Ryanair etc - Property in Europe?
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Ryanair etc - Property in Europe?
Do any of those forced in to taking European bases early career invest in cheap property abroad? For example there's some nice, cheap property near Pescara in Italy. Just wondered if a negative can be turned into a positive and a reasonable lifestyle option.
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It sounds like you might be Pescara bound and are looking at some entrepreneurial options. It looks a wonderful area. If so, and understanding the risks of being shuffled to the opposite corner of EU, it might not be a bad idea as you can always rent it out to other RYR serfs who need a bed for their head. I've no idea about the in's & outs of being a non-Ialian property owner. years ago I was renting and working there, and it was a bureaucratic nightmare. They certainly did things differently. Perhaps now they are more normal & 21st century.
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Be an a adventurer and keep us informed.
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if you plan on living there and move your residency, it is doable, and that area can offer nice solutions. Taxes are sustainable on first houses, once you get used to them and how to arrange them (you need someone to help you, especially if you do not speak italian).
If you plan on having that as your second house, taxes will kill you (taxes in italy are very high on houses not meant as main residence).
Same if you plan to rent it: the law is heavily balanced toward the tenant, and if they end up not paying the rent, which happens a lot in these times, good luck trying to get them out of your house, especially if they have dependants. It takes one year or more, and assuming that you know what you are doing, and willing to pay a good lawyer.
If you plan on having that as your second house, taxes will kill you (taxes in italy are very high on houses not meant as main residence).
Same if you plan to rent it: the law is heavily balanced toward the tenant, and if they end up not paying the rent, which happens a lot in these times, good luck trying to get them out of your house, especially if they have dependants. It takes one year or more, and assuming that you know what you are doing, and willing to pay a good lawyer.
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So just ask and factor that in.
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Don't DO IT!
DO NOT, I repeat: DO NOT buy property in Italy.
I did exactly what you are talking about: was based in Rome with Ryanair, and bought what seemed like a nice, inexpensive country home 45 minutes from the airport. I was then screwed nine ways to Sunday, for the next five years. I was never sued in my home country, but could not get out of court in Italy. A simple thing to remember, if not a simple thing to understand, is: FRAUD IS LEGAL IN ITALY. Sounds ridiculous? It is. But it's true, and not just for you Mr. Foreigner. It happens Italian-to-Italian all the time. Fraud is just a way of doing business in Italy. Even Notaries get in on the fraud sometimes. You will always be at a disadvantage, because you don't "know the system" and all the tricks that are possible. They will rape you.
I tell people: RENT. You will never get your deposit back from the landlord in Italy (ever, ever), so just write that off. But renting lets you stay out of all the liability issues. If I had rented, I would be retired today. I will be working until they throw me out, and then get a job washing airplanes.
Rent, and enjoy. Italy is a beautiful country.
I did exactly what you are talking about: was based in Rome with Ryanair, and bought what seemed like a nice, inexpensive country home 45 minutes from the airport. I was then screwed nine ways to Sunday, for the next five years. I was never sued in my home country, but could not get out of court in Italy. A simple thing to remember, if not a simple thing to understand, is: FRAUD IS LEGAL IN ITALY. Sounds ridiculous? It is. But it's true, and not just for you Mr. Foreigner. It happens Italian-to-Italian all the time. Fraud is just a way of doing business in Italy. Even Notaries get in on the fraud sometimes. You will always be at a disadvantage, because you don't "know the system" and all the tricks that are possible. They will rape you.
I tell people: RENT. You will never get your deposit back from the landlord in Italy (ever, ever), so just write that off. But renting lets you stay out of all the liability issues. If I had rented, I would be retired today. I will be working until they throw me out, and then get a job washing airplanes.
Rent, and enjoy. Italy is a beautiful country.
