Investment instruments for the Italian Real Estate Sector
Stefano Cacace, Andrea Cagnani, Maria Cristina Corno, Paolo Crisafi, Davide Dalmiglio, Roberto Fraticelli, Giuseppe Andrea Giannantonio, Gabriele Paladini, Enrico Pauletti, Paolo Serva
pp. 224, 1a edizione 2015 (Codice editore 366.111)
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This volume seeks to address the main regulatory and tax issues related to the Real Estate industry in Italy. The aim is to help foreign and Italian investors to find their way around the "sea of regulations" governing the world of real estate and to highlight possible areas for new legislative measures aimed at improving such regulations, in order to reduce the uncertainty of the legal framework and to increase the competitiveness of the Italian real estate market.
Presentazione del volume
With this publication, Assoimmobiliare seeks to address the main regulatory and tax issues related to the Real Estate industry in Italy. The aim is, on the one hand, to help foreign and Italian investors to find their way around the "sea of regulations" governing the world of real estate, illustrating the options available to the investor through new investment instruments (i.e. SICAF) and the recently introduced major revisions to the existing ones (i.e. Funds and SIIQs) and, on the other, highlighting possible areas for new legislative measures aimed at improving such regulations, in order to reduce the uncertainty of the legal framework and to increase the competitiveness of the Italian real estate market. Indeed, the uncertainty regarding some regulatory and tax aspects undoubtedly leads some international investors to look at other countries where similar conditions are matched by a much lower level of uncertainty. It also results in a higher country risk which, in terms of the economic mechanisms that govern investments, gives rise to the need for greater remuneration.
Contributors: Stefano Cacace, Andrea Cagnani, Maria Cristina Corno, Davide Dalmiglio, Roberto Fraticelli, Giuseppe Andrea Giannantonio, Gabriele Paladini, Enrico Pauletti, Paolo Serva.
Aldo Mazzocco, Preface
Foreword. The regulatory and tax systems as a means to support real estate development and growth in Italy
(Fundamental organisation of the system and its evolution over time (tendency to contrast the abuse of the corporate structure); Definition of the reference economic model of the main elements for evaluation; The Italian real estate investment market)
Real estate companies
(Foreword (definition of the framework and main classifications: real estate management companies and real estate trading companies; "real estate as stock-intrade", "operating properties used in business" and "real estate assets"); Deduction of interest expense; Depreciation of operating properties for use in business; Treatment of restructuring and renovation costs ("Capex"); Flat-rate taxation of properties consisting in real estate assets; Determination and restrictions on the deductibility of the unified municipal property tax (I.M.U.) and other direct and indirect taxes; The taxation of dividends and capital gains; Taxation of real estate inventories, their write-off and income from sales; The participation exemption regime; ACE - Allowance for Corporate Equity; The convenience company regime; IRAP regime of capital gains from sale of properties; Revaluation of property in the context of extraordinary operations)
Real estate investment funds and fixed capital investment companies (Società d'investimento a capitale fisso - SICAF)
(Outlook on civil code and regulatory provisions; Tax regime of real estate investment funds; Tax regime applicable to real estate SICAFs)
SIIQs and SIINQs as an incentive for boosting development in the real estate market
(Introduction; Requirements for access to the regime; The tax regime of SIIQs and SIINQs; The regime of contributions; The tax regime of shareholders; Aspects relating to international relations)
Real estate investment and double taxation conventions: The Italian perspective
(Background; Direct cross-border investment in real estate properties located in Italy; Cross-border investment in real estate corporate entities resident in Italy for tax purposes; Cross-border investment in real estate entities resident in Italy for tax purpose: real estate investment fund, real estate SICAF and listed real estate investment company (SIIQ); Long Term Investment Funds)
(Regimes compared; Points of comparison with other international regimes; Final considerations)
Paolo Crisafi, Afterword. The recent performance of listed real estate companies
Tutti i campi devono essere compilati.