REGENS MAGAZINE ISSUE 02 | JUNE 2020
by Regens International Copyright 2020
Our story is in the unbeaten paths we have travelled...
...in the stormy horizons we have challenged.
Credits: for the photos and/or graphic design contributions contained in this issue special thanks go to Seozzy (Alessandro Davia) and to Unsplash website.
Introductory message
Alessandro Alessio Regens International, Founder
Dear readers, in this second issue of our magazine we will bring to your attention one-of-a-kind and really astounding properties. We will start with a wonderful castle in commanding position within just an hour’s drive to Rome. From there we will move on to Russia with some property updates for private investors and corporations. After that we will «fly» you to Croatia, Slovenia and Montenegro and make you discover some very interesting offers, including a beachfront hotel on the Opatija Riviera. Check out our latest listings regarding hotels for sale in Italy and restaurant businesses and if you’re looking for a lifestyle investment do not forget to take a look at our properties in Sardinia and new apartments for sale in a historic mansion in the Venetian lagoon. Do not miss out on our extra contents and insights dedicated to: property prices in the centre of Saint Petersburg, buying property in Croatia as a foreign national, access to bank financing for purchasing real estate in Slovenia as a foreigner and incentives for building renovations in Italy. Feel free to contact us for additional information, property enquiries or for leaving us a request. Enjoy your reading! Alessandro Alessio a.alessio@regens-international.com www.regens-international.com
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Table of contents This month’s featured topics: Property of the month- The «Lord of the Valley»
5 — real estate in Russia
Commercial properties in Russia Featured listing - Premium showroom premises for rent in Moscow Industrial properties Market updates / Focus on Russia: «How could the relations between landlords and tenants change after the pandemic» Luxury residential properties, Moscow & Saint Petersburg Market insight / Focus on Russia: «Overview of Saint Petersburg property prices: the central district»
— International real estate
Properties in Croatia Market insight / Focus on Croatia: «Buying property in Croatia as a foreign national» Investments in hospitality and tourism-related projects, Croatia & Montenegro Slovenia & Montenegro listings Expert opinion / Focus on Slovenia: «Mortgage loans in Slovenia for foreigners» Hotels for sale in Italy Restaurant businesses for sale Expert opnion / Focus on Italy: «New incentives for building frontage improvements in 2020» Properties in Sardinia Featured listing - «The Residences in the Venetian lagoon»
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Property of the month A majestic fortress within an hour’s drive to the Eternal City. A genuine Renaissance masterpiece standing atop the hills.
A centuries-long story set among the valleys of Lazio.
The Lord of the Valley For further information click > here
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Commercial properties in Russia
Moscow, metro Tverskaya Class ÂŤB+Âť offices for rent in renovated historic mansion Link > here
Moscow, Smolenskaya
Street-facing premises for bakery/confectionery. Monthly rent: 270,000 RUB/month. Link > here
Saint Petersburg, Sadovaya street
Showroom premises for rent in 18th-century building with an original architecture. Link > here
Saint Petersburg, Petrogradsky district
Duplex premises (539 m2) for luxury showroom or premium store/office. Link > here
Saint Petersburg, Central district Street-facing premises (70 m2) on Malaya Morskaya (close to Nevsky). Link > here
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Moscow
Move-in ready offices for rent. Link > here
Magnitogorsk
4-star hotel for sale. Link > here
Kazan
3-star hotel for sale in very central location. Link > here
Moscow, central district 2-star hotel with 150+ rooms. Link > here
Moscow, Bol’shaya Dmitrovka street
High-street premises (705 sqm) for showroom, store or offices in prime location.. Link > here
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Featured listing
Moscow, metro Mar’ina Roshcha 2-storey premises suitable for showroom, store, offices or café/restaurant. Designer’s renovation; great visibility from the road. many and big street-facing windows. Available for both rent or sale. For additional information contact: a.alessio@regens-international.com
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Industrial properties Moscow region 25 km West from MKAD
Premises of 1900 m2 for rent for storage or manufacturing. Rent: 11,000 RUB/m2/year <
<
Information > on request
Moscow region 9 km South from MKAD
Building of 2254 m2 for warehouse, Rent: 11,000 RUB/m2/year. Information > on request
Mozhayskoe shosse West of Moscow on MKAD
Premises of 464 m2 for storage, auto dealer or production. Rent: 15,000 RUB/m2/year. Information > on application
Industrial park 3.5 km South-west from MKAD Warehouse of 690 m2 for rent for storage or manufacturing. Information > on request
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Market updates / Focus on Russia How could the relations between landlords and tenants change after the pandemic - 16/05/2020 The general lockdown imposed as one of the measures to combat the spread of the pandemic in Russia has resulted in a drop in revenues of between 70 and 98% for almost all retail operators. Despite this, retailers have to continue to pay rent and not all landlords have shown willingness to make significant concessions or discounts. In most cases, early termination of existing leases still leads to penalties for tenants (usually the landlord retains just the security deposit paid by the other party at the beginning of the lease, but in some cases the tenant is even obliged to pay the rent for all the months left until the expiration of the lease agreement). For this reason, on May 9th, the Association of Retailers sent the Duma a formal request for speeding up the process of approval of the law that would allow tenants the possibility - under certain conditions - to unilaterally terminate lease contracts without any penalties whatsoever. It is assumed that this opportunity will regard those operators whose revenues have fallen by at least 50% as a result of the crisis. In these cases the landlords will also be required to return the security deposit to the other party. Shopping mall owners, for their part, are obviously strongly opposing the adoption of this bill and have already declared that the possible introduction of these measures will lead to a general collapse of the sector, which could lead to a critical level of insolvency and the consequent impossibility for banks to see loans paid off.
The Association of Shopping mall owners has therefore addressed a formal letter to the Duma of the Russian Federation asking it to reject the bill which would give tenants the right to unilaterally withdraw from lease contracts without incurring penalties, claiming that this could induce some tenants to «blackmail» them by urging changes to the contractual conditions
even
without
valid
reasons
or
just
cause.
The landlords therefore fear that the proposed changes could lead to a real «default» in the sector: most of the contracts could be challenged and many tenants would insist on replacing the fixed rent with a percentage of revenues. This would result in the loss of value of commercial property, which would also result in dramatic losses for banks. In their appeal, the landlords pointed out that this could cause the sector to collapse irreversibly, with more than 6 million people losing their jobs and obvious catastrophic social consequences.
Alessandro Alessio
a.alessio@regens-international.com
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Luxury residences, Moscow & Saint Petersburg
Moscow, Chistye Prudy
Exclusive apartments for sale in restored 19th-century mansion. Information > on request
Moscow, Kitay-Gorod
Luxury residences in late 19th-century building under restoration. Information > on application
Saint Petersburg, «Golden Triangle» Luxury residences for sale in riverside historic palace. Information > on request
Saint Petersburg, Chernyshevskaya Premium residences a few minutes’ walk to Nevsky Prospekt Information > on request
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Market insight Overview of Saint Petersburg property prices: the Central district (Tsentral’ny) The «Tsentral’ny» district, located on the left bank of the Neva River, represents the historic core of the city, consisting almost entirely of buildings dating back to the pre-Revolution period. Here are concentrated a large number of museums, theatres and also administrative offices, as well as the main tourist attractions of the city centre. Many of the buildings in the central district relate to the so-called «stary zhiloy fond», i.e. those apartment houses that are now old and have never undergone thorough renovation since their construction. In recent years some of these houses were redeveloped into new luxury residential complexes. If in the second half of the 19th century this part of the city was embellished with numerous small buildings that were often the homes of local aristocratic families or foreign businessmen and diplomats, after the revolution many of these buildings were requisitioned by the Bolsheviks in order to be converted into collective apartments (the so-called «kommunal’ki»). During the Second World War the German bombings heavily damaged several blocks of flats, but in the 1950s various restoration and reconstruction works were undertaken, often involving the replacement of the old wooden floors with new mixed (reinforced metal) or reinforced concrete ones. At that time gas was brought to the houses and water heating was used to replace the stoves. However, despite the significant amount of interventions, the architectural and historical identity of the neighborhood, luckily enough, were not distorted thanks to the fact that much of the building heritage is recognized as «historical monument» of cultural interest. It is therefore not surprising that the district - since the birth of the real estate market in the country - has been identified as one of those with the greatest potential from the speculative point of view. Already in the first half of the 1990s, just a few months after Perestroyka, many foreign investors «laid their eyes» on St. Petersburg, immediately realizing that the city had exceptional potential for growth in terms of property values. The most sought-after type was apartments of about 100 square meters - in most cases they were ex-kommunalki - in a riverfront location. Buyers usually would purchase for rent the property out on a short-term basis to tourists and guests of the city. The area within the so-called «Golden Triangle» (between Neva, Fontanka, Admiralteysky prospekt and Gorokhovaya street) even then was already considered of particular interest and value. While at that time average house prices were much lower than in Moscow, renting «Western-style» apartments in central locations on a daily or weekly basis would turn out to be comparatively expensive, as a result rental returns could reach particularly interesting levels. Overseas investors were particularly active in the city in the period between 1993-1995. This trend came to an abrupt halt in 1998, not only because of the well-known economic default in the country, but also because both the political instability and the Chechen crisis were legitimately perceived as elements of risk and uncertainty. Thus it was that in 1998 many «early-bird» foreign investors decided to sell their properties fearing a collapse not only on the real-estate market but in the country in general. For several years the share of foreign nationals among property buyers in the city was strongly reduced, but in the early 2000s the situation seemed to dramatically change once again. In fact, following Putin’s appointment many investors predicted that in the years to come the city would probably attract massive investments. Just between the end of the nineties and the beginning of the new millennium, the World Bank for Reconstruction and Development allocated funds for several hundred million dollars for a loan to Russia that the Federal authorities used for the restoration of the historical and cultural heritage and for the modernization of the city’s infrastructure, most of which concerned the central district. As is often the case, real estate values rose as a result of this and still it was not a rarity then to find apartments priced 1000 USD/sqm in the centre, although in the most sought-after areas one could expect to pay up to 2,500 USD/sqm.
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In those years foreigners, including some American investment funds and many private investors from European countries returned to the banks of the Neva. Some bought large surfaces or entire floors and converted them into hostels or cheap mini-hotels that guaranteed good returns. Even the New York Times in that period dedicated an article to the city in which it was pointed out that «for only 50,000 USD it was possible to buy a piece of history in the capital of the Tsars» and apparently not a few thought it was appropriate to follow the advice, although in reality at that price it was already unlikely to find anything with river views in the socalled «Golden Triangle» between Nevsky Prospekt, the Neva and the Fontanka. Another factor which contributed to a further peak in the city’s popularity as a tourist and real estate investment destination was the celebration of the 300th anniversary of its foundation in 2003. In view of this important anniversary many historical buildings in the city centre were restored and the city discovered that in addition to an innate hospitality and residential soul, a «commercial» one was also beginning to mature. In fact, it was in that period that there was a strong development of the retail segment dictated by the growing interest of international retailers and franchising chains that drove an increase in the prices of street retail premises. As far as transport connections are concerned the district, among other things, is crossed by 5 metro lines for a total of 11 stations: Chernyshevskaya, Ploshad’ Vosstaniya, Vladimirskaya, Nevsky Prospekt, Mayakovskaya, Gostiny Dvor, Ploshad’ Alexandra Nevskogo-1 and 2, Dostoevskaya, Ligovsky Prospekt and Admiralteyskaya. Road traffic here is quite congested, while shortage of parking lots and jams during rush hour here are commonplace.
Average prices of apartments in the central district From a real estate point of view, obviously both in the residential and office segments here average prices tend to be higher than in the other districts of the city. According to statistical surveys published by specialized sources, the average prices for «resale» apartments in buildings with communal areas in a far from perfection state of maintenance may range between 135,000 - 190,000 RUB/sqm (equal to about 1,700 - 2,500 EUR/sqm as per the current exchange rate), but obviously they may rise significantly in case of options with a Western-style renovation or with unique characteristics (such as great views, etc.) or located within new or premium developments. It is possible to find studio apartments of around 40 m2 in decent houses within a price range of RUB 7,500,000 (a little less than 100,000 EUR); however, in the case of already renovated options, the seller’s expectations may be significantly higher. If we talk about two-room apartments it is not infrequent to find options calling for refurbishment priced 9,000,00010,000,000 RUB (about 112,500 - 125,000 EUR), while for three-room apartments the typical range may vary between 11,000,000-15,000,000 RUB (between 140,000 - 190,000 EUR), again depending on a multitude of factors. Obviously the above statistics are merely indicative: if you intend to buy a «business» or «premium» class apartment in a newly built or recently renovated complex you should expect to spend up to 6.000 - 8.000 EUR/sqm. As far as the rental market in the central district is concerned, it is quite typical to come across prices such as the ones pointed out below: • one-room or two-room apartments: from 30,000 to 50,000 RUB/month depending on the size, location, condition of the premises, communal areas in the house and other possible individual strong points (views, above-average renovation, etc.) or weaknesses; • three-room apartments: 50,000 - 80,000 RUB/month, with prices even higher than 120,000 - 150,000 RUB/month in recently built «business» class (or elite) developments.
Alessandro Alessio
a.alessio@regens-international.com
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International real estate / Properties in Croatia
Rabac, Istria
Premium apartments within minutes to wonderful beaches. Link > here
Island of Korcula
Villa with direct access to the sea. Link > here
Istria, Umag surroundings New apartments for sale in seafront building. Link > here
Kvarner, Rijeka surroundings
Modern villa in commanding position with breath-taking sea views. Link > here
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Market insight / Focus on Croatia Buying property in Croatia as a foreign national Those who, like myself, have had the pleasure of enjoying Croatia for years, both on business and on holiday, are not surprised by the great popularity of this country at an international level, both in terms of tourism and real estate investments. Austrians, Germans, British, Dutch, Italians, Russians but not only ... the charm of Croatia knows no borders! It is impossible to remain indifferent to the many graces of this country, which combines an amazing coastline with a landscape of exceptional beauty and heterogeneity (ranging from uncontaminated islets to inland villages clinging to sinuous hills that evoke the Tuscan countryside), a rich historical and cultural heritage and a great food and wine tradition. Croatia joined the EU in 2013 and in view of this event considerable investments had been made in infrastructure (including the extension of the Istrian «Y», the well-known highway that almost all foreign holidaymakers reaching the country with their own vehicles certainly know), and by 2023 plans to adopt the Euro as its currency. In other words, a country in constant evolution. Due to its remarkable variety of landscapes, Croatia is able to attract both those investors who just need a «pied-à-terre» near the sea for their holidays as well as those who prefer stone houses with land inland in some picturesque setting far from mass tourism. In order to better understand what a foreigner can expect when planning to buy property in this country here is some useful information. Question: Does Croatian law provide for restrictions on the purchase of real estate by foreign citizens? Answer: Citizens of EU- member states can purchase real estate in Croatia as natural persons without any restrictions. Citizens of non-EU countries must obtain the approval of the Croatian Ministry of Justice in order to be able to register ownership of real estate in their name as natural persons. Such consent shall normally be given if there is reciprocity between Croatia and the country the applicant is a citizen of. Citizens of non-EU countries who wish to avoid the process of obtaining consent from the Ministry can still set up a local company with which they can immediately proceed with the acquisition. Question: How long does it usually take to obtain the authorization from the Ministry of Justice allowing to register the transfer of the ownership in favour of the foreign citizen in the real estate registers? Answer: Normally the consent from the Ministry is obtained in several months, but in some cases it may take just a few weeks. Question: In which cases could the Croatian Ministry of Justice turn down the request? Answer: The Ministry is primarily responsible for ensuring that a reciprocal agreement is in force between the Republic of Croatia and the country of which the applicant is a national. If there is no such agreement between the two countries, the Ministry will normally refuse to give its consent to the transcription of the transfer of the ownership of the property in favour of the applicant. Question: Is it mandatory to use a notary public in Croatia when buying and selling real estate? How much do notary services usually cost? Answer: The notary public is a qualified lawyer performing official acts on behalf of the Croatian government. Its role is to ensure that all documents involved in the real-estate transaction are valid, duly drawn up and comply with current legislation. In particular, the notary is required to authenticate the seller’s signature on the final contract. In addition to that, the notary certifies that all documents that have been translated from a foreign language into Croatian have been prepared either by a certified sworn translator or personally by a lawyer in order to guarantee their validity. In addition, the notary may provide escrow account services if required. Question: What taxes must the buyer pay when buying the property? Is there a difference if you buy from a natural person (individual) or from the developer or other legal entity? Answer: Transactions between private individuals are subject to the payment of registration tax (normally to be paid by the buyer) in the amount of 3% of the purchase price, while when you buy from the developer the prices usually already include VAT (25%). Question: How much does it cost setting up a company under Croatian law with the aim of owning a property? Answer: The most widespread and simplest legal form in Croatia is that of the «d.o.o.» (limited liability company) whose share capital adds up to 20,000 kunas (about 2700 euros). The deeds of incorporation must be signed by the shareholders and directors of the company by a local notary public (cost: approx. EUR 800), usually in the presence of a certified sworn translator (cost: EUR 200-300).
Alessandro Alessio
a.alessio@regens-international.com
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Hospitality- and tourism-related investments, Croatia & Montenegro
Opatija Riviera
Small beachfront hotel for sale. Link > here
Istrian coast
Seaside resort development project. Link > here
Kotor Riviera, Montenegro Seafront hotel for sale. Link > here
Island of Krk, Croatia
Seaside building calling for thorough renovation. Link > here
Kvarner
ÂŤ4-starÂť hotel (60 rooms) in front of the beach. Link > here
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Slovenia & Montenegro
Piran
Old Town top-floor apartment with stunning sea views. Link > here
Koper
Semi-detached house with garden and sweeping views over town and gulf. Link > here
PortoroĹž
Commercial premises for sale with tenants (as income-producing property). Link > here
Kotor Bay, Montenegro
Modern villa with stunning sea views. Price: 799,000 EUR Link > here
Kotor Bay, Montenegro
Seaside historic complex with apartments and a restaurant. Link > here
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Expert Opinion / Focus on Slovenia Ljubljana
Apartments for sale in new development in Šiška District. Link > here
Mortgage loans in Slovenia for foreigners Even though probably less advertised than its «most illustrious» neighbours, Slovenia has much to offer to both sea- and mountain lovers aswell asto those who are not indifferent to the charmsof the countryside. Among the many beauties worth admiring here a special mention deserve the capital city of Ljubljana, still pervaded by a taste of «Mitteleuropa», the lake town of Bled, the internationallyrenowned ski resort of Kranjska Gora, the «queens of the coast», Piran and Portorož, as well as the picturesque villages of the Karst, often interspersed with rows of vineyards and rolling hills. Among other foreigners, also a large number of Italians have invested «across the border» attracted by the appealing prices, more favourable taxation and cheaper cost of living. For those who Slovenia it might the possibility of With this regard Product manager
are considering buying property in be interesting to learn more about getting access to bank financing. we had a chat with Tomaž Fefer, at Banka Sparkasse in Ljubljana.
D - Mr.Fefer, does your Bank grant mortgage loans to foreign citizens for the purchase of real estate in Slovenia? A - Banka Sparkasse offers loans to foreign citizens, residents of Slovenia, in case the loan currency and the applicant’s income are both in EUR. D - Is a loan possible for the purchase of any type of real estate, or are there any restrictions, or types of properties whose purchase the bank is more reluctant to finance? A - Individuals can get a loan for the purchase of residential properties. The bank finances the purchase of agricultural land or woodland only if the property includes also annexes and/or residential buildings.
Tomaž Fefer Product Manager Banka Sparkasse, Ljubljana
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D - Are loans available both to foreigners permanently residing in Slovenia as well as to non-residents who do not have an income in Slovenia and simply want to invest in real estate in the country? A - In case of non-residents we have some additional limitations and applications are usually considered on a case-by-case basis, e.g. we finance up to 60% of purchase price and in case of EU citizen the local currency of country must be EUR. In all cases currency of consumersâ&#x20AC;&#x2122; income must be in EUR.
D period A loans
What is the maximum loan repayment that your bank can offer? Maximum repayment period for mortgage to private individuals is 25 years.
D - If the borrower at a later stage decides to rent out or resell the mortgaged property, does he or she need prior permission from the bank in order to do so? A - Borrower is obliged to inform the bank if the mortgaged property will be rented to a third party or resold. Prior permission is not required.
D - Is the set of documents required for the assessment of the loan application the same in both the above cases? What additional documents must a non-resident foreign citizen provide? A Non-residents additionally have to provide an excerpt from the national credit registry. D - What documents is the potential borrower required to submit to the bank in order for the loan application to be processed? A - Applicants need to provide proof of their income over the last 12 months â&#x20AC;&#x201C; e.g. Employer certificate, the last 12 payrolls and prints of the last 12 months of operations of their transaction account. D - Is it possible to get loans for the purchase of both residential and commercial properties? For commercial real estate do you provide financing only to legal entities or also to private individuals? A - Private persons can apply for mortgage loans only for the purchase of residential properties. Commercial real estate loans are available solely to legal entities. D - What are typically the average interest rates for mortgage loans for individuals and businesses respectively? In the case of nonresident foreign nationals do such rates significantly increase? A - All applicants are treated individually and receive their own individual offer according to their rating, insurance of the loan and payback period. Non-residents have stricter loan-to-value limitations â&#x20AC;&#x201C; we offer financing up to 60% of the purchase price, while rates are usually comparable to the ones applied to residents.
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Hotels for sale in Italy
Venice surroundings
Hotel in historic mansion just 20 minutesâ&#x20AC;&#x2122; drive to Venice. Link > here
Riviera Romagnola
Small hotel a few steps away from the beach. Price: 720,000 EUR Link > here
Calabria
Hotel complex with 90+ rooms. Bargain price: 3,000,000 EUR negotiable Link > here
Chianciano Terme
3-star hotel with ca.40 rooms. Price: 1,200,000 EUR negotiable Link > here
Bibione
4-star hotel for sale in close proximity to the beach. Link > here
Dolomites, close to Cortina
Family-run hotel close to the ski area and Cortina dâ&#x20AC;&#x2122;Ampezzo. Link > here Regens Magazine 02/2020 www.regens-international.com
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Restaurant businesses for sale
Marbella
Restaurant business for sale in Puerto Banus. Link > here
Mallorca
Very well established restaurant with international customer base. Link > here
Nice
Leasehold restaurant for sale in the centre of Nice. Additional information > on request >>>
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Florence, historic centre
Business for sale a few steps away to Piazza della Signoria and Palazzo Vecchio. Additional information > on request
French Riviera
Family-run seaside restaurant in internationally-renowned tourist destination. Link > here >>>
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Properties in Sardinia
Nebida
Move-in ready apartments for sale a few minutes away from the sea. Link > here
Costa Smeralda
Villa with pool and stunning sea views close to Porto Cervo and Grande Pevero beach. Additional information > on request
Nebida
Detached house on a cliff with direct access to the beach. Link > here
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Expert opinion / Focus on Italy New incentives for building frontage improvements in 2020 In the 2020 Budget Law the Italian Government included an interesting tax rebate for improvement works carried out to the facade of the buildings. Let’s examine in further detail with architect Gianluca Paron, head of an architectural studio in Trieste, the contents of such provisions and what should be done in order to make the most of this opportunity. Q - Gianluca, what is this new «Bonus» about? A - This is indeed good news not only for property owners but also for professionals and building companies. The talk is about a new tax discount aimed at supporting improvements, restoration or redecoration works to the facades of the buildings in the Italian cities. It allows to recover up to the 90% of the costs actually incurred in 2020 with no maximum limit and can be benefited by everyone: owners, tenants, residents and non-residents, be they individuals or businesses. Q - Could you explain how exactly it works? A - This is a tax deduction applicable to Italian income tax (be it personal- or corporate tax) and is granted when works for the recovery or restoration of the external facades of existing buildings are carried out, including the costs of cleaning or for the repainting. The building must be located in specific zoning districts (specifically either «A» or «B», i.e. areas which usually identify a town’s historic centre) of the local Master Plan, or in other districts with similar characteristics according to regional and municipal building regulations. The expected rebate is the 90% of the documentarily confirmed expenses incurred in the year 2020 or, for entities whose fiscal periods do not coincide with the calendar year, in the tax period in progress as of 31 December 2020. The deduction is due over the next 10 years in equal instalments. The main difference in comparison with similar incentives related to buildings’ improvements is that there are no spending limits nor maximum deduction limits for this new «Bonus». While said provision shall stay in force until 31/12/2020, it is very likely that it will be extended further until the end of 2021. Q - So who can benefit from it? A - All resident and non-resident taxpayers can benefit from this tax rebate, even if they shoulder these costs as legal entities. More specifically are eligible for the deductions: private persons, public institutions as well as private corporations not involved in commercial activities, partnerships, professional associations, etc. The deduction is not available to those entities who are subject to a separate or substitute tax regime. It should also be noted that the deduction does not apply to those who do not have a duly registered title to the property as of the date of commencement of the improvement works or as of the time when the expenses are incurred (if prior to the former). D - As with any tax rebate or bonus, it is essential to understand exactly which kinds of works entitle you to them and which don’t. What can you tell us about that? A - The talk is about any works aimed at the improvement or restoration of the external facades of a building, such as: renovations, consolidation, cleaning or repainting , restoring (balconies, ornaments and the likes), upgrading the thermal performance (surface insulation) of a building. In a nutshell it relates to all works carried out either on the frontage or on the other external sides of the building. On the other hand, the bonus does not apply to works carried out inside the building, if they are not visible from the street.
Architect Gianluca Paron Architectural & technical consulting studio Trieste - Itay
Q - And how does it apply to blocks of flats? A - For improvements carried out on the communal parts of an apartment building the due application can be submitted by any of the ownersspecificallymandatedforthispurpose,orbythebuildingmanager. The latter provides the documents confirming the actual payment of the expenses by the apartment owners, proof of the amount paid and certifies to have fulfilled all the obligations in compliance with the law. Q - Is it complicated for the taxpayer to get this tax rebate? A - In my opinion it is appropriate to seek the advice of a professional to learn exactly what procedure to follow. That said, for the taxpayer the procedure is really very simple. To get the 90% deduction you need to make the payment by wire transfer pointing out the reason for the payment, the tax code of the beneficiary of the deduction and the VAT number or the tax code of the entity in whose favor the transfer is made (company or professional who carried out the work). Once the payment has been made, in order to benefit from the tax rebate taxpayers are required to point out in the tax return the cadastral data identifying the property and, if the work is carried out by the owner, the registration details of the title deed. In certain cases it is mandatory to inform in advance by registered mail the local office of the National Healthcare Service about the commencement date of the works and then to keep and show at the officials’ request the papers related to the carried out works (invoices proving the expenses incurred, receipts of the bank transfer through which payment was made, the permits required by current legislation, copy of the registration request at the cadastral office, receipts of payment of the local taxes on buildings, copy of the shareholders’ resolution approving the execution of the works or, for works concerning communal parts in a block of flats, declaration of consent to the execution of the works.
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Featured listing
THE RESIDENCES OF THE LAGOON Exclusive apartments in
beautifully renovated historic complex in the Venetian lagoon. Additional information > here
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