2512 property ownership by a group/family

My family have a property on the Ligurian coast, near Le Cinque Terre, it was my grandmother's place and when she died it was to be left to her descendants. However, apparently according to Italian Law it cannot be owned by a group of people, or held in Trust for that group. ( This is the information that has been passed on to us)
What I would like to ask you well informed people is this;
should we form a LTD Co ( here in UK) and find an Italian lawyer to transfer the deeds to ownership of the company?
or- should we create something like an Italian Trust to own the property in all our names?
we are looking for equal rights and obligations for each family member, and there are ten of us.
Thanks in advance
Imogen

Category
Legal

Submitted by Anonymous (not verified) on Tue, 01/31/2006 - 09:03

why not contacting an italian lawyer and ask him which is the best way forward?

Paola

Submitted by Anonymous (not verified) on Tue, 01/31/2006 - 09:24

try giambrone and law, best of both worlds, italian specialists based in the UK, try the search at the top of page for details OK I'm mellowing, must be the green colour, try this [email]info@giambronelaw.co.uk[/email]

Submitted by Anonymous (not verified) on Tue, 01/31/2006 - 11:42

[QUOTE=imogen57]My family have a property on the Ligurian coast, near Le Cinque Terre, it was my grandmother's place and when she died it was to be left to her descendants. However, apparently according to Italian Law it cannot be owned by a group of people, or held in Trust for that group. ( This is the information that has been passed on to us)
What I would like to ask you well informed people is this;
should we form a LTD Co ( here in UK) and find an Italian lawyer to transfer the deeds to ownership of the company?
or- should we create something like an Italian Trust to own the property in all our names?
we are looking for equal rights and obligations for each family member, and there are ten of us.
Thanks in advance
Imogen[/QUOTE]

In Italy a property can be owned by a group of people, I do not know who passed this information to you, but he/she was wrong.
Jointly ownerships are common, above all when there are descendants of a single owner, which is your situation, so [B]you're already a "group of people" owning a property[/B].
Moreover you can form a company in UK and the company can buy the property from you, the present owners.
It is quite more difficoult the trust option.
In Italy a trust can own a property (there are a couple of threads on this), but it is something more complicated to arrange, so you'd need a deeper legal assistance.

Submitted by Anonymous (not verified) on Tue, 01/31/2006 - 21:15

If you speak to Gabriel or Ramon at Giambrone & Law they will be able to advise about this problem; a good lawyer should be able to explain to you what your options are!

Submitted by Anonymous (not verified) on Wed, 02/01/2006 - 06:09

Thanks to all of you, I have indeed been in touch with Gabriel Giambrone, and he has given me some things to think about.

Submitted by Anonymous (not verified) on Wed, 02/01/2006 - 06:30

There was a previous thread on this too; [url=http://italymag.co.uk/forums/showthread.php?t=810&highlight=trust] try here[/url]