Extract from the document “Destinazione Italia” enacted by the Italian Government in September 2013.
Destination Italy points to attract investments able to support the Italian economy by means of the opening of new activities and productive settlements, the reconversion of existent activities, the capitalization and the financial enforcement of our enterprises, the valorisation of our assets, and the creation of work and knowledge.
It is about the articulation of a coherent policy, which is more than a series of specific normative interventions of “policy making” that goes beyond and is larger than “law making”, because points to modify incentives and behaviours and not only the legal picture.
Destination Italy is a reform that interests everyone: foreign investors, Italian entrepreneurs, labour’s world, research’s world. Everyone requests for a better business environment, by means of more competition and competitiveness, better services, more support to innovation and research, less uncertainty, a more modern regulation and a more efficient administration.
Attracting qualified foreign investments consents to support economic recovery, today that public debt and balance obligations limit the spending power, and entails benefits in terms of know-how and research.
Destination Italy intends to value the territorial and institutional structure of our Country, in total agreement with Regions and Municipalities, also by means of the Unified Conference. In particular, it will be useful to organize the important regional initiatives to attract foreign investments, diffusing good procedures and creating synergies.
It will be important to use European structural funds as investments’ catalyst, in strict connection with the newborn Cohesion Agency.
The project of Country’s reform is supported by precise developments and deadlines. First of all EXPO 2015, the moment when the entire world physically will come in Italy, and when we will have the occasion to demonstrate our uniqueness and our attraction.
In the end, the Government is also conscious of the necessity to protect the national interest, activating, according to the law, filters and limits necessary to prevent dangers for the development and for the security of the Country.
The Government does its best in order to analyze and actuate the interventions contained in Destination Italy, according to programmatic documents of public finance and to economical and financial picture defined by Stability Law.
In particular, in real estate matter, has been introduced the measure n.28 in order to facilitate real estate investments by means of siiq’s development.
MEASURE 28: FACILITATE REAL ESTATE INVESTMENTS BY MEANS OF LISTED REAL ESTATE COMPANIES’ DEVELOPMENT (SIIQ)
Problem/opportunity: the efficiency of the real estate market, in particular of the non residential sector, largely depends on the presence of institutional investors. In order to the SIIQ’s development (listed real estate companies) it is necessary to ensure to the investors profitability in line with that of similar European instruments, without weighing on the product’s risk profile.
Solution: to uniform the SIIQ fiscal law to that of the real estate funds,
therefore making fiscally neutral the choice between one of the two instruments. Facilitating the creation of SIIQ, predicting for the provisions the possibility of the application of the fiscal regime of the SIIQ, also for the companies that don’t have the requirements at the foundation’s time, but that will reach them within a defined period. Making more flexible the investments’ management, eliminating some operative rigidity provided by the current law. Introducing fiscal benefits linked to the funding of public infrastructures by the SIIQ.
Read more on the investment plan from Reuters
Learn more about a dedicated conference programme for Italy at MIPIM 2014 here