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Investing in Italy and a property with a twist.

Discussion in 'Where to Buy' started by MrFox, 22nd Aug, 2016.

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  1. MrFox

    MrFox Well-Known Member

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  2. C-mac

    C-mac Well-Known Member

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    Yikes! No rental increases for 4 years? Non-resident taxes of 23-43% ? Minimal deductables? Doesn't sound appealing whatsoever as an investment. As an owner-occupier though... Parts of Italy have an undeniable appeal!
     
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  3. MTR

    MTR Well-Known Member Premium Member

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    Thought about it, but its the maintenance issues when you are away, the travel time from Oz.

    Probably better off just renting, less headaches.
     
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  4. Antoni0

    Antoni0 Well-Known Member

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    Yeah good luck with that, I've actually inherited land in Sicily and it's a really nice location on a hill side overlooking the ocean but it's more drama than what it's ever worth to sell. It's only worth something like 2000 euros and it's actually not far from the house where they filmed the movie 'The Godfather'. The GFC hit certain parts of Europe really hard.
     
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  5. alicudi

    alicudi Well-Known Member

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    Hmm

    You sound like most of my family members...., are you my uncle?

    Regards,

    alicudi
     
  6. Antoni0

    Antoni0 Well-Known Member

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    Hahaha! I only have cousins here but yeah, strange place when it comes to politics. Australia is one of the best places to live by far in my opinion.
     
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  7. Biz

    Biz Well-Known Member

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    If you don't have someone there to keep an eye on it people will just move in and squat. No one gives a $hit about paying bills in Italy either, they chuck the bills on top of the fridge and get to it when they can lol.
     
    Last edited: 29th Jul, 2017
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  8. alicudi

    alicudi Well-Known Member

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    Hi

    I am an Italian living like that in Australia, I used to put my electricity bills in the top draw and pay them the moment the power went out!

    This trait must have been passed on through the generations.

    Regards,

    alicudi
     
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  9. Antoni0

    Antoni0 Well-Known Member

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    You got it in one. People don't pay taxes and they just suspend or deny their pension and not go to jail. The problem I have is that there is 3 owners but nobody knows or has documentation of which third of the property they own. The land needs to be surveyed and will almost cost the same amount of what the land is worth in total value. Everything was done on word of mouth about 90 years ago, the land was handed down from generation to generation. I didn't even bother with legal advice as the locals will milk you dry.
     
  10. alicudi

    alicudi Well-Known Member

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    Oh my god....You have to be my uncle! The only difference in my case is I think that my relatives have more owners with lost identities to deal but everything else sounds identical. It just isn't worth getting involved in.
     
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  11. Biz

    Biz Well-Known Member

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    My family is from Sicily, I know all about it. Wife's family have land in Croatia, same deal, they have this pieces of paper that looks like it was written during the last days of Caligula. Land purchased with gold pirate coins or some $hit. It's something like 2000 acres and they don't know if it's worth $20 or $20 million lol.
     
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  12. Antoni0

    Antoni0 Well-Known Member

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    Lol! I've copped it from both sides, Mum and Dad. On my Mums side my grandfather left behind a really nice block on the side of Mt Etna in the 1950"s but all the land rates need to be paid back and 3 other siblings involved that will not spend a cent but want rights to the land. :confused:
     
  13. Luca

    Luca Well-Known Member

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    No go guys, thousands of migrants at the moment and once a tenant is in and stops paying (which is pretty common) good luck with having the eviction. 2 years when it goes well. Also taxation is massive. Stick to Australia till they don`t change the rules. This is paradise compared to other countries (e.g. Italy).
     
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  14. Casteller

    Casteller Well-Known Member

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    Barcelona
    Spain is similar, for non residents there are no deductions, not even mortgage interest. Flat 25% tax on the gross rent. Non-paying tenants very hard to remove.

    My first purchase was a bit of a disaster financially, prices had already dropped 30% but they kept going to 50% down. things are recovering now though, mainly in the cities, Barcelona up 20% in the last year. I bought another in the city at the bottom which has softened the loss on the first one.

    I like medium term rentals here, 2-11 months, plenty of demand for those. Long term is too risky, and short term is mostly illegal with big fines. Medium term is the sweet spot, my gross rental return on that one is around 10%, no vacancies, and I´m resident now so get all the generous deductions.
     
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  15. GetRIDof5CENTpiece

    GetRIDof5CENTpiece Well-Known Member

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    wow so many sicilians... thought I was alone!!
     
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