If you’ve ever dreamed of having your own castle, now’s your chance. Italy is giving away 103 run-down properties, including villas, inns, and castles for free. That means anyone can start building their personal versions of Winterfell, Casterly Rock, or The Pyke.
However, there’s just one catch. The country’s State Property Agency expects anyone who gets a free castle (or any other of the 103 objects) to commit to restoring it so it can be used as a tourist destination. Whether the property becomes a hotel, spa, restaurant, or something else is up to the new owner to decide.
“The project will promote and support the development of the slow tourism sector,” Roberto Reggi from the State Property Agency told The Local. “The goal is for private and public buildings which are no longer used to be transformed into facilities for pilgrims, hikers, tourists, and cyclists.” Authorities also hope this plan will relieve some of the strain on the country’s most popular and overcrowded areas (like Venice).
The deadline for applications is June 26. Successful applicants will get an initial nine-year period to work on their project, with the possibility of extending it for another nine years afterwards. If, however, your application is denied, don’t worry – Italy plans to give out 200 objects the same way within the next two years.
More info: agenziademanio.it (h/t: hellogiggles, thelocal)
If you’ve ever dreamed of having your own castle, now’s your chance
Image credits: lianem/123RF
Italy is giving away 103 run-down properties, including villas, inns, and castles for free
Image credits: Andrea Pistolesi/Getty Images
But there’s one catch
Image credits: Gennaro Leonardi
The country’s State Property Agency expects anyone who gets a free castle (or any other of the 103 objects) to commit to restoring it
Image credits: Luca D’Ambra
Whether the property becomes a hotel, spa, restaurant, or something else is up to the new owner to decide
Image credits: Stefano Viaggio
“The project will promote and support the development of the slow tourism sector,” Roberto Reggi from the State Property Agency says
Image credits: MattC77
“The goal is for private and public buildings which are no longer used to be transformed into facilities for tourists”
Image credits: Iris van Wolferen
Authorities also hope this plan will relieve some of the strain on the country’s most popular and overcrowded areas (like Venice)
Image credits: Iris van Wolferen
The deadline for applications is June 26, and if, however, your application is denied, don’t worry – Italy plans to give out 200 objects the same way within the next two years
Image credits: TuAnh Nguyen
I'm italian, you will not be the new owner. It's a free concession for 9 years, renewable for other 9. You also have to be under 40.
Because there are a ton of millionaires who are under 40? I get the "death before end of contract" thing but seriously there are FEW that can afford to start businesses in Italy after completely renovating a castle for a few million, perhaps billion dollars only to return it to the government after 18 years... doesn't sound like a good return on your investment from a fiscal standpoint.
There are 2 kinds of grant: one (free grant: 9+9 years validity) mainly for people under 40 and one (development grant: max. 50 years validity) for private investors with no age limit. In the official FAQ (http://www.agenziademanio.it/export/download/demanio/agenzia/2017_05_19_FAQ-Online_CP_Cammini-e-Percorsi_.pdf - in Italian) it is specified that the duration of second kind of grant will be set according to a ROI period of max. 50 years, which should be more than sufficient to cover all costs and profits, especially considering that these are historical buildings with a good potential for profitability, whereas the free grant is aimed at less attractive buildings. Reading carefully instructions and notices is a prerequisite for all serious businesses. So please read first, then comment.
How come a person has to be under 40? What's the reasoning, I'm curious.
Sorry but 18+40 = 58, Not 68.
You could die before the end of the contract if you're below 40 as well. Hell, you could die before you even get awarded the contract even if you're only 18.
This comment is hidden. Click here to view.
9+9 = 18, 18+40 = 68. If you're over 40, you might die before the end of the contract.
Under 40? What a crock of shit. Basically this is a sham.
There are 2 kinds of grant: one (free grant: 9+9 years validity) mainly for people under 40 and one (development grant: max. 50 years validity) for private investors with no age limit. In the official FAQ (http://www.agenziademanio.it/export/download/demanio/agenzia/2017_05_19_FAQ-Online_CP_Cammini-e-Percorsi_.pdf - in Italian) it is specified that the duration of second kind of grant will be set according to a ROI period of max. 50 years, which should be more than sufficient to cover all costs and profits, especially considering that these are historical buildings with a good potential for profitability, whereas the free grant is aimed at less attractive buildings. Reading carefully instructions and notices is a prerequisite for all serious businesses. So please read first, then comment.
Hah. I knew it. Couldnt be transfer of ownership
If it sounds too good,...
Thanks for that info. I was seriously considering trying to take part in this, but I wouldn't want to improve the property and then have to return it back to the government. :(
Besides, restoring a castle could cost millions.
It's structured so that you profit from your investment. Ie, you fix, you make money, and after 50 years, you return or renegotiate.
Well then, thanks... but no thanks. Italy's trying get someone else to pay for their restoration. AFAIC, Italy can clean up their own messes. I wouldn't invest a plug nickel.
And don't you dare to do it!!!
where's the application? XD
It's a neat idea; lessens the cost for people interested (instead of having to buy the castle and fund the restoration, they only have to restore it). I'm not sure if I like the idea of them being 'repurposed' that way, though. I really hope that people who take these castles are truly into castles, and not just business, and keep the buildings the same as they were, rebuilding them like they used to be.
Their expensive to restore they look at proof of funds and plans
THEY'RE
I've got mine all picked out!
But where is the application form??
That was the "click bait"
http://www.agenziademanio.it/export/download/demanio/agenzia/2017_05_19_FAQ-Online_CP_Cammini-e-Percorsi_.pdf
I'm italian, you will not be the new owner. It's a free concession for 9 years, renewable for other 9. You also have to be under 40.
Because there are a ton of millionaires who are under 40? I get the "death before end of contract" thing but seriously there are FEW that can afford to start businesses in Italy after completely renovating a castle for a few million, perhaps billion dollars only to return it to the government after 18 years... doesn't sound like a good return on your investment from a fiscal standpoint.
There are 2 kinds of grant: one (free grant: 9+9 years validity) mainly for people under 40 and one (development grant: max. 50 years validity) for private investors with no age limit. In the official FAQ (http://www.agenziademanio.it/export/download/demanio/agenzia/2017_05_19_FAQ-Online_CP_Cammini-e-Percorsi_.pdf - in Italian) it is specified that the duration of second kind of grant will be set according to a ROI period of max. 50 years, which should be more than sufficient to cover all costs and profits, especially considering that these are historical buildings with a good potential for profitability, whereas the free grant is aimed at less attractive buildings. Reading carefully instructions and notices is a prerequisite for all serious businesses. So please read first, then comment.
How come a person has to be under 40? What's the reasoning, I'm curious.
Sorry but 18+40 = 58, Not 68.
You could die before the end of the contract if you're below 40 as well. Hell, you could die before you even get awarded the contract even if you're only 18.
This comment is hidden. Click here to view.
9+9 = 18, 18+40 = 68. If you're over 40, you might die before the end of the contract.
Under 40? What a crock of shit. Basically this is a sham.
There are 2 kinds of grant: one (free grant: 9+9 years validity) mainly for people under 40 and one (development grant: max. 50 years validity) for private investors with no age limit. In the official FAQ (http://www.agenziademanio.it/export/download/demanio/agenzia/2017_05_19_FAQ-Online_CP_Cammini-e-Percorsi_.pdf - in Italian) it is specified that the duration of second kind of grant will be set according to a ROI period of max. 50 years, which should be more than sufficient to cover all costs and profits, especially considering that these are historical buildings with a good potential for profitability, whereas the free grant is aimed at less attractive buildings. Reading carefully instructions and notices is a prerequisite for all serious businesses. So please read first, then comment.
Hah. I knew it. Couldnt be transfer of ownership
If it sounds too good,...
Thanks for that info. I was seriously considering trying to take part in this, but I wouldn't want to improve the property and then have to return it back to the government. :(
Besides, restoring a castle could cost millions.
It's structured so that you profit from your investment. Ie, you fix, you make money, and after 50 years, you return or renegotiate.
Well then, thanks... but no thanks. Italy's trying get someone else to pay for their restoration. AFAIC, Italy can clean up their own messes. I wouldn't invest a plug nickel.
And don't you dare to do it!!!
where's the application? XD
It's a neat idea; lessens the cost for people interested (instead of having to buy the castle and fund the restoration, they only have to restore it). I'm not sure if I like the idea of them being 'repurposed' that way, though. I really hope that people who take these castles are truly into castles, and not just business, and keep the buildings the same as they were, rebuilding them like they used to be.
Their expensive to restore they look at proof of funds and plans
THEY'RE
I've got mine all picked out!
But where is the application form??
That was the "click bait"
http://www.agenziademanio.it/export/download/demanio/agenzia/2017_05_19_FAQ-Online_CP_Cammini-e-Percorsi_.pdf