Keep to date with recent Italian news here.
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. [...]
Buying or selling Italian residential properties frequently involves the assistance of local Italian estate agents. It is important to establish the right relationship from the very beginning, crucially before any document is signed and any money is paid. It is also important to realise that Italian estate agency law is very different from the English [...]
Frequently, the foreign property buyer of an Italian residential property is presented, in the confusion of the completion of his Italian acquisition, in the notary`s office and with garbled explanations, with the question: do you wish to pay Italian Registration Tax (Imposta di Registro) at the full 9% rate, or would you rather prefer to [...]
It has taken more than three and a half years. A law was passed in Italy at the end of 2013, allowing Italian notaries to receive the purchase price of Italian properties and to keep these funds until the actual registration of the sale (trascrizione della vendita) had been successfully completed. The Italian notary would [...]
Tourism has always been a major source of income in Italy. Once upon a time, tourists arrived in Italy and stayed in hotels, sometimes they would rent a holiday cottage for a few months. Over the years the Italian tax system had adapted to this form of tourism. The advent of the internet and, more [...]
Farm buildings (Fabbricati rurali) are normally registered in the Countryside Land Registry (Catasto Terreni) and are usually not subject to tax in Italy. These buildings are supposed to be the farmer`s house, where the owner is registered as a professional farmer (Rurali abitativi) or premises used for effective farming such as greenhouses (Serre) small farm [...]