Portosole San Remo to host the MYBA Charter Show in 2025

We are thrilled to announce that Marina di Portosole in Sanremo will host the prestigious MYBA Charter Show from April 28th to May 1st, 2025.

Credit: Portosolesanremo.it

This iconic event marks a homecoming, as San Remo was the location where the show was first held. The event will feature a collection of luxury yachts and bring together leading professionals from the yachting and charter industry. Reuben Brothers, the British billionaire duo, are owners of Portosole Marina and are known for their vast investments across real estate, yachting, and hospitality. Their combined wealth is estimated at over $9 billion, making them influential figures in global finance and property.

The MYBA Charter Show is one of the most important international yachting events, bringing together top charter professionals, brokers, and captains from across the globe. Organized by the Mediterranean Yacht Brokers Association (MYBA), the show provides a platform for showcasing some of the world’s finest luxury yachts, offering networking opportunities and promoting excellence in the charter industry. The event is renowned for its exclusivity and high standards, attracting key figures from the yachting community.

The decision to host the MYBA Charter Show in Sanremo is also a testament to the ongoing development and investment in the region. Along with the high-end yachting industry, the local real estate market has seen significant growth, driven by the area’s appeal to international buyers seeking luxury homes. Liguria’s beautiful coastlines, proximity to the French Riviera, and high-end lifestyle continue to attract discerning buyers and investors.

At LiguriaHomes Casamare, we’ve witnessed this growing trend firsthand, as more clients look to invest in properties that complement the area’s luxurious yachting lifestyle. Whether you’re interested in a villa with sea views or a historic estate in the Ligurian hinterland, our team is here to assist you in finding your dream home. This recent wave of investments, including events like the MYBA Show, underscores the increasing value and prestige of owning property in the region.

As the local real estate market continues to benefit from the influx of yachting and tourism, we are excited to see the positive impact on property values, lifestyle amenities, and future developments. If you are considering investing in this thriving region, now is the perfect time to explore the exceptional properties we have available.

If you need more information about our region or real estate opportunities in Liguria, please visit our website at LiguriaHomes Casamare.

Italy’s New Digital Nomad Visa: A Gateway to La Dolce Vita

Effective April 4, 2024, Italy has introduced a new digital nomad visa, opening doors for remote workers from outside the European Union to live and work in the country. This visa is designed for highly skilled professionals who can work remotely, offering them the opportunity to enjoy Italy’s rich culture, beautiful landscapes, and world-renowned lifestyle.

To qualify, applicants must meet specific income requirements, have health insurance, and be employed outside of Italy. This initiative is part of Italy’s broader efforts to attract international talent and revitalize its economy.

Key Details of the Digital Nomad Visa:

Eligibility: The visa is designed for highly-skilled professionals, including freelancers (“digital nomads”) and employees (“remote workers”), who can work remotely using technology.

Skills and Education: Applicants must have a university degree (minimum three years), an accredited professional license, or significant professional experience. Some consulates may require the education to align with the work being performed.

Work Experience: At least six months of relevant work experience is required, with up to five years for those without a degree.

Work Contract: Remote workers need to provide evidence of an employment contract or a binding job offer that requires high-level skills. Freelancers may need to provide proof of contracts or client engagements.

Criminal Background Affidavit: Remote workers must submit an affidavit from their employer confirming no convictions related to specific immigration crimes. While a criminal background check for the applicant is not explicitly required, some consulates might ask for it.

Annual Income: Applicants must demonstrate an annual income of at least EUR 24,789. The income should ideally be related to remote work, though requirements may vary by consulate.

Housing: Evidence of accommodation in Italy is required, which could be a lease agreement or proof of ownership. Some consulates may accept a hotel reservation or a letter of hospitality.

Health Insurance: Applicants must have medical insurance covering treatment and hospitalization in Italy. Alternatively, an affidavit committing to obtain insurance upon arrival may be accepted.

Visa Duration and Renewal: The visa is valid for one year, with the option to renew it without reapplying, once in Italy.

Where to Apply: Applications must be submitted at the Italian Consulate responsible for the applicant’s area of residency.

This visa presents a unique opportunity for digital nomads and remote workers to experience life in Italy while maintaining their professional careers.

If you’re considering relocating to Italy under this new visa, it’s essential to prepare thoroughly to ensure that you meet all the requirements and understand the implications of living and working abroad. With its unparalleled lifestyle offerings, West Liguria stands out as a premier destination for digital nomads.

New 2024 Rules for Special Tax Regimes in Italy

Italy continues to be a prime destination for high-net-worth individuals (HNWI) and international professionals, thanks to its attractive tax regimes. However, recent changes in 2024 have introduced new rules that potential expatriates should consider. This article highlights the significant updates to the “Flat Tax for Wealthy Foreigners” and the “Inbound Workers Regime,” both of which have undergone substantial revisions this year.

  1. Changes to the Flat Tax for Wealthy Foreigners (HNWI) New Residents
    Effective from August 10, 2024, Italy has implemented important changes to the “Flat Tax for Wealthy Foreigners” regime, which was originally designed to attract HNWI to Italy by offering a simplified and advantageous tax structure.

Key Changes:

  • Increased Flat Tax Amount: The most notable change is the increase in the flat tax rate from €100,000 to €200,000 per annum for foreign-sourced income. This adjustment applies to individuals transferring their tax residence to Italy after August 10, 2024. Additionally, the option to include family members under this regime is maintained, with an extra flat tax of €25,000 per family member.
  • Grandfathering Clause: Individuals who transferred their residence to Italy before August 10, 2024, are not affected by the new legislation. This applies regardless of whether they are already tax residents in Italy for 2024 or whether they have opted for the Flat Tax Regime. These individuals will continue to benefit from the original flat tax provisions, ensuring that those who planned their relocation under the previous regime are not disadvantaged by the new rules.

These changes make the regime less affordable for new entrants but preserve benefits for those already in the system, ensuring Italy remains a competitive option for those seeking tax efficiency coupled with a luxurious lifestyle.

  1. Updates to the Inbound Workers Regime
    Starting January 1, 2024, the “Inbound Workers Regime” has been significantly revised to broaden its appeal and enhance its benefits for international professionals and executives moving to Italy.

New Eligibility Requirements:

  • Non-Resident Status: Taxpayers must have been non-residents of Italy for at least three years (previously two years) before transferring their tax residence to Italy.
  • Commitment to Stay and Work: Individuals must commit to residing in Italy for at least four years (previously two years) and working primarily within the Italian territory.
  • High-Level Qualification: Eligible individuals must possess a high-level qualification or specialization as defined by legislative decrees 108/2012 and 206/2007.

Benefits of the Regime:

  • Income Reduction: Qualified individuals can benefit from a 50% reduction in taxable income for up to five fiscal years, with a yearly income limit of €600,000.
  • Enhanced Reduction for Families: For taxpayers who transfer their residency with a dependent child or a newborn or adopted minor, the income reduction increases to 60%, with the same annual limit of €600,000.

Conclusion

The 2024 updates to Italy’s special tax regimes underscore the country’s strategic efforts to attract a diverse range of international talents and high-net-worth individuals. For those considering relocating to Italy, whether you are a high-net-worth individual seeking the fiscal advantages of the revised Flat Tax regime or a specialized professional aiming to benefit from the updated Inbound Workers Regime, these changes present a unique blend of opportunities and considerations.

Italy’s evolving tax landscape continues to offer compelling incentives for those willing to invest in the country’s vibrant economy and luxurious lifestyle. The Flat Tax rate for new residents positions Italy as an appealing destination for those looking to optimize their tax obligations while enjoying a high standard of living. Similarly, the enhanced benefits for specialized professionals under the Inbound Workers Regime provide a robust framework for career growth, making Italy an attractive option for top-tier talent and international companies seeking to relocate employees.

At LiguriaHomes Casamare, we are committed to assisting our clients in navigating these new tax landscapes and making informed decisions about their relocation and investment strategies. Our deep understanding of both the local real estate market and Italy’s tax regime changes allows us to provide tailored advice that aligns with your financial goals and lifestyle preferences.

Whether you are planning to invest in Italy’s stunning properties or exploring the tax benefits of becoming a resident, we are here to guide you every step of the way. Reach out to us today to discuss how these 2024 tax regime changes could impact your plans and discover how we can help you make the most of what Italy has to offer. If you have any questions or comments about these favorable tax regimes in Italy, please do not hesitate to contact us. We would be happy to connect you with our Tax Advisor and provide you with more detailed information tailored to your needs.

Matteo Scandolera 
matteo@liguriahomes.com

Getting a Mortgage in Italy: a Comprehensive Guide

How to Obtain a Mortgage for Property in Italy: Expert Advice

Italy’s allure as a destination for purchasing property extends beyond its scenic landscapes and historic charm. However, navigating the mortgage landscape in Italy can be complex, especially for international buyers. This guide aims to provide a detailed overview of obtaining a mortgage in Italy, drawing on expert insights and integrating essential information for non-residents.

The Mortgage Approval Process

The process of securing a mortgage in Italy involves several steps and considerations. Understanding these can help prospective buyers streamline their efforts and increase their chances of success.

1. Duration for Loan Approval

The loan approval procedure for international investors typically matches the timeline for Italian buyers. However, if the process takes longer, it may be beneficial to seek assistance from another bank or advisor to avoid unnecessary delays.

2. Maximum Loan Amount

For foreign customers, the maximum loan amount, or Loan to Value (LTV), usually does not exceed 60% of the property’s purchase price or appraised value, whichever is lower. In some cases, this can be as low as 50%. Therefore, buyers should be prepared to provide at least 40-50% of the property value as a deposit.

3. Additional Costs

When applying for a mortgage, consider the following additional costs:

Continue reading Getting a Mortgage in Italy: a Comprehensive Guide →

IMU: Property Tax in Italy

Understanding IMU: The only Property Tax in Italy

Italy’s property tax, known as Imposta Municipale Unica (IMU), is a crucial aspect for homeowners, including both residents and non-residents. This tax applies to various types of properties and has specific guidelines regarding who pays, how much is paid, and the payment process.

What is IMU?

IMU is a municipal tax levied on the ownership of real estate properties in Italy, excluding primary residences unless they are classified as luxury homes. It was introduced to consolidate several existing property taxes and simplify the taxation process.

Who Has to Pay?

IMU is mandatory for:

  • Owners of secondary homes (second homes).
  • Owners of primary luxury homes (classified under categories A1, A8, and A9).
  • Owners of commercial properties.
  • Landowners, including those owning agricultural land, with some exemptions for small independent farmers and professional agricultural entrepreneurs.

How Much Do I Have to Pay?

The IMU amount is calculated based on the cadastral income (rendita catastale) of the property – NOT on the commercial price of the property – which is increased by 5% for residential properties and 25% for agricultural land. The resulting amount is then multiplied by specific coefficients depending on the property type:

  • Residential properties (A1-A11): 160
  • Storage units and attics (C2): 80
  • Garages (C6): 65
  • Canopies (C7): 55
  • Offices (A10): 135
  • Industrial buildings and hotels (D1-D4, D6-D10): 60
  • Stores (C1): 55

The standard IMU rate is 0.76%, but municipalities can adjust this rate between 0.46% and 1.06%.

Example Calculation
Continue reading IMU: Property Tax in Italy →

West Liguria: The Best Climate in Italy According to Reports

Experience Perfect Weather Year-Round in West Liguria

The Province of Imperia, located in the picturesque West Liguria, boasts the best climate in Italy. According to a detailed report by Corriere della Sera and iLMeteo.it, which analyzed 17 parameters and over 380 million data points from 2000 to 2023, this area emerged as having the most favorable weather conditions among Italian provincial capitals.

Key Highlights of the Province of Imperia’s Climate

  1. Mild Winters and Warm Summers: The climate is characterized by mild winters and warm, sunny summers. Even in December, residents and visitors can enjoy beach outings, with Christmas often resembling a spring day.
  2. Low Cloud Cover: The area enjoys low cloud cover, with daytime cloudiness at just 30%, a figure that has remained stable for over two decades.
  3. Stable Temperatures: The annual temperature variation is minimal, with a stable and comfortable climate year-round, ideal for outdoor activities and events.
Continue reading West Liguria: The Best Climate in Italy According to Reports →

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