Further to our recent feature about buying Italian castles ‘King of the Italian Castle Investment’, it seems that you can now get Italian castles for free.
The State Property Agency in Italy is giving away 103 historic buildings, such as farmhouses, convents, school houses, post offices, and yes, even castles.
Naturally there is a catch. Any successful applicant for one of the buildings will have to turn it into some kind of tourist attraction.
Roberto Reggi of the State Property Agency said: The project will promote and support the development of the slow tourism sector.’
He continued: ‘The goal is for private and public buildings which are no longer used to be transformed into facilities for pilgrims, hikers, tourists, and cyclists.’
All applicants will obviously need a business and renovation plan for whatever building they choose to apply for, and be prepared to move quickly.
The deadline for applications for the 103 castles and historical properties being offered at the moment is June 26th this year, just over a month away.
The State Property Agency is also looking for the newly renovated projects to be open for business by the summer of next year.
Leases of nine years will be granted to all successful applicants for the castles and historic buildings, with the option the renew the lease for a further nine years.
Exceptional proposals could be granted leases of up to 50 years for larger projects.
Don’t worry if the timescale is a bit too tight for you at this late notice. The State Property Agency is planning to offer a further 200 similar properties over the next two years.
The Italian government does have previous history of such offers, with a similar project to help renovate lighthouses in the past.
Giving away the castles and historic sites, and passing the responsibility of managing them on to the successful applicants is thought to be the country’s way of trying to ease the overwhelming number of turisti sightseeing across its major cities.
Italy is hoping that the initiative will attract visitors to little-known areas outside of the typical destinations. It’s called Italy’s Strategic Tourist Plan and was created by the State Property Agency and the Ministry of Cultural Heritage.
So for those overseas property investors who want to be ‘King of the Castle’ this could be your opportunity.