In Italy, tax dumping, restores luster to historic gems

Rome revive historic gems sometimes left in oblivion was probably not the goal of the tax system. The flat-rate fee of 100,000 euros on the income earned abr

In Italy, tax dumping, restores luster to historic gems

Rome

revive historic gems sometimes left in oblivion was probably not the goal of the tax system. The flat-rate fee of 100,000 euros on the income earned abroad, as defined in the finance act of 2017 by the government of Matteo Renzi to draw on Italian soil the rich foreigners, but also Italians of the diaspora parties for at least nine years, and successfully completed, it has already had a visible effect on Italian soil: the increase of 30 % from the sale of real estate the most exceptional in Italy. Even if by 2018 less than 100 people have benefited from the device.

For the past year, in Milan, Rome, Florence and Turin, but also on lake Como, Capri, on the amalfi coast and in the tuscan countryside, the grand palaces are bought by foreigners who come to elect tax residency in Italy. Sometimes with a project to the key that will create wealth: the villa Bibiani on the Montalbano hills in Tuscany, were sold for 10 million euro to an American who wants to restart the production of wine and olive oil. Or even the villa Godilonda, which overlooks the promontory of Castiglioncello, south of Livorno, has been bought by a tycoon, Russian, Timur Zaynutdinov, to nearly 20 million. The goal is to transform it into a luxury hotel complex. As for the Palazzo Pisani by now are rare, famous gothic palace of the Sixteenth century on the Grand Canal of Venice, it has been sold to a hong Kong to 42.8 million euros on the express condition of maintaining the private residence, with its vocation to host events culturelset evenings lavish.

Updated Date: 14 May 2019, 00:00

Kathleen Lees

Lees


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