According to an article in the Friday issue of d'Land, the Giorgetti brothers have initiated steps to dissolve their real-estate fund. A corresponding 700-page report filed with the commercial register confirms the information. The fund will be broken up into its essential entities and redistributed across 17 newly-founded businesses. The fund is currently estimated to range around €1 billion and includes a range of different investors.
It follows that the novel tax on specialised investment funds will thereby be avoided. Nevertheless, investors still have to face regular taxation processes. Marc Giorgetti and Paul Feider are quoted in the newspaper article, where they assure that both of them are paying their fair share.
Flavio Becca on the other hand will not be able to dissolve his real-estate fund in time before the 20% tax comes into effect. The fund has been managed by independent administrators since 2017 following a legal dispute between Becca and Eric Lux.
The revenue of business with real-estate properties abroad will remain tax-free. The only applicable deduction is a 0.01% property tax.
