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Lake Como News – what’s happening this Spring

So far this month there are 2 interesting news items on Lake Como – sales are up, and taxes (for certain individuals) are down. Firstly as reported by Borsini Immobiliare property sales in Como for the first six months of 2016 were up by 24% compared to the  same period in the previous year. Whilst Knight Frank reported that prices on Lake Como for the top end property in 2016 were up  1.2% on the previous year, bucking the trend in other Italian favoured spots. Secondly, the Italian government has decided to offer the super-rich the possibility of paying an annual flat tax of €100,000 on their earnings outside of Italy, should they become resident in Italy. For the super wealthy this is mostly likely to be an considerable tax  saving on paying income tax at the usual rates of tax in Italy, and depending on income, potentially in most of Europe. The option is only open to individuals who have not been resident in Italy for nine out of the last ten years, although a tax consultant will be able  to advise on all the detail. This fiscal advantage is intended to attract ultra-wealthy individuals, possibly those considering leave the UK following the Brexit vote, with the idea that with their wealth and status will in turn promote and generate investment in Italy.  Here at LAKE COMO CONCEPTS we believe that this will be yet another incentive for ultra high net worth individuals to make  Lake Como their home. Lake Como has proved itself to be a place where the rich and famous can live easily - it is a very  glamorous yet an extremely safe area and has all the convenience of Milan just over 30 minutes away. In turn we feel that this will create a general boost to the Italian property market, especially in those areas already popular with  foreign buyers. #flattax #Italy #super-rich #offmarket ***
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