I have a confession to make: In today’s video I mentioned that the 7% tax income regime is only for 5 years if you haven’t lived in Italy for the previous 2 years. Correction: it was indeed 5 years when the law was first introduced, but it has now been extended to 10 years for those who have not lived in Italy for the previous 5 years. I sincerely apologise for the mishap! 🤦♀
A couple of things about Cilento, if you’re really thinking to move there: - you will need a car to go almost anywhere, and the roads are full of potholes and badly maintained. Sidewalks are rare, and outside the coastal area expect to see a lot of roadside trash. Traffic can be brutal, especially during summer, and also very loud and smelly: old gas powered mopeds and two-strokes engines bikes are very popular means of transportation there, especially in the lovely coastal towns where car access and parking space are limited by geography. The loud bikes and the constant smell of petrol completely ruin the vibe of those places, in my opinion - forget about using a bicycle: nobody does it, there’s zero infrastructure, you will always have to ride along with cars and you will have a bad time - in the beginning you will experience a lot of awkward interactions with local shops’ personnel; this is the dark side of being in a less touristy area. Everybody there hustles because the area is poor and it has high unenployement rates so expect to be charged more for goods and services, get the wrong change back when you pay, being cut in line by locals, those kind of petty things - expect to learn to speak italian, and fast. English is not commonly used by the locals, and by using it you will definitely be seen as a foreigner to be taken advantage of, or scoffed at, or paternalized. Having said that, if you at least try to communicate in italian, it will be seen as a nice gesture and it will endear you to the locals very much. They will appreciate that a lot, regardless of your actual knowledge of the language; a few words will go a long way - the coastal towns are lovely, but the inland’s architecture of private and public places will make your eyes bleed. A lot of real estate speculation happened in all of Campania in the past, and the results are horrifying. Lots of concrete and half finished skeleton houses everywhere. Car infrastructure is pervasive and depressing. If you have even a passing interest in architecture, or believe that urban infrastructure should be functional AND eye pleasing, please consider moving to other regions of Italy - one last thing: the sea is fantastic and in many areas it’s inside a protected wildlife park, so that’s amazing. But don’t expect zero crowds, during the summer time the beaches will be as crowded as any other beach in Italy is. And they will be crowded mostly by italian families with kids, be aware of that if you don’t care about loud music, people cooking delicious food next to you, kids crying, that kind of stuff
Interesting to hear a first hand experience. We originally also thought about buying in Cilento but decided against it, as Campania is a rather rough and overpopulated area of Southern Italy. Other regions like Puglia or Sicily are more relaxed, honest and friendly. The noise and pollution of the "motorini truccati" though is a general problem in the whole of Italy. I just hope that the spread of electric vehicles will sooner than later make an end to this terror.
@@Isimud you’re spot on about Puglia and Sicilia, but if i would have to choose a region now, it would be Marche. It has the same relaxed vibe of southern regions, life is cheaper than in northern italy and just slightly more expensive than southern italy; the coast is very beautiful and the inland as well. Lots of medieval little towns and castles if you’re into history and art. A huge plus for me is that all over the coast there are lots and lots of beautiful and hard to reach little bays with clean water and no people around
Thank you - as always - very good value properties - especially if you are a DIY person the first three properties are tempting. But beware to be sure that everything was built with a permit - as often it is not the case.
I think it's complex. I know that if you own property in Italy, you need permanent residency before you can even own your own car. Otherwise, you have to rent a car, which is a real pain. In Spain, however, if you own a property, you can buy a car even if you do not have permanent residence and only go there for 90 days in 180. Too bad Brexit has really dampened our freedom to roam in Europe.
@lalva2024 You're not entirely wrong! After 10 years, the income tax for residents in Italy ranges from 23% to 43%, depending on your income level. 43% tax is on income exceeding €50,000 per year.
I have a confession to make: In today’s video I mentioned that the 7% tax income regime is only for 5 years if you haven’t lived in Italy for the previous 2 years. Correction: it was indeed 5 years when the law was first introduced, but it has now been extended to 10 years for those who have not lived in Italy for the previous 5 years. I sincerely apologise for the mishap! 🤦♀
I was told after 10 years it reverts back to 23% rate. Why does people not mention this?
@@jojo-pq5lo I am pretty sure I have mentioned it in the video.
Even better, I love your channel❤
@@gwendorough5544 Thanks so much for your lovely comment ❤
Hey, so can someone fully explain the scope of the 7 percent for me? I'm very confused about buying/living/tax rate/length of time.. thank you.
A couple of things about Cilento, if you’re really thinking to move there:
- you will need a car to go almost anywhere, and the roads are full of potholes and badly maintained. Sidewalks are rare, and outside the coastal area expect to see a lot of roadside trash. Traffic can be brutal, especially during summer, and also very loud and smelly: old gas powered mopeds and two-strokes engines bikes are very popular means of transportation there, especially in the lovely coastal towns where car access and parking space are limited by geography. The loud bikes and the constant smell of petrol completely ruin the vibe of those places, in my opinion
- forget about using a bicycle: nobody does it, there’s zero infrastructure, you will always have to ride along with cars and you will have a bad time
- in the beginning you will experience a lot of awkward interactions with local shops’ personnel; this is the dark side of being in a less touristy area. Everybody there hustles because the area is poor and it has high unenployement rates so expect to be charged more for goods and services, get the wrong change back when you pay, being cut in line by locals, those kind of petty things
- expect to learn to speak italian, and fast. English is not commonly used by the locals, and by using it you will definitely be seen as a foreigner to be taken advantage of, or scoffed at, or paternalized. Having said that, if you at least try to communicate in italian, it will be seen as a nice gesture and it will endear you to the locals very much. They will appreciate that a lot, regardless of your actual knowledge of the language; a few words will go a long way
- the coastal towns are lovely, but the inland’s architecture of private and public places will make your eyes bleed. A lot of real estate speculation happened in all of Campania in the past, and the results are horrifying. Lots of concrete and half finished skeleton houses everywhere. Car infrastructure is pervasive and depressing. If you have even a passing interest in architecture, or believe that urban infrastructure should be functional AND eye pleasing, please consider moving to other regions of Italy
- one last thing: the sea is fantastic and in many areas it’s inside a protected wildlife park, so that’s amazing. But don’t expect zero crowds, during the summer time the beaches will be as crowded as any other beach in Italy is. And they will be crowded mostly by italian families with kids, be aware of that if you don’t care about loud music, people cooking delicious food next to you, kids crying, that kind of stuff
Interesting to hear a first hand experience. We originally also thought about buying in Cilento but decided against it, as Campania is a rather rough and overpopulated area of Southern Italy. Other regions like Puglia or Sicily are more relaxed, honest and friendly. The noise and pollution of the "motorini truccati" though is a general problem in the whole of Italy. I just hope that the spread of electric vehicles will sooner than later make an end to this terror.
This was a really useful comment thanks
Your observations are entirely correct. I am here 2years now and have experienced all of this. It is a far cry from the dream……😔
@@Isimud you’re spot on about Puglia and Sicilia, but if i would have to choose a region now, it would be Marche. It has the same relaxed vibe of southern regions, life is cheaper than in northern italy and just slightly more expensive than southern italy; the coast is very beautiful and the inland as well. Lots of medieval little towns and castles if you’re into history and art. A huge plus for me is that all over the coast there are lots and lots of beautiful and hard to reach little bays with clean water and no people around
@@zedudli Monte Conero... 🥰
Beautiful properties in a beautiful area. Thank you
@Sha-pp8fg Thank you very much for your lovely comment. ❤️
Thank you - as always - very good value properties - especially if you are a DIY person the first three properties are tempting. But beware to be sure that everything was built with a permit - as often it is not the case.
Not tempted by any of these . Location class ❤
@tullypoo Thanks for the feedback!
Ive heard it is very difficult to obtain a italian drivers license, do you know xpats that have gotten one and thier experience?
Tim
I think it's complex. I know that if you own property in Italy, you need permanent residency before you can even own your own car. Otherwise, you have to rent a car, which is a real pain.
In Spain, however, if you own a property, you can buy a car even if you do not have permanent residence and only go there for 90 days in 180.
Too bad Brexit has really dampened our freedom to roam in Europe.
Low seismic hazard but too close to Campi Flegrei and Vesuvius.
@ZeeZeeCat That is a valid point, some people wouldn't feel comfortable living near the volcano.
So if Im retired they still want 7% of my income from overseas?
Yes. But you get a huge tax write off for being an expat.
@@marcodesul how would they know how much money I made?
How does the tax write off work?
@@BlazingShackles You will need to provide your tax report and bank statement when applying for the 7% income tax regime.
Very Italian. In Castellabate. $106,000.00. If thats the front door. I'm in Love. Side stair case. ?
Entrance is important to me.
Do you have house in tuscany?
@arezkia.3692 Hello, you can check out my previous videos I've made about Tuscany and Livorno properties.
Hello
Did I hear that the 7% income tax goes to 43% after 10 years? I hope I’m wrong
@lalva2024 You're not entirely wrong! After 10 years, the income tax for residents in Italy ranges from 23% to 43%, depending on your income level. 43% tax is on income exceeding €50,000 per year.
@ is only on the portion exceeding €50 or the entire amount?
@@lalva2024 On the exceeding amount only. So, if you earn let's say €60,000, only €10K is taxed at 43%, not the entire income.
@@ExpatTheExplorer ok, thank you for the clarification
@@lalva2024 Happy to help 😃