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Villa Archi, Monte Argentario, Italy

€10,000,000

Breathtaking beach house based on the ruins of the summer residence of a Roman emperor with direct private access to the sea along one of the most beautiful stretches of the Italian coast.

This luxury villa was originally built in the 1950's and was recently renovated and restored in 2014 conserving its original charm. The villa boasts 950m2 of internal surface and 2500 m2 of Mediterranean garden. The villa has very luminous rooms thanks to its large frontal windows towards the sea. The property is composed by two kitchens, six en-suite double-bedrooms, ten bathrooms, a large living room from where you can admire the sea view and a large secure car park. The villa now has permission to build a swimming pool in the garden that will be completed in December 2014. The house also has discreet staff accommodation within the dwellings.

Monte Argentario is a comune (municipality) and a peninsula belonging to the Province of Grosseto in the Italian region Tuscany, located about 150 kilometres (93 mi) south of Florence and about 35 kilometres (22 mi) south of Grosseto. The peninsula is connected with the mainland by three spits of land which form two lagoons, the Laguna di Ponente on the west side and the Laguna di Levante on the east side of the middle dam. The two main villages on Monte Argentario are Porto Santo Stefano facing north, and Porto Ercole facing south.

Please be aware prices may vary due to fluctuations in the exchange rate

A GUIDE TO BUYING IN ITALY

As with any property purchase in any country, it is always advisable to gain the help of reputable and independent legal and property advisers when you propose to buy in Italy.

MAKING YOUR OFFER

Purchasing property in Italy is usually a three-stage process. When you make an offer to buy, this needs to be made in writing by way of a formal Purchase Proposal and this should be accompanied by a deposit (which can be up to 5% of the purchase price). The deposit can be held in escrow. It can be a good idea to put a time limit on your offer and make it subject to due diligence.

THE PRELIMINARY CONTRACT

Once the formal details of the sale have been agreed between the buyer and vendor, and their legal representatives and the due diligence completed, the preliminary contract can be entered. This is a formal agreement drawn up by the agent, lawyers and, in some cases, this contract is also notarised. The contract stipulates all terms of the sale/purchase and is typically accompanied by a further deposit payment between 10%-20%. Again this deposit can be held in escrow or paid directly to the vendor. If the seller changes his mind, he will have to pay you double the deposit you have lodged.

THE DEED OF SALE (‘ROGITO’)

The public notary prepares the final deed of sale known as the rogito, whilst also carrying out land searches and so forth. The notary is a public legal body who represents both the buyer and the vendor, and collects the necessary taxes on the sale/purchase. It is the buyer who may choose which notary they wish to use.

THE COSTS OF BUYING

The main costs met by you, the buyer are:

Lawyer’s fees : 1-2% + IVA
Notary’s fee : Approx. £3,000 + VAT
Estate Agent’s fee : 3% + VAT
Tax on property : is calculated at 9% of the value according to the land registry. On resale properties the land registry value is typically lower than the sales price, often by as much as 30% to 50%.
Tax on land : is calculated at 12% of the land value. The notary will decide an appropriate value for the land in line with land prices in the area
NB:If you pay for your purchase with funds from outside Italy, be sure that the records are officially documented. Any later sale proceeds can then be repatriated.

ONGOING TAXES

Property owners pay income tax based on the theoretical rental income of the property. However, non-residents in Italy are subject to this tax only if the income exceeds a certain threshold.

Council tax (‘Imposta Municipale Unica’) is based on the land registry value of the property and is collected by the local authority twice a year.

You do not pay Capital Gains Tax if you sell the property more than five years after the purchase.

Please note: This article reflects Aylesford’s current understanding of property legislation in Italy. It is offered for general guidance only; specialist legal and tax advice should always be taken for any property transaction.

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