.... There's a damn fine Ferrari garage at Lugano Sud/Grancia

tempted!

.... If you hold an EU passport, surely there is no way they can stop you having a local car?

You need residency papers to register and insure. A leftover from the late 30's along with Milan Central Station I presume. I understand that new EU laws might make things easier next year where residency in the EU willno longer be able to be restrictive. But not yet.