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Any investments recommended in this letter should be made only after consulting with your investment advisor and only after reviewing the prospectus or financial statements of the company. Ski in the morning, hit the beach in the afternoon… (© Courtesy of the Centro Estero delle Camere di Commercio D’Abruzzo) Slow Living In Europe’s Garden On The Adriatic By Kat Kalashian As you ski lazily down a gentle slope, a ray of sunshine painting. Once you get back down to the ski resort, you hits your face and you look down to the coastline. The sun have a restorative espresso and meander back towards is glittering on the Adriatic and has just illuminated the the coast. endless vineyards and olive groves that lead down from the mountains to the beaches. An hour later, you’re enjoying fresh clams and white wine at a beachside café, to be followed by handmade pasta topped The gently rolling hills are ablaze with blossoming cherry with today’s catch. After a leisurely lunch, you take a walk and peach trees, while lavender, daffodils, iris, and crocus on the beach, maybe take a quick nap on the sand, reveling are beginning to peak out after a short and temperate in the warm springtime sun. Perhaps you take a quick dip, winter, punctuating the landscape like a colorful Renoir though the waters are still shaking off the winter chill. 4 Overseas Haven Report Austria Switzerland Hungary Slovenia France Bosnia And Herzegovina Corsica Teramo Pescara L’Aquila Chieti Avezzano Algeria Tunisia Libya Overseas Haven Report 5 Copyright: Google Maps Europe’s Garden On The Adriatic Known as one of the greenest areas in all of Europe, Abruzzo stretches from the Apennines to the Adriatic and Abruzzo is one of Italy’s 20 regions, divided into four is home to over 3,816.25 square km (about 1,474 square provinces: L’Aquila, Teramo, Pescara, and Chieti. While miles) of protected national parkland. The mountains it’s located more or less in Central Italy—directly east of here are the country’s most important and most visited Rome—it’s administratively a southern region. after the Dolomites. L’Aquila is the capital of the region and the inland province, home to countless medieval mountain villages that operate the same as they did 100 years ago. In fact, Abruzzo in general is known for its concern with preservation for traditional Italian lifestyle, pushing back against globalization and modernity. L’Aquila is conservative and insular—the folks here don’t care much about tourism or attracting newcomers. The atmosphere is provincial and parochial… it’s the least populated and most detached of the provinces. Teramo, Pescara, and Chieti make up the coastline; Teramo the northernmost, Chieti the southernmost… little Pescara nestled in the middle may be the smallest in area, but it’s the most densely populated. These are the areas we’ll focus on. Verdant, fertile hills 6 Overseas Haven Report Its preserved land makes up about a valleys patchworked alternately though this particular region may third of the region’s area, including with crops, orchards, groves, and be. You won’t have any trouble the Abruzzo National Park, the Gran vineyards… plus two golf courses. finding “high culture”—museums, Sasso and Monti della Laga National archaeological sites, galleries, Park, the Majella National Park, and Its wealth of castles and medieval fashion shows, and haute cuisine. the Sirente-Velino Regional Park, towns (especially around L’Aquila), has And if what Abruzzo has to offer as well as about 38 other natural earned it the nickname “Abruzzoshire” isn’t enough, Rome is less than two reserves and protected areas. It’s said (a reference to “Chiantishire,” the hours’ drive from some parts of the to be responsible for the survival name sometimes used to refer to the region, Milan, Venice, and Florence of 75% of Europe’s fauna species. Chianti area of Tuscany). are all about four and a half. Italy is said to be home to over 60% of And Europe’s southernmost glacier the world’s ancient Western art and is located here: Ghiacciaio del The traditional and historical isn’t architecture… so get out and see it! Calderone (for now, at least). limited to architecture in Abruzzo, either… the entire way of life for this Its outdoor nature makes it a delight part of Italy is carried out much the Thousands Of Years Of for the active. Aside from mountains same way as it was 40 or 50 years Civilization (with over a dozen ski resorts) and ago. The region is nationally famous beaches (129 km of them), it offers for its old-timey ways. Settled in Neolithic times, this part dense forests to hike and picnic in, of the world is no stranger to us medieval towns to explore, and deep And, of course, this is still Italy, rural human pilgrims. Parco delle Sorgenti Sulfuree del Fiume Lavino Overseas Haven Report 7 name Italia may have been coined in ancient Corfinium… literally—the oldest dated coin with the name Italia minted on it was found there (dating to the 1st century B.C.). Modern Abruzzo In more recent history, Abruzzo has fallen off the national map… Up until just a few decades ago, it was one of the poorest regions in the country. Since the 1950s, Abruzzo has seen steady economic growth. In the 90s, its growth surpassed that of any other region and boasted The mountains provide a dramatic backdrop from nearly any angle the highest per-capita GDP in The ancient people of Abruzzo Ancient Corfinium was once the country. The construction of included the famous Samnites, destined to be the permanent capital new highways making it easily Marrucini, Vestini, and Marsi, fearless of resistance Italy—rival to Rome— accessible from Rome opened it up warrior races that fought against and was an important stronghold domestically and brought in state Rome’s expansion. By the time of the in the time of Caesar and Pompey’s and private investment the region Civil Wars, they had banded together civil war. After trying to hold out had never seen before, in turn in an attempt to unite against the against mighty Caesar in 49 B.C.— improving local education levels. world power. and lasting a week—he benevolently granted Roman status on the city These days, the per-capita GDP well The region was highly active in despite their opposition. outpaces that of the rest of Roman times but was sliced out into southern Italy (a healthy 88% of the many more little regions than exist Some claim Abruzzo could be where national average) and Abruzzo is in today’s simplified geography. You the country’s name originated. The the richest region in Southern Italy. might recognize a couple of the more important city names of the time… Ancient Aprutium was more or less Abruzzo. Ancient Picenum was Pompey the Great’s homeland. “Forte e gentile”… strong and gentle. That’s how Primo Levi, a 19-th century Italian diplomat and journalist, described the region and its people. It’s now a common motto quoted about the area. Countryside as green as Ireland’s… 8 Overseas Haven Report The earthquake of 2009 was and Abruzzo is no different... but Over the last decade, tourism has particularly devastating to L’Aquila and it’s not something that you’ll notice become one of Abruzzo’s most resulted in an economic slump that affecting daily life. important sectors, but only about the region has worked hard to recover 4% of visitors to the region are from (more on this earthquake and the Otherwise, tourism accounts for foreign. The region is making an general danger later). a large portion of the region’s effort to attract more foreign tourists, income, benefiting as it does from launching websites promoting the The industrial sector has expanded all its parks, mountains, and seaside region and using social media to get in the last decade, but, still, the diversions. Up until recently, the the word out. region’s productivity is carried region had done nothing to promote out by small- and medium-scale itself but has lately begun to receive It’s got no particular claim to fame, as opposed to commercial-level tourists, mostly domestic and from no big industry… nothing to make it operations. Agriculture is the within the EU. all that remarkable within Italy. But, region’s main earner, producing over the past few decades, quietly, wine, olives, vegetables, fruit, With its diverse landscape that boasts it’s been prospering and is now the dairy, potatoes, and cereals— majestic mountain ranges, rolling richest region in Southern Italy. In again, mostly by small farms. Its hills, miles of award-winning beaches, just the last few years, it’s woken up, Montepulciano wine grape in dense forests, and medieval towns, realizing its own potential, and has particular is a big earner, known Abruzzo has all the ingredients to begun to put in place a marketing as one of the most exported become a tourism powerhouse.