carnevale

A typical carnival pastry common in various parts of Umbria; delicious and not to be missed!

Ingredients:

8 eggs
8 tablespoons extra virgin olive oil
8 tablespoons sugar
16 tablespoons flour
1 small glass of Mistrà liqueur and/or rum
rind of 1 lemon, grated
1 tablespoon dried yeast
vanilla essence (optional)
honey or Alchermes liqueur for garnishing
oil for frying.

Mix the flour, yeast, oil, lemon rind, sugar, flavourings and liqueurs together.  Knead vigorously for a few minutes until the dough is stiff and full of cavities. If necessary, add a little flour or milk. Leave the dough to rest for about an hour. Heat the oil in a large frying pan. Take large dollops of dough and drop them into the boiling oil. When these are puffy and golden, remove them from the oil and place them on kitchen paper. Sprinkle the strufoli with Alchermes liqueur or melt some honey and drizzle over the strufoli.

Edward Hopper Exhibition in Rome - still time to see it!

EDWARD HOPPER

Held by some to be a story-teller, by others to be the only artist capable of creating a “freeze frame” of a panorama or a human life. It was Edward Hopper himself (1882-1967) – the best known and most popular American artist of the 20th century – a reserved, taciturn man and a lover of sea views and of the bright light in his spacious studio, who best explained his poetics: “If I could say it in words there would be no reason to paint.”

The exhibition Edward Hopper, opened on the 1st of October 2016 and is on until the 12th of February 2017 at Complesso del Vittoriano – Ala Brasini in Rome, Under the aegis of Istituto per la storia del Risorgimento, in collaboration with Assessorato alla Crescita culturale – Sovrintendenza Capitolina ai Beni Culturali, organized by Arthemisia Group in collaboration with the Whitney Museum of American Art of New York, covers the whole span of the output of the celebrated American artist.

From the Parisian watercolors to the landscapes and cityscapes of the 1950s and 1960s, the exhibition curated by Barbara Haskell – curator of painting and sculpture at the Whitney Museum of American Art – in collaboration with Luca Beatrice, showcases Hopper’s skill as a draftsman through more than 60 works, including celebrated masterpieces such as South Carolina Morning (1955), Second Story Sunlight (1960), New York Interior (1921), Le Bistro or The Wine Shop (1909), Summer Interior (1909), and extremely interesting studies (like the study for Girlie Show, 1941): a path that takes in all the phases of his output and all the techniques employed by an artist who is now considered to be a great master of 20th-century painting.

OPENING TIMES
Monday to Thursday 9.30 am > 7.30 pm
Friday and Saturday 9.30 am > 10.00 pm
Sunday 9.30 am > 8.30 pm (Last entry one hour before)

ADMISSION
Full price € 14,00 (audioguide included)
Concession € 12,00 (audioguide included)
Group concession € 10,00 (booking required, obligatory microphone equipment, min 15 max 25 people)
Children concession € 6,00 (children from 4 to 11)
Infant Schools € 5,00 (booking required, min 15 max 25 people)

GUIDED TOURS (admission not included, booking required, obligatory microphone equipment , min 15 max 25 people)
Guided tours for schools € 80,00
Guided tours for schools in foreign language € 90,00
Guided tours for groups € 100,00
Guided tours for groups in foreign language € 110,00

WORKSHOP From 4 to 11 years (admission not included, booking required min 15 max people)
School group € 100,00

OBLIGATORY MICROPHONE EQUIPMENT
Groups € 30,00
Schools € 15,00

BOOKING FEE Groups and Individual
€ 1,50
Schools € 1,00

INFOLINE
T +39 06 87 15 111
ufficiogruppi@arthemisia.it

Goodbye Britain... Hello my new life in Italy!

Had enough living in the UK? Getting cancer from burnt toast and over cooked roast potatoes? Want to live in a country where you can park at a hospital car park for free? Want to live in the sun? If your answers to these questions are yes then Italy is the place for you.

Why not sell up and buy this historical building in the heart of a medieval town and start your own business. Casa Sansepolcro is the most amazing property, beautifully restored with great attention to detail. Currently the present owner has created a boutique bed and breakfast with four double suits.

Want to find out more? Click here.

UK citizens will get individual opt-in to remain EU citizens, chief negotiator Guy Verhofstadt confirms

Guy Verhofstadt has fast-tracked the plan and will include it in his mandate

EU negotiators will offer people in the UK the chance to individually opt-in and remain EU citizens as a proposal in Brexit negotiations, the European Parliament’s chief negotiator has confirmed.

The proposal, first revealed in its early stages by The Independent last month, was being considered as a long-term aim by the European Parliament – but has now been fast-tracked to the negotiating table by Guy Verhofstadt, who is in charge of thrashing out a post-Brexit deal.

Mr Verhofstadt said the “very important” proposal had “captured the imagination and hopes” of many British people who wished to retain their rights as EU citizens and would be in his negotiating mandate. The plan would see Brits offered individual “associate citizenship”, letting them keep free movement to live and work across the EU, as well as a vote in European Parliament elections.
 

The proposal could potentially give Brits who live and work across borders a workaround to the disruption caused by the Leave vote – and young people looking to flee an increasingly isolated UK greater choice over where to move to. Depending on the approach taken by EU negotiators, the idea would likely be subject to approval by the British government.

Mr Verhofstadt is drawing up a report with the European Parliament’s Committee on constitutional affairs about proposed long-term changes to the EU’s structure. The plan was originally proposed by liberal MP Charles Goerens for inclusion in the report, but will now bypass that process and be taken forward independently.
It is an important amendment that has captured the imagination and hopes of many of the 48 per cent of Brits that have voted to remain in the EU.  

In a statement, Mr Goerens said: “Today I decided together with Guy Verhofstadt to withdraw my amendment on Associate EU citizenship. We realised that this has become a very important issue that cannot await treaty change – as was my intention when I first tabled my amendment – since this might take years. “Yesterday evening, the House of Commons decided by a majority of almost 400 to support Theresa Mays plan to trigger article 50 by the end of March 2017. Hence the prospect that this Article 50 will be invoked has become very real indeed.

“The European Parliament will define its position on the Brexit agreement through a resolution during spring 2017. This seems to be the best opportunity to give Brexit negotiator Guy Verhofstadt the possibility to enforce the Associate EU Citizenship.

“I recognise this might come as a surprise to many of you, but please understand that the abovementioned procedure makes it much more likely for the Associate EU Citizenship to succeed than through an amendment.”

Lib Dem MEP Catherine Bearder said: “The option of being able to retain EU citizenship offers a glimmer of hope for the millions of British people devastated by the referendum result. “The fact this proposal is going ahead shows there remains a huge amount of goodwill towards Britain, despite the actions of this Conservative Brexit government. “Everyone who supports this should write to MEPs and tell them how passionately they feel about maintaining their rights as EU citizens, including the ability to live, study and work abroad."

In its original form the amendment suggested the provision of “European associate citizenship for those who feel and wish to be part of the European project but are nationals of a former Member State; offers these associate citizens the rights of freedom of movement and to reside on its territory as well as being represented in the Parliament through a vote in the European elections on the European lists”.

Though the British Government has been coy on what it wants Britain’s post-Brexit future to look like, it is likely that British citizens will lose the automatic right to live and work in the EU after Brexit.

This is because Prime Minister Theresa May has made clear that she would like to restrict freedom of movement from EU countries to the UK, a policy that would likely be reciprocated by the EU for British citizens.
Mr Verhofstadt is one of two chief negotiators representing different pillars of the European Union. He represents the Parliament, while former commissioner Michel Barnier represents the Commission. Belgian diplomat Didier Seeuws will coordinate the European Council’s negotiating position on behalf of the leaders of other EU states.

The House of Commons this week approved a motion calling for Ms May to reveal the Government’s negotiating position on Brexit before triggering Article 50. It also locked in the timetable of triggering the treaty clause – and starting negotiations – before the end of March 2017. 

Independent News Service