Realpoint Italy

20 Jun 2008

Berlusconis Potential Italy Property Tax Bonanza

In the recent Italian elections Silvio Berlusconi pledged to abolish the main Italian property tax, making Italy an attractive place for property investors.

Following on from his victory, Berlusconi is now back in the hot seat of being the Italian Prime Minister. During the election he campaigned on a low tax ticket, in an appeal to Italian’s facing tougher economic conditions and rising prices.
The pledge to reform taxes paid off and it ensured him an historic second period as the countries leader. One of his main promises was to eliminate the main Italian property tax, (the ICI) which would make investing in property in Italy an attractive proposition to foreign buyers.

Already any capital gains tax is wiped out after five years of ownership, so the removal of the ICI which is similar to the UK’s council tax would only increase the interest in buying in Italy, which has recently began to catch up Spain and France as a place to invest in the sun.
Some are sceptical that Berlusconi will carry through his pledge as it will mean an approximate loss of two billion Euro’s in potential tax revenue. However, in his first cabinet meeting after victory, he ensured voters he would implement his promise. The theory being that the lower tax will stimulate the stagnant economy, making up for any immediate shortfall.

Realpoint Property is a specialist property company that assists British buyers looking for a holiday home, an investment or even to start a new life in Italy with a B&B or hotel. It has extensive experience and regional contacts ensuring customers get the best value and advice available. Eddy Compton of Realpoint Property explains how the removal of the ICI would help buyers “The abolition of ICI will mean that, on average, the first time buyer in Italy will nolonger have to fork out 300 Euros per year to the local council. Although not a drammatic saving it does point to the fact that Italy is looking to attract second home buyers, and if you add the savings from a reduced rate of purchase tax for first time buyers then it makes buying in Italy even more attractive for overseas buyers.”

Case Study
Monte Giove
Arcidosso, Grosseto, Tuscany
House Facts
Attractive five bedroom stone property on two floors set in 60,000 m2 of land with outbuilding.The house has a floor area of approximately 280 m2 while the two bedroom additional building has a floor area of 60 m2. The property is located in classic Tuscan countryside and enjoys splendid panoramas
Sale Price – € 600,000
Approx saving if ICI is abolished - € 420 per annum

Contact Eddy Compton, RealPoint Property, Beverley, East Yorkshire, UK
Tel: +44 (0)845 331 2812 (local call in UK)


Monte Giove

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