Donald J. Carroll, vice co-chair of the ABA Committee on International Investment in Real Estate said in an e-mail interview that overseas investors who looks for stable and secure market opts for Italian property market which inevitably has excellent infrastructure, legendary countryside and quite outstanding value for money.
In the start of 2006, Italy was ranked fifth on the world tourism organization’s (UNWTO) list of top tourist destinations with 41.1 million tourists. Southern Italy, in particular, has been of great interest to holidayers. Apartments along the coast or in the Italian countryside are one of the most popular places for vacationers so even in quieter seasons the rental income in this region would be substantially good. Even though the capital gain for property investors is excellent, many investors are looking to buy holiday homes for the love of Italy itself.
Report commissioned by World Tourism Organization revealed that Italy remains in the top list from 2006 and is currently ranked fourth and is expected to become the world's top tourist destination in the future. Italy has wonderful culture and a history back to prehistoric era, delicious and world famous culinary tradition, excellent year round climate, pristine beaches, Alpine landscapes, lush green vegetation as well as beautiful countryside in the world making it as a first choice for investors and holidayers.
Marco Pessi, from McDermott Will & Emery located in the Rome office said that overseas investors enjoy the same property rights as Italian citizens so there are no restrictions on property ownership for US or any overseas investors. The main difference is that once the sale is over foreign nationals should pay an 11 percent purchase registration tax, whereas Italian citizens need to pay only 4 percent taxes.
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