Concurrent Sale of Bare Ownership and Usufruct: The Senate Eliminates the Risk of Double T
A significant development for the real estate market
On July 29, 2025, the Italian Senate approved the bill converting Decree-Law No. 84/2025, known as the Fiscal Decree, introducing a crucial clarification for real estate transactions involving bare ownership (nuda proprietà) and usufruct (usufrutto).
With the introduction of Article 1-bis, these transactions – when carried out concurrently, even in favor of different buyers – will now be considered a single sale for tax purposes.
This means that two separate taxes will no longer be applied, thus preventing an unfair double taxation on propertiesthat could have heavily burdened sellers.
What changes in practice
Before this legislative change, the Italian Revenue Agency (Agenzia delle Entrate) – in its reply No. 133 dated May 14, 2025 – held that the separate sale of usufruct and bare ownership constituted two distinct operations, each subject to its own registration tax.
The new law clearly states that this is to be treated as a single real estate transaction, even if the buyers are different.
This legislative update has a significant impact both for those selling a property in separate rights and for those purchasing real estate in the form of bare ownership or usufruct.
The decisive role of the National Interassociation Council
The National Interassociation Council of Real Estate Intermediation – which brings together FIAIP, FIMAA, and ANAMA – quickly acted to counter the Revenue Agency’s penalizing interpretation.
Thanks to joint advocacy by these associations, Parliament approved a clear and effective legislative fix in record time, benefiting the entire Italian real estate market.
Entry into force
The law will take effect the day after its publication in the Official Gazette, expected by August 16, 2025.
Statements
The presidents of the three associations – Gian Battista Baccarini (FIAIP), Santino Taverna (FIMAA), and Renato Maffey (ANAMA) – expressed satisfaction with the approval of the amendment, emphasizing the importance of protecting citizens and maintaining stability in real estate transactions.
Why it matters
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Tax fairness: eliminates an unjustified financial burden on property sellers.
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Legal certainty: reduces the risk of potential disputes in real estate taxation.
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Protection of transactions: ensures consistency in complex property sales.
Summary
Aspect
Detail
Subject
Concurrent sale of bare ownership and usufruct
New rule
Considered a single sale for tax purposes
Tax effect
No more double taxation
Entry into force
After publication in Official Gazette, by August 16, 2025
Benefits
Fairness, security, market stability
Recap
The approval of this measure is a victory for tax clarity and citizen protection.
Thanks to the coordinated efforts of professional associations, an additional tax burden that could have harmed real estate transactions and the Italian property market has been avoided.
This is a positive signal for the sector, reinforcing trust in institutions and professional operators.
