The Business Of Fractional - Making It Easier For Foreigners To Buy Property In Italy.

Love it or loathe it, Brexit has happened and put the UK into the same category of foreign property buyers as the USA and other non-European holiday home purchasers.

With 2020 being a year of so much stress and change, it’s hard to remember before coronavirus came along to dominate our lives, Brexit had been one of the biggest topics of conversation. Shining a spotlight on the travel restrictions foreigners will experience, when visiting Italy.

With the reality of Britain leaving the European Union there are now a number of questions regarding whether or not a British person can own/live in a house in Italy. Now subject to the same rules as other non-Europeans they are restricted on the number of days they are allowed to remain in Italy each year. This has a big impact on the ability to use a holiday home you own outright.

From January 2021, there is no free movement between the EU and the UK. For Americans and other nationalities looking for a holiday home in Italy, there is the ongoing question of “how much will I actually use this property – does the investment make sense?” A fair question.

This has put many holiday homeowners in a real quandary.

The rules for non-Europeans are - you can only stay 90 days in any 180-day period within the Schengen area (which Includes Italy). After a 90-day stay in the Schengen area, you must immediately leave the Schengen area for another 90 days before you are able to return to Italy for another 90 days.

Making outright ownership of a holiday home very challenging and stressful.

A couple of weeks ago we met up with some of our English friends who own a property not far from us. They bought a beautiful holiday home in Le Marche a few years ago … never contemplating what would happen in June 2016. This lovely family bought their dream property and imagined spending their free time toing and froing between Italy and England with family and friends.

All this will now change ... new rules, regulations and schedules will need to be in place. Careful consideration will be needed to plan their allowed weeks abroad.

The conversation ended with them saying ‘with hindsight I would never have bought a house in Italy’ I would have bought a couple of shares in one of your properties… ten weeks would be perfect, and I wouldn’t have to worry about the maintenance, security and our house standing empty for months at a time.’

Going forward his family will no longer have the right to visit Italy whenever they want, losing the freedom of movement available to all EU citizens. From Jan 2021 they are limited in the number of days they can spend in their Italian holiday home. Also, because of the arbitrary nature of the 180-day rule, they will be restricted to which periods of the year they can be in Italy and not fall foul of the new laws. This is nothing new of course to other non-Europeans from the America’s, Australasia, the Far East or South Africa etc. who visit Italy each year.

What we offer you:

• A straightforward and cost-effective way of buying a holiday home in Italy. We sell one-tenth shares (five weeks exclusive residency each year) in your own unique property, professionally managed and maintained throughout the year. We take away the stress of buying, restoring and looking after your own Italian property. Appassionata provides a simple and cost-effective solution to buying a holiday in Italy.

• Our owners are financially savvy, they understand the concept and see this as a practical and sensible way of owning and enjoying a luxury property overseas without the hassle, complications and expense associated with full ownership.

Before deciding to purchase a holiday home that you will be restricted from using, consider the benefits and flexibility of Fractional Ownership.

"All in all, global and U.S. affluent consumers will continue to realign their priorities to spend more on real estate that gives them and their families a sense of security, health safety, and privacy in a cocoon all of their own. For the wealthy, work, school and socialising and entertainment will have a common home through much of 2021."

- Forbes