Attractions in Italy

Italy, a founder member of the EU, is a relatively young country which was only unified as a nation in 1861. It has land borders with Austria, France, San Marino, Slovenia, and Switzerland while the Vatican City is a separate state within Rome. The country's long coastline, stretching some 7,600km, has contributed to problems with immigration control. Besides deep rooted problems, such as the need to import most raw materials, the country is also plagued by corruption and crime.

The economy is divided by the industrial north and less developed and poorer agricultural south. The latest OECD report assessment of the country reported that exports and investment activity rose markedly in the first half of 2004, ending a protracted slump. GDP growth of between 1.5 per cent and to 2 per cent was forecast for 2005-06 although 'inflation could start to rise again'. As in much of Europe, property prices have been rising. According to the Royal Institution of Chartered Surveyor's European Housing Review 2005, the housing market has been on 'a sustained upward swing for five years' (following a seven year period of recession in which prices fell by over 20 per cent). Last year 'agents were reporting that market activity was still brisk - although it had fallen below its peak'.

Most Italian property is sold as freehold although Italian property law recognises various other property rights and tenures. Usufruct is a right to use the property of another for a fixed period but not to change its nature. Leasehold rights, which may be for a fixed period of 20 years or more or in perpetuity, allow the lessor to use the property as if he or she were the owner, subject to a requirement to improve the land and pay a rent. Building rights entitle the holder to construct a building on land belonging to a third party, or maintain a building standing on land belonging to a third party.

Building rights may be for a limited or unlimited period of time, but if for a fixed period, ownership of the building reverts to the owner of the land on their expiry. Italian property transfer processes have some similarities to France. Based on land registration, the state regulated process involves both purchaser and seller using the same state appointed notary to complete the transaction. The process begins with a formal and nominally binding offer to purchase arranged through an estate agent. If accepted during the set period of the offer, this is followed by a preliminary contract signed by both parties (at which point a deposit will be paid). Finally comes formal completion.

The notary, in front of whom the completion documents must be signed, will verify that the documentation is correct, that the property is free from registered encumbrances and checks the identities of the parties involved. Searches beyond what is included in the registry are unlikely to be exhaustive. The notary also collects the taxes and duties involved. These vary between Non-resident property purchasers are treated differently to resident purchasers in a number of ways. In particular they will be obliged to pay higher registration fees, although residence can be claimed within a fixed time subsequent to the purchase.

Total fees and charges are likely to amount to between 5 per cent and 20 per cent, including estate agents fee, if applicable, registration fees or VAT if a new property, and the notary's fee. Fees in the order of 8 to 10 per cent are also payable on sale of a property. Some charges are based on the registered value of the property, which is likely to be less that the actual purchase price. This also applies to local property taxes, the amount of which varies from region to region. The Imposta Comunale surgli Immobili is paid by both resident and non resident owners - although the amount is halved for property that is not habitable. In addition there are likely to be charges for local services.

Italian taxation is undergoing reform. From the start of 2005 personal tax rates have been set on a graduating scale ranging from 23 per cent to 39 per cent, with a 4 per cent supplement for income in excess of 100,000 euro. Property owners are obliged to file annual tax returns but are only taxable on income arising in Italy. However, there tax is levied on the notional rental value of the property (based on its registered value) whether or not it is rented out. Both residents and non-resident property owners are subject to Italian inheritance law and tax. But the good news is that currently there is no capital gains tax to pay on property gains.

Italy, a founder member of the EU, is a relatively young country which was only unified as a nation in 1861. It has land borders with Austria, France, San Marino, Slovenia, and Switzerland while the Vatican City is a separate state within Rome. The country's long coastline, stretching some 7,600km, has contributed to problems with immigration control. Besides deep rooted problems, such as the need to import most raw materials, the country is also plagued by corruption and crime.

The economy is divided by the industrial north and less developed and poorer agricultural south.

As in much of Europe, property prices have been rising. According to the Royal Institution of Chartered Surveyor's European Housing Review 2005, the housing market has been on 'a sustained upward swing for five years'. Last year 'agents were reporting that market activity was still brisk - although it had fallen below its peak'. Most Italian property is sold as freehold although Italian property law recognizes various other property rights and tenures. Usufruct is a right to use the property of another for a fixed period but not to change its nature.

Leasehold rights, which may be for a fixed period of 20 years or more or in perpetuity, allow the lessor to use the property as if he or she were the owner, subject to a requirement to improve the land and pay a rent. Building rights entitle the holder to construct a building on land belonging to a third party, or maintain a building standing on land belonging to a third party. Building rights may be for a limited or unlimited period of time, but if for a fixed period, ownership of the building reverts to the owner of the land on their expiry. Italian property transfer processes have some similarities to France. Based on land registration, the state regulated process involves both purchaser and seller using the same state appointed notary to complete the transaction.

The process begins with a formal and nominally binding offer to purchase arranged through an estate agent. If accepted during the set period of the offer, this is followed by a preliminary contract signed by both parties (at which point a deposit will be paid). Finally comes formal completion. The notary, in front of whom the completion documents must be signed, will verify that the documentation is correct, that the property is free from registered encumbrances and checks the identities of the parties involved. Searches beyond what is included in the registry are unlikely to be exhaustive.


The notary also collects the taxes and duties involved. These vary between Non-resident property purchasers are treated differently to resident purchasers in a number of ways. In particular they will be obliged to pay higher registration fees, although residence can be claimed within a fixed time subsequent to the purchase. Total fees and charges are likely to amount to between 5 per cent and 20 per cent, including estate agents fee, if applicable, registration fees or VAT if a new property, and the notary's fee. Fees in the order of 8 to 10 per cent are also payable on sale of a property.

Some charges are based on the registered value of the property, which is likely to be less that the actual purchase price. This also applies to local property taxes, the amount of which varies from region to region. The Imposta Comunale surgli Immobili is paid by both resident and non resident owners - although the amount is halved for property that is not habitable. In addition there are likely to be charges for local services. Italian taxation is undergoing reform. From the start of 2005 personal tax rates have been set on a graduating scale ranging from 23 per cent to 39 per cent, with a 4 per cent supplement for income in excess of 100,000 euro.

Property owners are obliged to file annual tax returns but are only taxable on income arising in Italy. However, there tax is levied on the notional rental value of the property (based on its registered value) whether or not it is rented out. Both residents and non-resident property owners are subject to Italian inheritance law and tax. But the good news is that currently there is no capital gains tax to pay on property gains.

Rome is the capital city of Italy as well as one of the most famous cities in the entire world. One of the things that makes it so unique from other cities is the fact that within its walls is the smallest nation in the world, the State of the Vatican City, a sovereign territory of the Holy See.

Within the Vatican City is Saint Peter's Square and Saint Peter's Basilica. Between the years 1656 and 1667, the open area in front of the basilica was redesigned so that it could accommodate the largest number of people possible during blessings given by the Pope. In addition to surrounding the Vatican, Rome has an extremely long and interesting history. The legend of its founding says that Romulus and Remus, twins who were supposedly raised by wolves, established the city. However, the archaeological evidence indicates that Rome developed out of pastoral settlements and became a city around the 8th century BC.

For around one thousand years, Rome was very important in the political world and was considered the largest and richest city in the Western world. It remained an important power even after the Roman Empire began its decline. However, it did eventually lose its status as a capital city to Milan and then to Ravenna. One of the things Rome is known for today are the ancient structures that still exist there. The Roman Colosseum has become a symbol of the Roman Empire and of Rome itself. It was the largest amphitheatre ever built by the Roman Empire and was capable of seating 50,000 people. Its original use was as a venue for staging combats between gladiators, which was a popular spectator sport of the time.

Rome is also home to many beautiful villas and gardens. The center of the city is surrounded by many green areas and gorgeous old villas. Among them is the Villa Borghese, which has a large, landscaped garden constructed in the 19th century naturalistic English style. The villa also has a number of buildings, museums, and other attractions. For the many tourists vacationing in Rome, there are a number of lovely places to stay, including both hotels and holiday apartments.

Examples of hotels in Rome, Italy are:

Hotel Aldrovandi Palace: This historical hotel was built in 1899 and remodeled in 2004. It is located between the Villa Borghese Gardens and the Borghese Gallery in a quiet, upscale residential area. It is also very close to the Spanish Steps. The hotel features an outdoor pool, private park, and garden dining.

Examples of holiday apartments in Rome, Italy are:

Casa Cesi: This two bedroom apartment sleeps up to six people and is located between the Vatican and the Spanish Steps. It's a spacious apartment that has been carefully decorated to make guests feel at home. The kitchen is modern and fully equipped and the master bedroom has an en suite bathroom.

Frattina Beauty: This stylishly decorated apartment has bright, cheery colors to welcome its guests. It's just minutes from the Spanish Steps in the historical centre. It's on the second floor of its building and has an elevator to get you there comfortably. The famous old structures of Rome make it an exciting place for any traveler to visit. While its sites may be ancient, its hotels and holiday apartments are comfortably modern to accommodate even the most discerning of vacationers.