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Italy: Cash for Castles

Discuss culture, living, traveling, relocating, dating or anything related to the European Countries.

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Italy: Cash for Castles

Postby Teal Lantern » Tue Oct 15, 2013 3:03 pm

Cash-for-Castles: Italy sells off historic sites to plug budget holes
http://rt.com/news/italy-treasures-sell-austerity-140/

Now, if you could just trust them to not take the property back under excessive taxation or changing the regulations on you.
не поглеждай назад. 8)

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Postby publicduende » Tue Oct 15, 2013 3:23 pm

This is the beginning of the end. Next up, we will have to sell our gold reserves, one of world's biggest.
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Postby momopi » Tue Oct 15, 2013 6:05 pm

If the property is not currently generating revenue for the government, by selling to a private buyer they can charge property tax on the property and revenue tax on any income.

If the government were to take the property back, then they'd also lose that tax income.

There are companies that specialize in selling "castles" across Europe. Most of the "castles" are actually historic mansions and has nothing to do with being a real castle. Only very few are actual forts.
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Postby Teal Lantern » Fri Oct 18, 2013 3:54 am

momopi wrote:If the property is not currently generating revenue for the government, by selling to a private buyer they can charge property tax on the property and revenue tax on any income.

True.

momopi wrote:If the government were to take the property back, then they'd also lose that tax income.

They'd still keep what the buyer paid originally, wait a few~10 years and re-sell to a new buyer.
Foreign investors don't vote.
не поглеждай назад. 8)

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Postby Cornfed » Fri Oct 18, 2013 4:20 am

The banksters just keep on winning. As a result of the economic meltdown that they themselves caused they'll get to buy up entire countries for pennies on the dollar.
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Postby fuzzy_corleone » Thu Oct 24, 2013 11:02 pm

All of these economic problems. Why can't they just leave the European Union and create their own currency? Is that such a radical idea? It's only common sense.
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Postby momopi » Fri Oct 25, 2013 6:54 am

Teal Lantern wrote:
momopi wrote:If the property is not currently generating revenue for the government, by selling to a private buyer they can charge property tax on the property and revenue tax on any income.

True.
momopi wrote:If the government were to take the property back, then they'd also lose that tax income.

They'd still keep what the buyer paid originally, wait a few~10 years and re-sell to a new buyer.
Foreign investors don't vote.


The purchase price is only part of the cost. Many of these old estates were put up for sale, because the local government is not getting revenue and has not paid for maintenance and repairs. The buyer might find a bargain price ($100k-$200k) for such an estate, with a roof in danger of collapsing. The additional renovation cost to make it habitable will run in the millions.

If you could afford such an expense, then it is assumed that your social circle will include the local bigwigs.
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Postby Jester » Thu Oct 31, 2013 7:25 am

momopi wrote:
If the property is not currently generating revenue for the government, by selling to a private buyer they can charge property tax on the property and revenue tax on any income.



Never thought about this.

Property tax forces you to go to work.

Income tax hits when you do.

Stimulus/response.
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