Hi everyoneWe have just bought an apartment in a small

Hi everyone

We have just bought an apartment in a small town near Jesi in Le Marche. We are just starting on the renovation now. In discussion with our geometra, he said that because the property was in centro storico there were tax advantages and after 10 years we could get a portion of the cost back.

A google search hasn't highlighted anything. I was planning to talk to my Italian accountant about it but would prefer to know a bit about it before starting the conversation! 

Does anyone know anything about this or point me in the right direction?

Many thanks

Daniel

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you receiva a tax credit , for 60% of the materials used for the restoration, floors, fixtures, thermal boiler ,, and so on - this tax you can receive splitted in 10 year - BUT ONLY if you are italian resident ! and pay for your's income at italian tax office

Antony ,

that is, have they managed to have the privileges of the first house, without having residence in Italy? Have you made sure that your customers are perhaps not Italian citizens, registered with AIRE?



Because, if they are not Italians, and do not have a residence, when the tax office notices the cleverness they have made, they will send them a fine of 30% of the illegally received concession, in addition to asking back for all the facilitation and it is also to be taken into account that since their action is a false public act, it is also liable to a criminal complaint.



The Italian tax office is not as fast as the American one , in noticing the shrewdness, but when he realizes it, he is relentless 

Hi Daniel,

 

Ugo is right, 

 

once the project is completed you can start to get a tax rebate on the taxes you pay in Italy for the next ten years, there is a pretty complex procedure to follow it is an absolute MUST to get an account to guide you through the red tape, because if you do not do it all the right way, you will not get the rebate. 

Just read this morning on changes in the  new budget.

There will also be help for furniture bought in the process of renovation.

https://www.immobiliare.it/news/confermato-il-bonus-mobili-anche-per-il-2020-ecco-tutte-le-novita-43997/

Hi Daniel,

I'm looking for people who have purchased an old/historic property in Italy and are going/started renovations.  I'd like to get in touch to hear more if you've even been able to do anything in light of COVID.  My email address is cnelsonmullen@icloud.com  ~

All the best,

Cindy