As Italy’s New Tax Haven Status Gains Popularity, A Tuscany Mansion Formerly Asking $32M Will Sell Without Reserve

In 2017 Tuscany became one of the world’s newest tax luxury havens when Italy passed a flat tax of 100,000 euros per year on any income earned outside the country by residents, no matter how high or the source of the income (such as inheritances or salaries). That works out to about $124,000 and anyone who has not lived there for nine of the past ten years and becomes a resident can be eligible for the program. For dependents, there is an additional cost of 25,000 euros per dependent per year. The latest figures available suggest about four hundred people so far have taken up the offer and along with this new level of interest has come an increase both in the number of high-end properties that are for sale and people who are interested in buying them.

“We have a database of over 600,000 people around the world and Italy has become the most talked about both from buyers and sellers,” says Charlie Smith, Head of Europe/Middle East/Asia regions for Concierge Auctions. “We’re seeing a huge uplift because of the flat tax.”

“In the world of high value real estate [the flat tax] is going to be one of the biggest drivers of momentum,” says Smith, who recently traveled to three large cities in Italy to present to a global luxury brokerage. “I had about 150 real estate agents in attendance and I can’t tell you how keen they were. It was all about the flat tax.”

Smith points to one of their current auctions as an example of sellers being bullish on the sudden increase in demand. This classic villa on 27 acres was previously asking 28 million euros (about $32 million) and is currently up for auction without reserve. The estate is within the ancient walled city of Lucca, in Tuscany, and comes with a nearly 30,000-square-foot main house, a guest house and a staff apartment. All together there are eight bedrooms and ten bathrooms, plus an indoor pool, Turkish-style spa, cinema, professional chef’s kitchen and wine storage.

Smith adds that the sudden surge in interest is not just a response from Europeans looking to shore up their portfolio in the face of Brexit. “I was in China at the end of March and I turned up to a city of 20 million people on the hundredth floor of a hotel giving a presentation through an interpreter and I promise you, promise you, promise you that everyone wanted to talk about Italy,” said Smith. “They see it as a place to invest because of all the existing infrastructure.”

The new tax law as it was drafted states it will be in place for at least 15 years, but it is possible it could be extended. For now, here’s a look inside the villa that is up for auction.

The main floor is an open plan designed to have the views as the central focus of the room.

A library with vaulted ceilings also follows the same dark wood tones as elsewhere on the main floor.

The dining room has one large wall designed for displaying artwork.

One of several private terraces look over the grounds which include 230 mature olive trees that can be harvested each year.

Indoors the contemporary revamp is on display with the floating stairs and whitewashed walls.

The master bedroom has a private terrace.

The master bathroom has a glass shower room, freestanding tub and dark mahogany-hued floors.

The auction ends this week, so head to the auction site for Concierge Auctions to register to bid.

This post first appeared on Forbes.com. To see the original, click here.