Clifford Chance
More changes to the tax regime of real estate investment funds
15 May 2011
The Italian Government introduced a set of measures – known as
"development decree" – that will, among others, reform again the
taxation of investors in Italian real estate investment funds (Decree Law
70 of 13 May 2011). The new regime – which would supersede the
previous reform even prior to its entry into effect – may be more
favourable since it is meant to adversely affect only certain significant
investors, rather than the funds themselves. Moreover, the new regime
might be less detrimental for foreign investment funds investing directly
or indirectly in Italian real estate funds.
