Vico S.R.L

Led by CEO Ezio Colliard and supported by his children Tiziano and Arianna, Vico Srl is a family-run company with a dedicated team of highly skilled managers and professionals operating both locally and beyond.

With extensive knowledge of the Alpine territory, years of consolidated experience, and a strong focus on performance, Vico Srl has become a specialist in mountain construction. The company is known for deploying expertly trained teams equipped to work in challenging environments—regardless of climate or terrain—while maintaining strict timelines.

Vico Srl is a recognized leader in:

• Premium residential and hospitality construction

• Public works and infrastructure projects

• Ski lift systems and snow-making technology

Selected recent projects include:

Hospitality and Hotels:

• TH Courmayeur & Hotel des Alpes – Entrèves, Courmayeur (AO)

• Hotel Le Massif – Courmayeur (AO)

• Hotel Au Charmant Petit Lac – Champoluc (AO)

• Hotel Marmore – Cervinia (AO)

• Grand Hotel Cervino – Cervinia (AO)

Public Works and Infrastructure:

• New University of Valle d’Aosta – Aosta (AO)

Specialized Systems and Installations:

• Construction and maintenance of ski lifts, cable cars, and artificial snow systems

• Development of aqueducts, irrigation networks, and road infrastructure throughout Italy

Secure

Italian law (Legislative Decree 20 June 2005 No. 122 – Law 2 August 2004 No. 210) provides precise guarantees to protect the buyer. In full compliance with the law, in “THE STONE” you will be provided with:

• a “surety bond” from a primary insurance company that the seller is required to provide at the signing of the preliminary contract, for an amount corresponding to the sums that they will collect before the final deed. In case of bankruptcy, the buyer will be indemnified for the amount paid up to that point.
• a “ten-year post-construction insurance policy” that the seller will issue to the buyer (or rather to the condominium administrator) for protection from damages resulting from total or partial collapse of the building or from serious construction defects.

Fiscal code “codici fiscale”

Before signing the Preliminary Purchase Agreement, the buyer, if not already in possession, must acquire a “Fiscal Code”. This code is essential for any official relationship in Italy: from purchasing a property, to opening a bank account or registering utilities (electricity, telepHône, etc.).

THE STONE team can help you with this request.

Tax facts

Interesting tax facts:

Currently in Italy there is no capital gains tax for private individuals if the property is sold five years or more after purchase.

Flat Tax for foreigners: Those who transfer their tax residence to Italy can choose to apply a substitute tax to IRPEF on income produced abroad. Choosing this regime involves paying a flat tax of 200,000 euros for each tax period.

Exclusivity During Negotiation

To begin the negotiation phase for the purchase of a unit in THE STONE, a clear and transparent process has been established.

A potential buyer must first sign a non-binding Expression of Interest for a specific apartment. At the same time, a €10,000 security deposit is transferred to a notary’s dedicated escrow account. This deposit serves to confirm the seriousness of the buyer’s intent.

Upon receipt of the deposit, the selected apartment will be removed from the market for a period of 30 days, granting the prospective buyer exclusive negotiation rights. This period allows both parties to carefully examine all relevant details and documentation related to the purchase.

Purchase Proposal

The Purchase Proposal is the formal expression of the buyer’s intent to purchase. It outlines the proposed price and purchase conditions and forms the foundation for the eventual sale agreement.

A non-interest-bearing deposit is submitted with the proposal and held in the notary’s escrow account. The proposal becomes binding only upon acceptance by the seller and official notification to the buyer.

• If the seller declines or does not respond within the validity period, the proposal lapses and the deposit is refunded in full.
• If accepted, the proposal becomes a binding contract under Italian law. The parties typically proceed within 30 days to sign the Preliminary Purchase Agreement.

Preliminary Purchase Agreement (Compromesso)

This agreement is signed before a notary and formalizes the mutual commitment to sell and purchase. It includes:

• Full identification of the buyer and seller
• Detailed property description
• Payment schedule and expected handover date
• Property provenance and confirmation of building compliance

Before payment of the next installment, the seller must provide an insurance guarantee protecting the buyer’s advance payments.

Once signed, the preliminary agreement is registered and transcribed by the notary to protect the buyer against any third-party claims, such as other sales, mortgages, or legal encumbrances.

Final Deed of Sale

The Final Deed of Sale is signed once the property is completed and verified. The notary confirms:

• Full legal ownership
• Urban planning compliance
• Absence of liens, mortgages, or encumbrances
• Adherence to legal and regulatory requirements

Ownership is officially transferred to the buyer upon signing. On the same day, the buyer typically takes possession of the property. The seller provides a copy of the ten-year post-construction insurance policy, with the original kept by the condominium administrator.

The notary also manages the post-signing formalities, such as the registration and transcription of the deed, ensuring full legal enforceability against third parties.

Condominium Management

To ensure the efficient management of shared services and spaces, THE STONE will operate as an officially established condominium. A dedicated Condominium Regulation will be drafted to clearly define rules for the use of common areas and to facilitate smooth coordination among residents.

A trusted, locally based professional condominium administrator will be appointed to oversee all building operations and act as the main point of contact. Their responsibilities will include:

• Cleaning and snow removal in shared areas
• Maintenance of communal systems (plumbing and heating, elevator, car lift, TV and video intercom systems, etc.)
• Management of building-wide insurance policies
• Coordination with neighbors and local authorities

The administrator’s local presence and professional expertise will provide peace of mind to owners, especially those who reside far from Cervinia.

Accessory Costs and Ongoing Expenses

In addition to the purchase price, the buyer of a unit at THE STONE should consider the following associated costs:

At the Time of Purchase

• VAT (Value Added Tax):
  • 10% of the sale price for second homes
  • 4% if the property qualifies as a primary residence
    VAT is payable to the seller in proportion to the scheduled installment payments during construction, as outlined in the preliminary purchase agreement.

Notary Fees

Approximately 0.50% of the sale price, including taxes and stamps, split between the preliminary and final deeds.
A detailed quote can be provided by our notary upon request.

Agency Commission

A fee based on the sale price, payable directly to Downtown Real Estate – Rara Srl upon signing the preliminary purchase agreement.

After Becoming Owner

The new owner will be responsible for the following ongoing costs:

• I.M.U. (Municipal Property Tax)
  A local tax based on the cadastral value of the property. In Valtournenche, this is relatively low—approximately 0.1% of the property’s value, payable biannually.
• Waste Tax
  Calculated proportionally to the size (surface area) of the apartment.
• Condominium Expenses
  These vary based on apartment usage and consumption levels. Estimated annual costs range from €3,000 to €6,000. (See the dedicated section for further details.)
• Utilities
  Charges for services such as electricity, internet (Wi-Fi), etc., are to be paid directly to the respective providers according to individual contracts.

Payment Terms

The payment schedule for the purchase is structured as follows:

• At the time of the Purchase Proposal:
  A deposit equal to 5% of the purchase price.
• Upon signing the Preliminary Purchase Agreement:
  Payment of 25% of the purchase price, plus 10% VAT.
• Upon completion of the last floor slab:
  Payment of 30% of the purchase price, plus 10% VAT.
• At delivery / signing of the Final Deed of Sale:
  Payment of the remaining balance, along with the VAT on the initial deposit.