FAQ

Yes, all benefits remain the same. In the event that the house is rented, the usufructuary will continue to receive the rents.

source: www.idealista.it

Yes, the tax breaks for the first home (as you can also read in the Revenue Agency guide) are also due for the deeds of incorporation and translation (i.e. transfer) of bare ownership, usufruct and use of the home concerning always houses other than those classified in the cadastral categories A/1 (stately type homes), A/8 (homes in villas) and A/9 (castles and palaces of eminent historical and artistic value).

This means that the first home tax relief is also available for the purchase of a private property of which you do not have the temporary real right to enjoy the asset that refers to it.
In addition to the bare ownership, you will therefore not be able to immediately dispose of the house and therefore of the total real enjoyment of the property, which will only take place when the conditions established in the real estate sale contract are met, which usually coincide with the death of the usufructuary, the former owner who sold you the house.

However, the requirements established by law must be respected so that you can purchase the bare ownership of your first home without giving up the tax benefits provided for the first home. The conditions are those indicated in note II-bis – Tariff Part one article 1 of the Consolidated Law n. 131/1986. Here’s what they are:

you must not be the exclusive owner or in communion with your spouse of the rights of ownership, usufruct, use and habitation of another house in the Municipality in which the property you want to buy is located;

the property must be located in the Municipality where you have your residence or where you will transfer it, but within eighteen months of the subsidized purchase or, if different, in the one where you carry out your business. In this case, however, you must demonstrate that your place of work is located in the Municipality where you purchase the property;

you must not have ownership, not even by shares, even under the legal communion regime throughout the national territory, of the rights of property, usufruct, use, habitation and bare ownership of another house purchased by you or by your spouse with the benefits “first home” (in the event that this circumstance occurs, the important thing is that you sell the property you own within one year from the date of the new purchase).

source: www.gabetti.it

By law, the IMU is paid by the usufructuary and cannot be waived… at the most, a refund can be provided. If the usufructuary resides in the property subject to the usufruct (because he has not leased it), then he is exempt from paying the IMU.

source: www.luxuryvillaitaly.com

The usufructuary must bear all the ordinary condominium expenses relating to the maintenance of the property and its custody. If extraordinary expenses due to negligence and lack of ordinary maintenance are envisaged, then these too must be charged to the usufructuary (art. 1004 of the civil code). Conversely, in general, the extraordinary condominium expenses are borne by the bare owner.

Source: www.luxuryvillaitaly.com

Ordinary maintenance costs of the home are generally borne by the usufructuary (custody, administration, general maintenance). The usufructuary is required to keep the property in good condition, without damaging or modifying it without the bare owner’s knowledge. Just as extraordinary expenses (structural expenses) are borne by the bare owner.

However, this can be subject to negotiation between the parties. Legally it is stated that the payment of the ICI (but also of the personal income tax) is the responsibility of whoever has the availability of the asset, precisely because it enjoys a real right. In fact, article 1008 of the code establishes that “the usufructuary is required, for the duration of his right, to pay the annual charges, such as taxes, fees, land rents and other burdens which affect income.”

source: www.idealista.it

The temporary usufruct is the possibility of using the property of which bare ownership has been transferred for a predetermined period of time and therefore not linked to the age of the usufructuary. Casanuda.it recommends calculating the commercial value of the time usufruct by discounting the years of its duration from the average life expectancy indicated by Istat which today is around 85 years, thus referring to the normal tables for calculating the bare ownership. For example, the value of the bare ownership of a property with a 10-year term usufruct is calculated as if the usufructuary were 75 years old and consequently the bare ownership has a commercial value equal to 65% of the value of the full ownership.
If the usufructuary dies during the period in which the temporary usufruct is still in force, the usufruct and the bare ownership will join in full ownership and the property will become fully available to the bare owner.

Source: www.idealista.it

We do not provide legal advice.
We can only give the list of keywords that the client could use on the search engine of his choice to identify the law firms that have proved to be more active on the specific bare ownership legislation.