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Frequently Asked Questions
The purpose of this competition is two fold. Firstly to create a global message of love and positivity for Italy, the first major country to suffer from the pandemic and has never recovered economically. My idea was to create a ripple effect across the world, people writing as to why they love Italy, and what impact Italy has on them personally.
The second part is to give back. To gift someone their dream – a home in Italy. In my line of work helping foreigners purchase property in Italy, I see every day the strong connection that people have with this beautiful country and their desire to own real estate here. I want to be able to give one lucky person this opportunity.
All the costs of purchasing the property and the transfer of the property into the winner’s name is covered by Nikki Taylor of Italy Property Consulting. If the winner is looking to utilize the property as a holiday rental investment, that income will incur taxes. Part of the prize pool is a strategy with leading bilingual accountant Paolo Rigo who will guide you on the best steps going forward. There will be annual property taxes (IMU), taxes for disposal of rubbish and this is calculated on the size of the property and the inhabitants. More information can be found by clicking HERE.
Please refer to Section 31 of the T&C’s regarding taxes. You can find more information by clicking HERE.
Annual property tax (IMU) due on June and December, Annual property taxes called TARI are payable and the amount will depend on the size of the property and the inhabitants. Please refer to the article written HERE.
Ostuni is located in the Puglia region of Italy. Also known as the “White City” for its stunning whitewashed buildings that make up the town. Located high up on the hill overlooking the stunning Adriatic Coast, Ostuni is one of the most desired towns in Puglia, which is currently the most desired region in Italy.
Yes you can.
Once the property is in your name you are free to utilise it as you wish or sell it on. Any costs associated with the sale of the property are borne by the winner. The winner may sell the property within or after 5 years from the deed of acquisition. This matter will be discussed with Paolo Rigo during the session, in order to plan and estimate any capital gain tax due on the selling.
Once the property is in your name, you are free to gift the house to someone else; however transferring the property to a third party will incur transfer costs borne by the winner.