Palazzo Tornabuoni is one of the very few urban residence clubs in Europe, and the first in the world to occupy a site of such historic and artistic significance (this is still the only Medici home in private hands). This special status is reflected in its unique title of “Palace Residence Club,” and its unrivalled membership services and privileges.

The Palazzo is located on one of Florence most famous streets – Via Tornabuoni. This neighbourhood of Florence is today the vibrant Tuscan city’s ‘fashion central,’ lined with stylish boutiques of all major label brands. Only steps away from the famous Duomo and a five-minute walk from Ponte Vecchio, the Palazzo is perfectly located to enjoy the bustling and vibrating city life of Florence.

The Awards for Excellence competition by the Urban Land Institute is widely recognized as the land use industry’s most prestigious recognition program. ULI describes the program as follows: “The competition is part of the Institute’s Awards for Excellence program, established in 1979, which is based on ULI’s guiding principle that the achievement of excellence in land use practice should be recognized and rewarded. ULI’s Awards for Excellence recognize the full development process of a project, not just its architecture or design. The criteria for the awards include leadership, contribution to the community, innovations, public/private partnership, environmental protection and enhancement, response to societal needs, and financial viability.”

Quite a time ago, I was able to travel to Florence and was visiting Palazzo Tornabuoni. The city of Florence is fascinating for itself, but Palazzo Tornabuoni capped it all off. When I entered the door to Palazzo Tornabuoni, I could feel the historic significance and the history of the past. I was totally amazed by the high quality of the restoration. My experiences in Italy are not that great when it comes to quality of finishings, but the restoration of Palazzo Tornabuoni has been done with highest care into the last detail and the finishings are just perfect.

Dave Purpora, Director of Sales at Palazzo Tornabuoni, met with me at the library and invited me for delicious glass of vine at the palazzo’s courtyard. He told me all about the history of Palazzo Tornabuoni and provided a short background of the building’s restoration. It took the developer five years to restore the Palazzo into residences. All residences are designed by Michele Nonan, who is an award-winning interior designer. A blend of great care to historic details for example at the original 16th-century frescos or the exquisite fireplace adorned with beautiful micro-mosaics in a mixture with contemporary elements, the Palazzo features high-end living in an historic environment, but with all the modern comfort of these days.

Palazzo Tornabuoni is a perfect getaway for all Italian lovers, art enthusiasts and friends of fine living. There are several options to become an owner of one a few residences available at Palazzo Tornabuoni. Some residences are fractionalized into 1/8 shares, but there is also whole ownership offered. Whole ownership residences are part of the Palazzo Tornabuoni and each property is set among the various courtyards and terraced gardens. A few residences boast their own roof-top views of Florence and the Duomo. Whole ownership residences are between one and two bedrooms, with from one to three baths and range in price from 1.6M to 5.1M Euro. Various luxurious amenities and special offerings for its members are included and provide a perfect environment for a great stay in your own residence. Palazzo Tornabuoni will make you fall in love with Florence so you never want to leave again.

Posted By: Peter Rabitz

The Canary Islands are an archipelago of seven main islands and six smaller islands in the eastern central Atlantic approximate 100km to 500km western of Morocco. They form one of the 17 self-governing communities of Spain. All islands are of volcanic origin where approximately only 5% of the “Canary Mountains” tower out of the water. One of the main islands is Lanzarote, the most north-eastern of the main islands. The island became a biosphere reserve in 1993 by the UNESCO and measures 58 km from the north (Punta Fariones) to the south (Punta Pechiguera) and 34km in its biggest east-west dimension. Lanzarote’s biggest city is Arrecife with its international airport which connects to the European mainland and some big cities.

The island is dominated by two major mountain ranges. Southward of the Famarra-Massif extends the sand dessert El Jable which divide the Famara–Massif from the Timanfaya National Park. Just bordering with the reserve and in an absolute stunning and one-of-its-kind location you will find a rare Mediterranean/Moroccan influenced property in a commanding position with great views on its surroundings and the ocean. The approximately 450sq.m or 4’800sq.ft villa is located in a tranquil location with an unobstructed view and absolutely privacy. The owner, a Swiss, built the house with care to finishing’s and designed it in a Canary typically charm. He imported many of the features like windows from Switzerland to accomplish his own demand on quality and usability. The rural location and its complete privacy make this villa a great getaway to relax and to find oneself.

Posted By: Peter Rabitz

While in 2001 and 2003 government has seen 80 billions Euros repatriated to Italy, with over 20% of these funds flowing into real estate, there is a similar picture these days. So far, Italy’s third tax amnesty, so called Scudo Fiscale, has brought in an estimated 95 billion Euros already. Owner of the repatriating cash will have to pay a one-off 5 percent penalty, but than they can invest the rest or pay into an account. There is no doubt that the new money flowing back to Italy will be used in a variety of ways. It is expected that much of this will find its way into the property sector as analysts estimate as well. The effect might be positively driving the market from 2010.

Analysts are not sure yet how much will be invested in real estates and also when it will hit the market. People might park the money for a while, waiting for the market to become more interesting. Regions who will benefit the most from the repatriation cash flow might be Lombardy, Emilia Romagna, Veneto and Tuscany, whereby Tuscany is still pretty much dominated by foreigners as it proved quite stable during the recent economic turmoil’s. BUT, also in Tuscany, prices where put under pressure. Old Tuscan farmhouses in great locations are still on shopping lists of wealthy foreigners. 2010 will be the year of the breakthrough for fractional in Europe with several new fractional developments in place or to be launched. One of the great examples is Castello di Casole near Siena, a fractional ownership model for beautiful farmhouses offering the finest luxury amenities part with fine Tuscan living. As far for repatriating Italians, professionals and small businessmen are among those to take advantage of the tax amnesty and they are also expected to invest in real estate.

In general it can be said, that the overall impact on the market by Italy’s Scudo Fiscale will not be extraordinary and more likely niches such as high-end residential property will benefit more than others.

Posted By: Peter Rabitz

Bilanz Homes, Switzerland’s real estate magazine just published a very interesting article on some of the world’s most interesting tax havens worth to by a property. Switzerland itself is one of the investment friendliest countries in the world so Swiss citizens more likely looking for a place to escape the cold and wet winter weather, but where they still enjoy financial advantages.

Countries on that list who are offering a very mild and warm climate, white sandy beaches with palm trees and a relaxing lifestyle are St. Kitts, Bahamas , Croatia and Malta just to name a few. St. Kitts for example features a very tax friendly climate for foreigners. The 168 square miles big island, part of the British Commonwealth, is a independent country located in the northern group of the Antilles and only approx. 2000km south-east of Miami, Florida. Besides its stunning beaches and crystal blue water it also offers no income tax, no capital gain tax and no inheritance tax. When purchasing a property, there is a 6% stamp duty of the sales price and further 0.2% to be paid into a state insurance fond. The annual property tax is 0.2% of the market value. A nice side effect when buying in St. Kitts is that you will be able to become resident when buying real estate worth more than $400’000. So without a doubt, this is really of interest if you are living in a country where it’s of great advantage to be able to hold dual citizenship so traveling for example will become easier.

One of the rising stars in Europe as being a tax haven is Malta, a small island in the Mediterranean Sea south-west of Italy. The small country with a population of round about 400’000 and with one of the lowest GDP’s in Europe joint the EU in 2004 and the Euro zone in January 2008. Furthermore its part of the Schengen Country. Malta has a unique tax infrastructure featuring very interesting fiscal incentives not only for individuals but also for organizations. Malta has no value added tax and no sales tax. A 5% transfer duty has to be paid when purchasing real estate on the island. There are also no regularly recurring taxes or fees on properties. Officially, you don’t generate income with real estate so there is also no income tax to be paid. A foreign individual who takes tax residence in Malta, is taxed at 15% on the income brought into Malta, whilst organizations that set up a real office in Malta, although still attract a corporate tax of 35%, the foreign shareholders are refunded 30% of the tax within 20 days. Malta is also named “little Hollywood” because its ideal for filming and many box office movies have been shot on the island. The country offers a variety of incentives for aviation and vessel industry. Wetag is offering one of the most sought-after luxury properties on Malta. The townhouse like villa or palazzo is located in Rabat and features stunning interior design by Schembri Design Studio, boasting all luxurious amenities of these days. High end finishing’s and a great setting with the possibility to have also your own office in house make this property a rare find on the island. With all these above mentioned advantages combined with 300 days of sunshine all year round, Malta has seen a huge influx of high net worth individuals, organizations and foreign investment.

Posted By: Peter Rabitz

According to a recently published study by Forbes, European country of Austria is the best retirement haven. Forbes also states that there is no overall paradise and each country is unique. The ranking is based on a variety of criteria ranging from safety to retiree-friendly visa requirements to decent medical care. Earlier this year, Vienna already gained first place in a ranking for cities offering the best quality of lifestyle so the country’s ranking doesn’t come by surprise. Austria scores with high standards in lifestyle and medical service. The countries private clinics are world-class. The charming architecture in Vienna impresses thousands of tourists each year and some choose the city to stay there for a longer time. Thailand holds the second position for being the best place for retirees considering its comfortable warm climate and best buys for quality health care at reasonable cost within Asia. Thailand is perfect for living on modest budgets. Thailand also features great upscale living with exciting architecture. Dolce Vita in Bella Italia makes Italy come in third. Without a doubt, Italy is well known for its famous food with its olive oil, grilled vegetables and homemade pasta as well as all the beautiful cities with its old and charming architecture, but what is quite new to me, it also scored with the less known fact that it is supposed to have one of the world’s best health care systems. One of the most sought-after regions to life is Tuscany with its famous Tuscan style villas and farm houses. The unappreciated 4th place is taken by Panama. Well known for its low taxes, the country also offers year-round sun, massive discounts for seniors, quality private hospitals, a dollar economy and great accessibility from the US and Europe. Panama City is also considered safest of all Central American cities and last but not least it’s a great business centre in Central America not only because of the famous Panama Canal. Real estate is considered good deal with high standards. The list of the 10 Best Retirement Havens is continued by Ireland, Australia, France, Malaysia, Spain and Canada. I am just wondering what place Switzerland comes in, but maybe the overall quite higher cost of living are the fault to have Switzerland not making it in the top ten.

Posted By: Peter Rabitz

Como, especially Lake Como is well-known world wide not only because of its dream like setting, but more likely because of its very famous resident, George Clooney, who is living part-time in his beautiful period time villa in Cernobbio, a village right on the western shore of Lake Como and opposite the city of Como. However, the region of Lake Como is also known for its large period style mansions either direct on the lake or nestled on the hills surrounding the lake with beautiful panoramic views.

Just recently, I came across a fascinating remodeling of a former monastery located in the outskirts of the city of Como which has been converted into a residential complex where the young architecture firm JM Architecture connected two adjacent units into a stunning duplex apartment.

The shape of the original units is clearly enhanced by the different pitched ceiling direction as well as by their different heights. The architect and owner of JM Architecture, Jacopo Mascheroni, thought to keep the shell intact, maintaining the entire length of the unit open and invading the space minimally. In a result to that, he placed an enclosed box on one side containing a small bedroom and two bathrooms. The rest of the unit is dominated by a huge open space featuring all the main functions of the home. When entering the home through the main entry, the very small foyer creates a sense of compression before entering the main gallery where the spacious open living space features a grandiose living area, open kitchen and dining, all separated from the master bedroom by a lacquered block. A great gimmick is a video projector who is screening pictures on the wall above the kitchen. To allow the maximum projection surface, the upper kitchen cabinets are hidden behind the wall and slide down with a motorized system. An almost sculptural element of the home is the staircase, which is an assembled steel beam with open treads made by a cantilever steel plate covered in wood. Jacopo Mascheroni explains further characteristics and details of its work: “Canadian maple has been carefully selected for the hardwood floors, and since maple wood isn’t stable with radiant floor heating, the floor planks were custom built with 2.5mm Canadian maple top and back layers on a particle board. The 20cm width of the floor planks modulate the position of all the elements, from the walls to the millwork. The floor planks also run up the master suite wall, which is lit by an upper light cove.

All perimeter walls and ceilings hide an additional layer of thermal insulation and the bathrooms are equipped with radiant panels in the ceiling. The walls adjacent to other units have been covered with a led layer to give additional acoustical insulation. Glacier white Corian is used for counter tops and sinks in the kitchen, laundry room and bathrooms, for the bath-tub, showers and parts of the bathroom walls. The house is fully automated and is managed by a server located in the studio on the second level. Everything has been custom designed, including the entire kitchen, bathroom sinks, beds, dining table, desks and bath-tub.”

Without a doubt, this duplex is a great example of Italian design and architecture skills and is fascinating by its minimalistic style and ingenuity.

Posted By: Peter Rabitz