Although the geopolitical and economic situation at this stage is a drag on the real estate market, there is no shortage of transactions in the luxury market in Europe and Italy. The latest snapshot taken by Berkshire Hathaway (Warren Buffett's investment holding company) highlights opportunities for investors. In the Peninsula, in particular, foreign papercoons are looking at a wide range of locations ranging from cities such as Milan, Rome, and Florence to the countryside of Tuscany or the coast of Versilia via the Cinque Terre and Puglia. Demands for prime residences are steadily increasing, while the stock of supply remains limited. More than 70 percent of buyers of luxury properties in Italy are foreigners, and one-third come from the United States. From a political-fiscal point of view, foreigners in Italy can take advantage of the Golden Visa or Investor Visa programs, through which with an investment of a certain amount one has the opportunity to access the residency application pathway. In addition, as other European countries have already done, Italy offers the Digital Nomad Visa, which can be applied for by workers who have a contract with a foreign company and are self-employed, with sufficient income to live in Italy. This option responds to the growing trend born with smart working and aims to attract digital workers to contribute to the local economy. Another avenue for wealthy foreigners who want to buy a luxury home in Italy is the Flat Tax program, an annual flat tax of 100,000 euros regardless of income.
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