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In May 2020 the Italian Government issued urgent legislation to assist with the recovery of the Italian economy, following the unprecedented shock of the covid-19 pandemic. Among many other measures, legislation called “Relaunch Decree” (Decreto rilancio) introduced new tax credits for improvements to Italian properties. These tax credits, called “Superbonus” are intended to cover 110% [...]
Within a few weeks the covid-19 emergency has escalated from a relatively limited Far East problem into a world pandemic. Every country has been affected, unfortunately, Italy appears to be one of the worst affected. In the face of the escalating casualties, Italian authorities have issued progressively more restrictive legislation culminating in a Decree issued [...]
Italian Living Wills (“Dispozizioni anticipate di trattamento” or “DAT” ) are legally binding statements of choices made by persons who, fearing they may not be mentally capable in future, make advance decisions on future diagnostic assessments, therapeutic or medical treatments which may be applicable / available to them. Under the Italian Constitution although personal health [...]
On Christmas Eve 2019 the Budget for the year 2020 (Legge di Bilancio) was approved by the Italian Parliament, a raft of rather disparate provisions. The law came into force on 01.01.2020. Unfortunately, there are very few presents for property owners. Most of the current tax rebates (Bonus fiscali) for property owners who improve their [...]
For several years now, Italian income tax legislation has allowed a tax credit as a deduction from the taxable income for energy efficient expenses incurred in maintaining, restoring and improving Italian properties (Detrazione delle spese per interventi di recupero del patrimonio edilizio e di riqualificazione energetica degli edifici). This tax credit (Bonus Fiscale) is available [...]
Notwithstanding some relatively recent legislation, trusts have still a difficult life in Italy. From a tax point of view, there has been an ongoing conflict between the Italian Revenue and trustees / their professional advisers on when and how Trusts should be taxed. Not surprisingly, since 2006 the Italian Revenue (Agenzia delle Entrate) held that [...]
When is a property purchase void, because of a breach of planning regulations? The Italian Supreme Court draws the line.
A specially constituted Italian Supreme Court has recently issued an important ruling which establishes when a breach of planning regulations invalidates a purported sale of Italian property. This is the most extreme penalty for a breach of planning regulations. A buyer may go through the purchase process, pay the price but fail to acquire title [...]
Recent official statistics point to continuing, slow improvement of the Italian property market. On 21.11.2018 Banca d` Italia (the Italian central bank) published a business survey (Sondaggio congiunturale sul mercato delle abitazioni in Italia) of 1,441 Italian estate agents. Agents reporting price reductions have reduced (down to 16.3 % from 19.5 % of July 2018), [...]
Because the Italian property market has been stationary for some time now, owners of Italian properties sometimes look for alternative ways of releasing some equity from their properties without actually selling them. The pros of these options tend to be that apart from getting some liquidity, the owner can continue to enjoy his Italian property. The [...]
A recent judgement of the Italian Supreme Court published in February 2018 is the epilogue of a sad story of the Italian couple, who delayed the completion of their property acquisition, only to see their property being taken away from them and purchase price they had paid lost in the whirlwind of their vendor`s insolvency. [...]