Appassionata Fractional Ownership – a new way to own property in Italy
Fractional Ownership has been around a long time, especially in the USA where it is a multi-billion dollar industry, but most people in Europe are just becoming familiar with this approach to buying and owning property. It is a very simple and cost effective way of owning a second home without all the hassle and cost of running and maintaining it.
This method of ownership allows the consumer to buy a part share in an asset (the property) that would otherwise be outside their budget.
Buying a fantastic 4 bedroom, renovated, fully furnished farmhouse with a large swimming pool, tennis court, vineyard and magnificent sea views, in Italy, is out of most people’s reach but buying just a few weeks in that property suddenly makes it much more accessible!
You are able to buy the number of weeks you will actually use annually, not have a house that is likely to sit empty for most of the year.
Your budget goes so much further when buying through Fractional Ownership, and you only pay your portion of the running costs while having someone else oversee the maintenance and management of the property.
The headaches of buying and owning a second home outright are removed.
You get all the enjoyment of owning your own second home without all the hassle.
Some often used phrases to describe fractional ownership are ‘multiple parties owning an asset’ or ‘shared ownership of an asset in perpetuity’. This differs from ‘time share’ in that the asset is actually owned by you, rather than having just a right to use time in a development for a limited period. You have the right to sell or gift your membership in a fractional ownership development and it could appreciate over time. A membership can be purchased in the name of an individual, jointly, through a company or a trust structure.
There are a number of ways of structuring a fractional ownership development; the Appassionata preferred method is to have a UK based company own the property. The fractions available are 1/10th (5 weeks) of the property. This will give each owner five weeks residency each year. The residency is reserved annually on a fair and equitable basis. Each member can reserve two weeks in the summer months (May through September) and tree weeks in the remaining period.
Two weeks of the year will be held in ownership by Appassionata for maintenance purposes and to allow owners to exchange weeks.
In simple terms ‘the company owns the property, the members own the company’.
By structuring this way you are able to avoid the normal legal and tax issues associated with purchasing a property outright in Italy. Appassionata have handled all of these complexities and costs when originally purchasing the property through the UK Company.
The properties will be fully furnished to a very high standard, as you would your own home, they will not look like holiday rentals. The aim is to attract owners who want to share in this wonderful lifestyle investment and enjoy the fact they will own a wonderful country estate with its own vineyard and olive grove.
To be able to say ‘I own a country house in Italy with a swimming pool, tennis court and its own vineyard’ is true, whether you own five weeks or the property outright.
Finding an amazing location is also part of the development process and we will not disappoint. Le Marche is situated on the east coast forming the calf of Italy. Set against a mountain backdrop with a picturesque landscape of vineyards and olive groves dotted with small farms and medieval hill top villages. There is a wonderful coastline with lovely sandy beaches only 15 minutes drive away.
This is authentic Italy, untouched by mass tourism and extremely welcoming to foreigners.
To further explore the opportunity of fractional ownership please visit our website
http://www.appassionata.com/
We have taken a long time to develop this project and launched the first phase in the spring of 2010. It's been a labour of love and we hope future owners will equally enjoy this beautiful estate.
This method of ownership allows the consumer to buy a part share in an asset (the property) that would otherwise be outside their budget.
Buying a fantastic 4 bedroom, renovated, fully furnished farmhouse with a large swimming pool, tennis court, vineyard and magnificent sea views, in Italy, is out of most people’s reach but buying just a few weeks in that property suddenly makes it much more accessible!
You are able to buy the number of weeks you will actually use annually, not have a house that is likely to sit empty for most of the year. The headaches of buying and owning a second home outright are removed.
You get all the enjoyment of owning your own second home without all the hassle.
Some often used phrases to describe fractional ownership are ‘multiple parties owning an asset’ or ‘shared ownership of an asset in perpetuity’. This differs from ‘time share’ in that the asset is actually owned by you, rather than having just a right to use time in a development for a limited period. You have the right to sell or gift your membership in a fractional ownership development and it could appreciate over time. A membership can be purchased in the name of an individual, jointly, through a company or a trust structure.
There are a number of ways of structuring a fractional ownership development; the Appassionata preferred method is to have a UK based company own the property. The fractions available are 1/10th (5 weeks) of the property. This will give each owner five weeks residency each year. The residency is reserved annually on a fair and equitable basis. Each member can reserve two weeks in the summer months (May through September) and tree weeks in the remaining period.In simple terms ‘the company owns the property, the members own the company’.
By structuring this way you are able to avoid the normal legal and tax issues associated with purchasing a property outright in Italy. Appassionata have handled all of these complexities and costs when originally purchasing the property through the UK Company.
The properties will be fully furnished to a very high standard, as you would your own home, they will not look like holiday rentals. The aim is to attract owners who want to share in this wonderful lifestyle investment and enjoy the fact they will own a wonderful country estate with its own vineyard and olive grove.
To be able to say ‘I own a country house in Italy with a swimming pool, tennis court and its own vineyard’ is true, whether you own five weeks or the property outright.
Finding an amazing location is also part of the development process and we will not disappoint. Le Marche is situated on the east coast forming the calf of Italy. Set against a mountain backdrop with a picturesque landscape of vineyards and olive groves dotted with small farms and medieval hill top villages. There is a wonderful coastline with lovely sandy beaches only 15 minutes drive away.
This is authentic Italy, untouched by mass tourism and extremely welcoming to foreigners.
To further explore the opportunity of fractional ownership please visit our website
http://www.appassionata.com/
We have taken a long time to develop this project and launched the first phase in the spring of 2010. It's been a labour of love and we hope future owners will equally enjoy this beautiful estate.
Great Post very interesting insight to Fractional Ownership and your company in Italy.
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