Green light of the Italian government general escalation of the levy on capital gains generated by real estate funds. He established the movement in the summer recently published in the Official Gazette.

While the tax rate was raised from 12.5% to 20% of the other is the reintroduction of capital to 1% when these funds are essentially narrow-based family.

The new operation would bring to the tax coffers of the state, an estimated 32.8 million this year, 55.2 billion euros next year, 18.4 in 2010 and 38.9 in 2011.

We see in detail how to change the taxation on those funds that invest their assets exclusively or predominantly in real estate, real estate rights and interests in real estate companies.

Rates has been increased to 12.50% to 20% rate on capital gains realized upon the sale or redemption of shares. The same increase in rate from 12.5% to 20% shooting for the general nature of real estate funds paid on regular income and the amounts distributed during the redemption or liquidation.

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Nobody can predict what will last for the crisis in financial markets. Much of the estimates that the experts did a year ago, have been disproved. One thing is certain: what matters right now is mainly for savers to shelter their capital and invest in a safe manner. It can be seen from the flight from mutual funds (between July and August 16 billion withdrawn), but also from phone calls coming in to the journal editors, worried. In times like these tornano current known as' of value ', those which historically have proved robust and able to guarantee a return over the long term.

In Italy the average price of property rose by 70% over the last ten years, but the recent crisis in international real estate course has been felt. "The crisis concerns the properties of low quality and those in the suburbs - said Ghisolfi Alessandro, head of the study group UBH (which monitors the networks and agencies Grimaldi Professione House) -; property of value, instead they are free . In any case, the stock market over the past 12 months has fallen by 30%, though it may fall back on the property market falls of this kind are unthinkable. " How is it best to invest? 'In addition to property of great value, fit in small apartments safe areas, well served in large cities - adds Ghisolfi - for example, city or area studies at Fiera Milano. But the boxes are a good choice for investment. " The approach, however, must be long term.

Even in the field of 'art there have been extraordinary growth in recent years, hardly repeatable in coming. As the Market Index (developed by two American economists) on the long term (the last 10 years) paintings and sculptures have beaten the stock market, but on the long race is controversial (but 100 years ago the market was still well underdeveloped). For its part, however, art has the advantage of offering a performance aesthetic 'priceless. The recommendation of the experts if you buy to invest, as a refuge, is to give priority to the ancient masters ol'arte modern. Those of contemporary ed'avanguardia assets are less liquid, more difficult to estimate and more prone to ups and downs.

The most classic of the assets of the refuge is undoubtedly the 'gold that is traded on all the squares in the world and in February 2000 by the private Italian investors can buy coins and bullion free of VAT. Salt is appreciated when the uncertainty in the markets and, ultimately, also for the demand from new-rich emerging countries, like all commodities. The highs at $ 1100 the ounce, he achieved earlier this year. Over the past 10 years the value of gold has tripled. Recently, the volatility has risen, the stock was folded up to almost $ 750 (as evidenced by the graph), but increased up to $ 900 and suffer a sharp decline last Friday, around $ 840. Yesterday 14 international investors and analysts on a panel of 22 surveyed by Bloomberg, have suggested the purchase. As with all good shelter, it is recommended a long-term approach.

Merge the two operators of real estate funds in Italy Pirelli Re: Pirelli RE SGR and Pirelli RE Opportunities SGR. The two boards of directors (chaired by Carlo Puri Negri) yesterday discussed the authorization process for the incorporation of the second company in the first and tested procedures and organizational merger. Rationalization is a consequence of a measure enacted last year by the Bank of Italy, which has removed the ban on one company managing real estate funds and ordinary speculative. In view of the operation, the company points out, the boards of directors took into account the funds managed by both Sgr and analyzed the results of sales in the first half of 2008 from funds managed. At June 30 the two companies operating a total of 20 mutual funds real estate, of which 9 ordinary funds and 11 hedge funds. Assets under management amounted to 7 billion euros, net of sales, value which is based on the expertise of independent experts on 31 December 2007. In the first half of this year the two funds have achieved sales to 298 million euros, with a gross profit of 63 million euros compared with the book (plus 27%) and 18 million compared with the market. The greatest gains were those in the field of commercial real estate (59 million compared to book value).

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