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Five ‘ghost’ buildings that cost Italy dearly

Italy is a country of half-finished projects. In fact, there are 671 incomplete public works projects across the country, according to data compiled by Linkiesta.

Five 'ghost' buildings that cost Italy dearly
The unfinished polo stadium in Giarre, Sicily. Photo: Incompiuto Siciliano/Flickr

The investigative journalism website said these projects are worth a total €2.6 billion and require a further €1.4 billion of investment in order be completed, which means most of them are destined to remain shelved for the foreseeable future.

In July, we wrote about the hotel that hasn't seen a guest in 61 years and the hospital which, despite work on it beginning in 1957, has yet to treat a patient. 

So we decided to come up with some more examples of unfinished projects.

Below is a round-up of our favourite 'ghost' buildings in Italy and the incredible stories behind them.

Giarre's polo stadium – Sicily



The unfinished polo stadium at Giarre. Photo: Incompiuto Siciliano/Flickr

Quite why the Sicilian town of Giarre decided its 27,000 residents needed a 20,000-seater polo stadium is anyone's guess. Polo is not a popular sport in Italy. 

Nonetheless, the local government launched the project in 1985 in order not to miss out on regional funds. As of today, the project is half complete, after works began and stalled repeatedly.

But all is not lost: children use the unfinished pitch as a good spot for a kickabout, while in the evening joggers can be seen doing laps of the athletics track. However, the stands are always empty and are slowly being consumed by vegetation.

The closest thing to a game of polo the stadium has ever seen came in 2012 when a group of youngsters decided to organize an ironic polo match, which they played on sticks with cardboard horse heads attached.

The small town has something of a penchant for unfinished projects – the polo stadium sits next door to an incomplete and empty swimming pool, bizarrely built a couple of meters smaller than Olympic size. 

Lecco youth hostel – Lombardy



The unfinished hostel in Lecco. Photo: Giacomo Reali/Wikimedia

Plans to build a large 200-bed hostel in Lecco, Lombardy, in order to boost tourism in the surrounding area seemed like a good idea. The area is steeped in history and surrounded by the beautiful Bergamo Alps. What could go wrong?

The first stone was eagerly laid in 2006, and in spite of the council paying €2.6 million to a private company to finish the job – the hostel is incomplete and abandoned. 

A recent plan to turn the building into a university dormitory stalled and the local council is now searching for private investors to provide the funds required to finish the job. 

Città Dello Sport Tor Vergata – Lazio



The extravagant sail makes the waste all the more obvious. Photo: Luca Cerabono/Flickr

Planned as a massive indoor sports complex that would host part of the 2009 World Swimming Championships, the proposed site, near Rome, boasts a half-complete sports arena with 8,000 seats and a half-built Olympic swimming pool with space for 3,000 spectators. 

The project was launched with great expectations in February 2006. The Spanish architect, Santiago Calatrava, designed a gigantic sail as the roof for the complex, which today only makes its failure more conspicuous. 

The project was blighted by spiralling costs. Initially the council set aside €240 million to complete the works but it is now looking for a further €400 million from private investors to finish the complex.

The Giunza tunnel – Umbria/Marche



The premature opening of the tunnel in 1990. Photo: Giacomo Reali/Wikimedia

The Giunza tunnel is a 5.96km tunnel connecting Umbria and Marche on the E78, the super highway that connects the east and west coasts of Italy.

Planning on this great engineering feat began in the 1970s and by 2004 more than 500 billion lire had been spent on the project. The tunnel is largely complete and even received a opening party in 1990, at a cost 300 million lire.

But the party proved premature as the tunnel has never actually been opened to the public, who are still waiting until the money required to finish the project can be found. 

After 40 years, nobody is holding their breath.

La Maddalena's G8 Hotel



Unused equipment in the luxury hotel's gym. Photo: Screengrab/Corriere TV

La Maddalena is a small island off the north coast of Sardinia, which between 1972 and 2008 made most of its money by hosting a base for US nuclear submarines off its shores. 

When this practice finished in 2008 it was decided that the best way for the island to replace its lost revenue was through tourism. 

To help La Maddalena, former Prime Minister Silvio Berlusconi chose the island as the location for the 35th G8 summit, which was hosted by Italy in 2009.

Work immediately started on an ambitious project to transform the island's old arsenal into a luxury hotel complex. 

An estimated €460 million was invested into the hotel, which was to include space for 600 boats, gleaming marble bathrooms, modern artistic sculptures and a fully equipped gym. 

But at the last minute the destination for the G8 summit was moved to L'Aquila as a symbolic gesture following the earthquake which destroyed the city on April 6th 2009.

La Maddalena was left with a largely furnished luxury hotel, but problems soon started to appear. 

The accounts didn't balance and a number of people working on the project were arrested for stealing funds.

Further complications arose as to who actually had responsibility for the site.

But after the town of Maddalena finally trumpeted its desire to finally finish the project earlier this year, tragedy struck: a fire tore through the hotel in March, sending any money invested quite literally up in smoke. 

Italy is not the only European country with an embarrassing backlog of incomplete projects. 

Spain’s building bonanza left the country with a vast array of half-finished monstrosities and pointless prestige projects.

Take a look: Spain's craziest building fails

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MONEY

The verdict: What are the best banks for foreigners in Italy?

Picking the right banking option in Italy can be hard, but The Local's readers have shared their experiences and advice to give you a head start.

The verdict: What are the best banks for foreigners in Italy?

If you’re planning on moving to Italy, opening a bank account will be one of the very first things you’ll have to do in the country.

Overseas accounts (especially those from outside the eurozone) are unlikely to cut it for everyday tasks like paying bills and taxes, receiving an Italian salary and taking out insurance as many Italian authorities require an account with an Italian IBAN number for these purposes.

Italy has a large number of banks to choose from, ranging from traditional Italian institutions to international banks to a host of online-only operators that have grown in popularity in recent years.

But Italian-only online information, confusing paperwork and a swarm of different offers can make it hard to find the right option, which is why we asked readers of The Local to share some of their best insider tips in a recent survey.

Traditional v online banking

If you’re looking to open an account in Italy, one of the very first decisions you’ll be faced with will be whether to opt for a traditional institution or a digital banking platform. 

Overall, around four in ten respondents indicated an online banking platform as the best option for foreigners in the country, with many pointing to low account fees, advantageous currency exchange rates and a far greater degree of flexibility compared to traditional institutions. 

READ ALSO: Which documents do I need to open an Italian bank account?

The majority of respondents however selected a traditional Italian bank as the best option, citing greater levels of trust in traditional institutions, the advantage of dealing with people face to face and, in some cases, the availability of specific services and information for foreign nationals. 

Traditional banks

Italy’s biggest private bank, Intesa Sanpaolo, was recommended by multiple readers as the best option for foreign nationals in the country.

Intesa San Carlo, Italy

People walk past the headquarters of Italy’s Intesa Sanpaolo in Turin’s Piazza San Carlo in January 2017. Photo by Marco BERTORELLO / AFP

Iain Gosling, a UK national living in Pisa, Tuscany, highlighted the quality of their online services, saying: “The app is easy to use and it translates into English automatically. Online banking is easy. We maintain bank accounts in the UK and send funds to ISP, no problem.”

Another British national living in Pisa focused on the advantages of dealing with Italy’s largest bank, saying that “a lot of operations are done through ISP so the transaction fee is low” and the large number of branches across Italy makes it easy to “open an account quickly in person.”

Laura, a US-Italian citizen living in Ascoli Piceno, Marche, praised Intesa Sanpaolo for their customer service, saying staff were “patient and understanding” following a bad experience with another bank.

READ ALSO: What you need to know about opening a bank account in Italy

Besides Intesa Sanpaolo, UniCredit was also mentioned on multiple occasions within the survey, though opinions on Italy’s second-largest bank were mixed.

Stewart, an Australian national living in Umbria, said they “never had any problem paying bills or making transfers” even when out of the country, and the bank has “a pretty good website, including an English-language (sort of) option”.

But other readers had rather different experiences. Laura, from Ascoli Piceno, said her experience with UniCredit was “a nightmare” as “they couldn’t open the account correctly” and trying to solve the issue was “humiliating and impossible”. 

Cindy in Orte, Lazio, mentioned that UniCredit “arbitrarily raised checking account rates for foreigners who are not residents from 20€ annual to 120€ annual”, whilst another reader reported that “it took someone I know three months to open an account”.

Finally, two readers recommended BancoPosta – a branch of Italy’s Post Office offering basic financial services – based on low fees, presence in all major Italian towns, and easy sign-up procedures.

Online banking and transfer platforms

Wise (formerly TransferWise) was by far the most highly recommended digital platform within our survey.

A British reader in Tuscany hailed it for its “speedy transfers, good exchange rates, and prompt problem resolution”, highlighting the contrast with “slow, expensive and paper intensive” traditional banks.

Revolut

A close-up detail of a card from digital bank Revolut. Photo by JUSTIN TALLIS / AFP

Jenny Lantschner, a British-Italian national in Lucca, also pointed out Wise services’ speed, saying that it’s “very easy to use on a smartphone and will send funds within minutes”.

Besides Wise, several readers recommended Italian online bank Fineco, which they praised for easy account-opening procedures, efficient online operations and low fees. 

Lithuania-based Revolut was also recommended by some readers on the basis of “low cost, convenience, and near spot-market rates for currency exchange”, though others mentioned having problems with money transfers. 

For instance, Bob, an American national in Siracusa, Sicily said that “English, American, and Italian banks all refused to fund” his account.

Finally, Steve in Lombardy advised against opening accounts with Germany-based N26 as they “have been closing accounts in Italy and not giving back the money to customers”.

Though N26 is an active digital bank in Italy, it has been operating in a limited capacity for nearly two years following on-site inspections in late 2021 that revealed shortcomings in terms of security legislation and weaknesses in anti-laundering measures. 

Readers of The Local have recently reported having their accounts shut and being locked out of their funds for no apparent reason.

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