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ARTICLE · 29 JUNE 2005

Italian Real Estate Funds

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This article describes the basic features of the regulatory and tax regimes applicable to real estate funds under Italian law.

ItalyFinance and Banking
Marco Lombardi
Marco Lombardi
Giovanni Marini
Giovanni Marini
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Introduction

This article describes the basic features of the regulatory and tax regimes applicable to real estate funds under Italian law1. It is updated as at May 20, 2005.

Real estate funds are regulated by provisions contained in several statutes and regulations issued by the Bank of Italy, the Ministry for Economic Affairs (Ministro dell’Economia e delle Finanze) and CONSOB (Commissione Nazionale per le Società e la Borsa, the Italian authority for financial markets).

The regime of Italian real estate funds is complex and this article’s exclusive purpose is only to provide a general overview of the matter. The first part of this article analyses the regulatory treatment of the funds. The second part focuses on the tax rules2.

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