NEW DELHI: The Italian government has decided to extend an hugely advantageous incentive program for people renovating property in Italy. Davies & Associates LLC, a New York headquartered immigration law firm operating across Italy, is actively helping its clients make use of the program as part of their wider immigration goals.
Under the extended Italian Superbonus scheme, homeowners in Italy can avail themselves ofa tax break of up to 110 percent on costs associated with certain household renovations such as energy improvements and decreasing seismic risk. The cost can be recovered against taxes or traded with a bank or builder and is open to Indians who buy property in Italy.
The renovation projects eligible for the Italian tax Super Bonus include home insulation, centralized heating systems in a condominium, single home heating systems, and seismic improvements. In addition, the credit can also be provided for projects such as solar panels, electric car charging points, and other energy efficiency projects if they are connected with the above-listed engagements.
The Superbonus could also be connected to renovations at a property’s purchased under Italy’s fabled “One Euro Homes” program, where properties in under populated communities are made available at low prices provided the buyer agrees to renovate and live in the property.
Indians who buy property in Italy may also need a residency visa depending upon how much time they wish to spend there. The Italian-speaking lawyers at Davies & Associates can help determine the best residency option, including the Elective Residency Visa, a Registered Office Visa, or general work permits. The Italian government also offers reduced taxes for up to ten years for certain groups who are willing to switch their tax residency to Italy.
Mark Davies, Global Chairman, Davies & Associates LLC, commented,”The110% Superbonus essentially means getting paid to renovate your home in Italy and is a reminder of how attractive Italy is starting to become as an immigration destination for Indian entrepreneurs, families and investors.”