In Italy, there is no capital gains tax for nonresidents if they sell their home more than five years after they bought it
Homes in Italian cities and the countryside have always held an allure for foreign buyers. Now the pandemic is supercharging demand from well-off Americans and Britons.
Andy Isikoff, an investment manager in New York, bought a two-bedroom apartment in Rome during the pandemic without even seeing it in person. Constrained by travel restrictions but attracted by cheap prices, the father of two decided he could finally enjoy Italy — a country in which he’d spent time in his younger years.
“People overall want to buy sunny, beautiful places around Europe. In Italy, they also get very cheap prices,” said Savills real estate analyst Jelena Cvjetkovic. Savills oversaw as many contracts in Italy this January-September period than it did for the whole of 2019. Sotheby’s sales grew 74% in the first eight months of the year compared to the same period in 2019. Knight Frank recorded an 19% increase in the homes sold between April 2020 and March 2021 vs the same period two years prior, and 108% more than for the same period in 2020.
Knight Frank estimates that 683 people with more than $30m in net worth have applied for residency under this tax policy between 2017 and 2019, most of them coming from the UK, with a rising number of people applying from the U.S.
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