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The Campione real estate market is quite unique in that it is very illiquid and prices are on a very high level – about twice as high as in nearby Italy proper. This small market is served by several small real estate agents, of which some operate without a proper license. Accordingly, a foreign buyer needs to be very careful and should be represented by a lawyer before approaching any of the local real estate agents.
Ownership of property in Campione through the use of a foreign, tax-free company, such as a Jersey, St. Vincent or B.V.I. company, may offer some advantages in terms of privacy, although no longer any tax advantages. Such a structure provides confidentiality, but – as in Italy proper – no longer any tax advantages. Many apartments and houses in Campione are however still held by foreign companies, and quite often it is only possible to purchase a particular property by buying the entire company, which can of course be a negative to the buyer as there is always a inherent risk when buying a company rather than the real estate directly. At Henley & Partners, we have earned an international reputation in advising private clients in exactly this area: purchase of real estate abroad.
If a company should be set up
new for reasons of confidentiality, the procedure and structure is very
straightforward in that a foreign company is incorporated, and this company
then purchases and becomes the registered owner of the real estate in
Italy.
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If a company should be set up new for reasons of confidentiality, the procedure and structure is very straightforward in that a foreign company is incorporated, and this company then purchases and becomes the registered owner of the real estate in Italy. There are certain formalities to follow and the documentation, including the Memorandum and Articles of Association of the foreign company, have to be prepared in Italian. However, we are able to handle all these matters on our clients behalf. Real estate agents charge between 3% and 5% commission, often to both buyer and seller. Certain additional purchase taxes also apply to property transactions in Campione. All are based on the price declared on the notarial deed for the property.
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Further Information
For more information about acquisition of real estate in Campione and Northern Italy, contact Henley & Partners. Through our offices in Zurich and representative offices in Lugano and Campione itself, we are in the best position to advise and assist you with all matters regarding residence and real estate in Campione as well as in Italy and Switzerland.
