Overseas investors who purchase property in Italy could be able to enjoy various financial benefits, according to one industry specialist.
Eddie Crompton, director of RealPoint Property has stated that Property in Italy has always had a lot to recommend it. Culture, the healthy Mediterranean diet and the good weather are its main attractions; Now Italy also offers perks such as a favourable tax regime.
The financial incentives for property investors in Italy have increased in recent years particularly for the older generation. Property investors are exempted from paying capital gains tax after five years, while any assets that are bequeathed to direct relations are also not taxed. Inheritance tax was abolished in Italy in October 2001. Industry analysts believe that more government reforms could make an Italian investment highly lucrative in the future.
Mr Crompton explained that since the law changed in terms of the inheritance tax, it’s become a lot more attractive financial proposition. He said that "if you’re not penalized to hand down the property to your children, you start planning for these things at a certain age".
Foreign Property Buyer has reported that Prime Minister Silvio Berlusconi has pledged to cut the main property tax in Italy. The website believes that this could have radical impact in the Italian property market pushing up prices in prime areas. Therefore, property investors could get good returns within a relatively short period of time.
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