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“Living Art”. The hotel can become a journey into the world of art.

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living art, habitable space, art and real estate.

This hotel is the Propeller Island City Lodge and is located in Berlin, Germany.

[Versione Italiana dopo l’articolo in Inglese]

A work by the German artist Lars Stroschen who wanted to make the concept of a living space of art tangible and concrete.

We can, therefore, be allowed to find art even in a place where we do not expect. The idea is certainly interesting, it can be seen as an attempt to get closer to the world of art even for those who see it far or have never been attracted, for various reasons, by that.

The hotel represents a place to stay, that is a place where an essential activity such as resting takes place.

Hotel is home in a place other than your home.

This beautiful example of living art allows us to get closer to culture, or even to more playful and playful aspects that are often lost with age.

Certainly, it is not a common experience to see one’s place of accommodation as an attraction.

Even with regard to the hotel sector, the hotel benefits from this, becoming an experience in an unexpected way, and this goes far beyond the pleasure of a good room with the appropriate comforts.

Life experiences often become so much more valuable art at the moment of meeting with the guest (or the visitor, depending on the point of view).

A nice win: win in many ways!

And those who say that the “brick” represents only something heavy, obviously does not go beyond the mere notion of the building, nor, probably, have visited Berlin!

What do you think of this concept? Have you visited this hotel?

“Arte abitabile”. L’hotel può diventare un viaggio all’interno del mondo dell’arte.

L’Hotel in questione è il Propeller Island City Lodge e si trova a Berlino, in Germania, opera dell’artista tedesco Lars Stroschen che ha voluto rendere tangibile e concreto il concetto di arte abitabile.

L’idea è senz’altro interessante, ci si può dunque permettere di trovare l’arte anche in un luogo dove usualmente lo si ricollega ad un concetto differente, rappresenta un valido tentativo di avvicinamento al mondo dell’arte anche per coloro che lo vedono lontano o mai ne sono stati attratti, per i più disparati motivi.

L’hotel, infatti, rappresenta nell’immaginario collettivo un luogo di pernottamento, ossia generalmente luogo di riposo e relax, o crocevia per uomini d’affari. Hotel è casa in un luogo diverso dalla propria casa.

Questo bell’esempio di arte abitabile permette l’avvicinamento alla cultura, o anche ad aspetti più giocosi e ludici che spesso si perdono con il passare del tempo.

Di certo, non è esperienza comune considerare il proprio luogo di pernottamento come essa stessa attrazione culturale. D’altro canto ne giova anche l’ambito alberghiero che regala un’esperienza unica ai propri ospiti, ben oltre il piacere del pernottamento.

Esperienze di vita spesso diventano così arte di maggior valore nel momento dell’incontro con l’ospite (o il visitatore, dipende dal punto di vista).

Un win-win sotto diversi punti di vista!

Siamo abituati a visualizzare l’immagine del “mattone” come qualcosa di pesante, forse attraverso questa lettura la nozione di immobile va oltre.

Che ne pensate di questo concetto? Avete visitato questo Hotel?

Economia sempre più ecologica e circolare? È possibile.

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Foto: Eni (logo)

Eni, compagnia italiana leader nel settore oil & gas, ha sviluppato la tecnologia waste to fuel che consente di trattare gli scarti organici trasformando le biomasse in energia. Un processo che madre natura impiega milioni di anni viene fatto in poche ore.

Nel campo della ricerca Eni è uno degli operatori più dinamici, ha avviato vari processi di sviluppo delle energie rinnovabili ed è la prima al mondo ad aver avviato nella sua raffineria a Venezia il processo di riconversione dei rifiuti organici in biofuel, con l’obiettivo di raggiungere nel 2021 una produzione di 1 milione di tonnellate di biofuel.

Trasformare un prodotto di scarto in ricchezza è la vera sfida per un percorso sempre più ecosostenibile.
Prendiamoci cura del nostro pianeta!

Property Sale Tax: how to not pay the capital gain, the Italian “Plusvalenza”.

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From a fiscal point of view, the capital gain represents the gain that the owner gets by selling a property at a higher price than the purchase price. Our tax system provides for the taxation of the capital gains deriving when the properties are sold within five years from the purchase date. In these case, is it considered a speculative transaction, carried out for the sole purpose of enriching the property owner.

The subjects to whom the rule applies are the Individuals, the Non-commercial entities and the Non-resident subjects. We often assist foreigners and non-residents with their properties purchase and sale in Italy, mainly in Sardinia.

Taking a look at the Legislative framework: this can be found in the following laws and decrees:

  • Presidential Decree D.P.R.n. 917/86 (T.U.I.R.) – Articles 67 and 68 – regulating the capital gain on the sale of real estate properties.  
  • Law Decree D.L.n.223/2006: modifying the art. 67, paragraph 1, letter b) of the Decree no. 917/86, that extended the cases of capital gains also to property donations, previously excluded from taxation.

Types of assignment and requisites.

In order to be a taxable capital gain the requirements are as follows.

  1. The property must have been assigned for a sum of money, a price or a compensation, that is to say by sale (compravendita), exchange (permuta), capital increase or company contributions (conferimenti societari);  
  2. The sale must have taken place within five years from the time of purchase or construction;
  3. In the case of urban real estate units, haven’t been used as the principal residence of the transferor or his family members.

When isn’t due the capital gain taxation.

The Regional Tax Court of Lazio with the decision n. 171/2019 determines regarding the issue of taxation of the capital gain deriving from the sale of a property and establishes, very interestingly, that in the sale of a property owned for less than 5 years with reservation of ownership, no taxable capital gains are realized, when the payment of the last installment and therefore the transfer of ownership take place after the five-year period.

In the aforementioned case, the case started with the verification by the Italian Revenue Agency (pursuant to art. 67 of Presidential Decree No. 917 of 1986) related to a different, undeclared income, equal to the capital gain realized from the sale of two properties co-owned by a married couple.

The plaintiffs submitted evidence that the buildings have been transferred with a deed containing retention of title with payment of the last installment over 5 years from the purchase of the same buildings, for which no taxable capital gain had been realized.

Having ascertained the sale with reserved domain whose transferring effect of the property differed to the payment of the last installment following the five-year period of possession, the Provincial Tax Commission of Rome accepted the recourse.

Therefore, the financial office appealed against the sentence of the provincial judges asking for the reform.

But still the Regional Tax Commission of Lazio (the Appeal Court for this case) has confirmed the sentence of the provincial judges, noting that in the case of sale with reservation of ownership, the property is transferred at the time of payment of the last installment of the price and in this case happened after the 5 years time frame.

We remind that, in the past, the same Italian Revenue Agency with the resolution n. 28/E, of 30 January 2009, in the reply to interpello n. 904-16/2012 of 8 May 2012, confirmed that, in the event of sale with retention of title, the translational effect of the property cannot be verified before the payment of the last installment, identifying the moment of  starting from the 5 years required by article 67, paragraph 1, lett.  b), of the Consolidated Income Tax Law, for the taxation of any capital gains realized, upon the occurrence of the translation effect, since the stipulation of the deed of sale is irrelevant for this purpose.

If you need fiscal assistance for your real estate buying or selling deals, or you want to buy a property in Sardinia, or elsewhere in Italy, contact us without obligation, we will assist you making your investment possible, reducing the risks associated with an important and delicate operation like this, both with our legal and fiscal assistance.

If you still haven’t found the property you want to buy, contact us to get preliminary support!

NPL and the Italian real estate opportunity for the international investors.

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The Italian market is been for years one of the biggest NPL international playgrounds leading, for this reason, many Italian and international investors to our distressed credit market opportunities.

Let’s try to better explain the current situation in Italy.

The growing demand for Italian NPLs by new investors could push the sale of non-performing loans backed by real estate (secured).  This can also be seen from the report of CBRE regarding the NPL outlook.

According to this outlook, US funds and investors, in Italy since 2014-2015, sprout among the operators interested in the Italian loan market.

In the last 18 months, are coming some large industrial groups already operating in the international non-performing loan market. At this moment, it is possible to identify more than 50-60 institutional investors, coming from all over the world, concretely focused and interested in the Italian NPL and UTP market.

The non-performing loans (NPL) are situations already in actual delay on payments, while unlikely to pay (UTP) refers to potentially difficult situations, but which are still recoverable.

We offer our legal assistance for this kind of purchase, and we strongly recommend a minimum investment of at least € 500,000. Due to the limited inventory, the goal of the purchase is mainly an investment, a safe box, and asset diversification.

The GACS.

In 2018, transactions were recorded for a record amount of over € 100 billion, driven in particular by the GACS. The GACS is an unconditional, irrevocable and first demand public guarantee introduced by Italian Law Decree 18/2016.

The GACS, guaranteed from the Italian State, allows banks to transfer their non-performing loans to new subjects that can better manage them: a rule that it has been decisive in the NPL business boom in recent times.

A dynamic market that soon may require new sources of supply, including secured loans, which include a large portion of loans with properties as underlying assets. In this context, the possibility of creating further direct product to real estate investments will depend on the management activity and the strategies adopted on this market.

In 2019, according to latest data from a PwC survey: there are € 390 billion of NPL, where   around € 188 billion are NPL within Italian banks (of which € 105 billion in NPL and € 83 billion in UTP), while € 202 billion are currently in investors’ portfolios.

If you need fiscal assistance for your real estate buying or selling deals, or you want to buy a property in Sardinia, or elsewhere in Italy, contact us without obligation, we will assist you making your investment possible, reducing the risks associated with an important and delicate operation like this, both with our legal and fiscal assistance.
If you still haven’t found the property you want to buy, contact us without obligation to get preliminary support!

Buying a House in Preforeclosure in Sardinia, Italy.

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Buying a House in Preforeclosure

Buying a House in Preforeclosure in Sardinia, Italy.

You can find some hidden gems in this alternative purchase!

There’s a very good real estate opportunity in which one might buy a property from a homeowner in financial distress before actual foreclosure proceedings have occurred. It is a complex legal procedure and takes time, but it worth it.

As a prospective homebuyer in Italy interested in bargain properties and affordability, you may consider buying a house from someone who can no longer make the mortgage payments and is therefore being foreclosed upon.

It is important to understand, however, that this special purchase process involves many phases, with differing legal implications as to who you would be dealing with and just how good a financial deal you might get. This procedure is full of variables and can be determined after a proper legal due diligence with different results case by cases.

What “Pre foreclosure” means?

Is the preliminary phase of the foreclosure when the homeowner has fallen behind in payments of the mortgage or financing related to the house.

It is in the early stages of foreclosure where the lender has filed a notice, sent a formal cease and desist letter, or started already a lawsuit to officially begin the foreclosure process, but the foreclosure sale has not yet taken place. There are various kind of default procedures, such as “pignoramento” and is connected with the procedure of “esecuzione forzata” and Italian Court Auctions and Sales are defined “Asta giudiziaria”.

During the pre foreclosure phase, the homeowner generally has a certain amount of time to catch up on past-due mortgage payments plus fees, sell the home to pay off the loan, or work out an alternative to foreclosure, like a mortgage modification, short sale, or deed in lieu of foreclosure. It is crucial to have a professional legal assistance of a Lawyer to find out the best legal protection.

Purchasing a Pre Foreclosure House.

From the buyer perspective, pre-foreclosure can mean a great occasion to find an out of the market property with a good potential profit. But it’s entirely possible that the homeowner has not yet taken active steps to list the property for sale – or even definitively decided to sell it. That’s another good reason to be in touch with a Lawyer that has access to pre-foreclosure cases and properties. An offer from an interested buyer could also solve the issues of the debtor becoming a Win-Win investment. Every part is satisfied.

In this way, a buyer can find cheap homes that can give high rental yields before the House Auction.

Of course, a savvy real estate buyer in such a situation will be primarily interested in properties that are worth more than their homeowners owe on the mortgage.

That’s because will be possible to offer less than market value and get a bargain property and the same time helping the homeowners get out from his debts.

If the seller owes more than the property is worth and can’t make up the difference or negotiate an agreement with the lender, the only alternative short of foreclosure is a short sale, in which the bank agrees to the sale of the home for less than what the owner owes on the loan, with the judicial procedure costs included.

This kind of sales however need to be done in a proper way and with a strict timeline.

That means you would have to close the deal by then, for example: before the lender puts the house up for auction. Once the auction takes place, the home is considered foreclosed.

Contact Govoni Law for more information on buying distressed, pre foreclosure or foreclosed properties in Sardinia, Italy.

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