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Britain has benefited from that global system over a long period of time. But we cannot afford to rely on history or sentiment if we are to earn our living. We cannot take it for granted that markets will remain open to our businesses, or that our businesses will always be able to take full advantage of the opportunities that exist. Government can help. The role of Government is to provide the conditions for private sector growth and investment, to use all the levers it has to break down barriers faced by industry both at home and abroad, and to promote a strong and credible global trading. | CHINESE REAL ESTATE INVESTMENT IN ITALY Procedure andlegalissues Mr. Franco Fornari Mr. Valentino Lucini Guangzhou May 2012 1 Index I .INTRODUCTION.3 n .INVEST IN ITALY.4 A. INVEST IN ITALIAN REAL ESTATE.4 B. DUE DILIGENCE.14 C. BUILDINGS YET TO BE CONSTRUCTED. 16 D. BANK ACCOUNT AND LOANS PRAXIS PROCEDURE. 17 E. MONYE TRANSFER.22 F. ITALIAN REAL ESTATE INVESTEMENT FUND.25 in .FISCAL ISSUES.30 A. TAX ARISING FROM THE PURCHASE OF REAL ESTATE.30 B. TAXES payable.35 C. BENEFITS OF FIRST HOMES.41 IV.IMMIGRATION AND VISA APPLICATION.44 A. visa regulation.45 B. elective residence visa.54 C. RESIDENCE PERMITS FOR INVESTOR.55 2 I .INTRODUCTION Italy is the 6th largest economic power in the world. With its diversified industrial economy it is an ideal location for companies wishing to expand their international market share. Italy is a land of creativity centrally located in the heart of the Mediterranean. It is a crucial crossroads for land sea and air routes linking the north and south of Europe. Moreover it offers skilled workforce and high quality of living. The great strength of Italian economy lies in its vital small and medium sized firms often located in specialized clusters specializing both in high quality consumer goods and in products that require high quality design and engineering which have acquired large shares of the global market. In recent years an increasing number of investors have been investing in Italian real estate. Italy definitely is recognized worldwide for its impressive artistic patrimony beautiful cities relaxing vacation destinations and overall quality of life. Many investors have been taking advantage of the friendly relationship that has traditionally joined together China and Italy and have beneficially explored the opportunities that the Italian real estate market has to offer both for residential and commercial purposes. The Italian real estate market - both residential and commercial - has performed strongly over the past few years .
