Italian real estate market in 2020: Puglia again at the top of the ranking
- 4 January 2020
- Investing in Puglia
The Owners of properties situated in Italy but living abroad (both Italian or foreigner) must pay in Italy the taxes related with the property.Taxes for properties are distinguished in:
– Local taxes
– Government taxes
Local taxes are:
– Council tax (known in Italy as IMU): to be paid by June 16 of the current year or in 2 parts
(June 16 and December 16 of the current year).
– Waste tax (known in Italy as TASI): to be paid by June 16 of the current year or in 2 parts
(June 16 and December 16 of the current year)
For late payment, an extra-charge can be calculated and added to the payment.
If the property is rented (both long rent or short rent as a vacation home), the property is also subject to the government taxes which is 21% of the gross rental income (including any costs related to the rental, such as electricity, water, gas, linen, cleaning, commission for vacation rental company if paid by the Owner for the service requested).
According to the international agreement between EU Countries, part of the government taxes paid in Italy can be converted into tax credit in the Owner’s country of residence. To do this, the official tax return declaration made by an accountant in Italy shell be provided to the Owner’s accountant in the country of residence.
With the BREXIT we all expect that any similar agreement about foreign incomes between Italy and Great Britain will be cancelled.
Are you interested to learn more? Feel free to contact me.
Puglia Paradise Srl
By mail: email@example.com
By cell (IT): +39 333 568 3861
By cell (UK): +44 20 3239 7476
By Whatsapp or Facetime: +39 333 568 3861
By Skype: firstname.lastname@example.org
Linkedin: massimo valentini