Popular investment vehicles in Italy

Updated on May 2022

• Real estate investment fund (REIF)
• Società di investimento a capitale fisso (SICAF)

• Contractual

• Corporate

• Exempt at fund level
• Tax at investor level
• Proceeds distributed to certain categories of institutional investors (such as pension funds, and collective investment undertakings established in countries which allow adequate exchange of information, sovereign funds,) are exempted from withholding tax

• Exempt at fund level
• Tax at investor level
• Proceeds distributed to certain categories of institutional investors (such as pension funds and collective investment undertakings established in Italy and in countries which allow adequate exchange of information, sovereign funds,) are exempted from withholding tax

• VAT
• Registration tax
• Mortgage tax
• Cadastral tax
• Stamp duty

• VAT
• Registration tax
• Mortgage and
• Cadastral tax
• Stamp duty

• Yes

• Yes

• Closed-ended

• Closed-ended

• Requires regulatory approval
• Supervised by Bank of Italy

• Requires regulatory approval
• Supervised by Bank of Italy

• Limited to professional investors (and to non-professional investors provided that the conditions set forth by the Decree of the Ministry of Economy and Finance no. 30/2015 are met) if structured as “Reserved” funds

• Limited to professional investors (and to non-professional investors provided that the conditions set forth by the Decree of Ministry of Economy and Finance no. 30/2015 are met) if structured as “Reserved” funds

• Tax exempt status at fund level

• Corporate vehicle
• Tax exempt status at fund level

• Regulatory approvals
• Minimum real estate investment (66,6% in real estate assets, including inter alia, those arising from financial leasing contract, real estate companies (“società immobiliari”) and other real estate AIFs. Such percentage may be reduced to 51% when at least 20% of the AIF’s total asset is invested in financial instruments issued in connection with securitization transactions involving real estate assets/rights and/or or receivables guaranteed by mortgages.

• Regulatory approvals
• Minimum real estate requirement (66,6% in real estate assets, rights, including, inter alia, those arising from financial leasing contract, real estate companies (“società immobiliari”) and other real estate AIFs. Such percentage may be reduced to 51% when at least 20% of the AIF’s total asset is invested in financial instruments issued in connection with securitization transactions involving real estate assets/rights and/or or receivables guaranteed by mortgages.

• Real estate

• Real estate

Note: Proceeds distributed to certain categories of institutional investors (such as pension funds, and collective investment undertakings established in countries which allow adequate exchange of information, sovereign funds,) are exempted from withholding tax

Disclaimer: “Information in this guide for any particular country or topic may have been subject to change since the date to which it was prepared”