Tuscany’s many historical towns and artistic centres (Florence, Lucca, Pisa, Siena, etc.), picture-perfect landscapes, and the possibility of spending vacations near the sea or the mountains make this region an ever more popular mecca for tourism.
The increasingly positive trend experienced by bed & breakfasts, affittacamere and vacation homes is confirmed by their recent growth throughout the region, which is a favourite especially of foreigners who are attracted, even in the heat of summer, by the regions’ fascinating history and culture.
Those who own property in Tuscany can find new opportunities for extra earnings, and turn their property to profit. This in turn, may help to meet the expenses connected to managing and maintaining such property. There are many types of hospitality structures. Therefore, an important queestion before undertaking such an activity is: what is the right solution for me?
Types of tourism structures and rentals
Each type of tourism structure has its own regulatory, administrative, legal and fiscal characteristics, which respond in varying ways to the owner’s particular needs. For example, if one has several rooms in furnished apartments within the same building, where not only lodging but also complementary services such as linen change are offered, it may be important to evaluate the rentals under the form of affittacamere.
On the other hand, if one has a spacious house in a tourism area, it is possible to rent the extra rooms in the house and also furnish breakfast, in this way continuing with normal daily life by using the Bed & Breakfast formula.
Some people would rather transform the occasional activity of tourism rentals into a genuine business, carried out with professionalism and the aim of earning money. In this case, vacation home and apartment rentals may best respond to their needs.
Tourism rentals under the form of agriturismo are completely different, since the regulations impose special limits and conditions that must be respected. The unique aspects are that the activity should be carried out exclusively by an agricultural entrepreneur. The activity of reception and hospitality must be connected and complementary to agriculture, which remains the principle activity and focus.
Property to Profit in Tuscany: regulations and fiscal aspects
There are specific regional and local regulations regarding each of the above-mentioned types of rentals. These regulate the administrative and authorization aspects, which are more or less complicated depending on how one intends to carry out the activity. Moreover, it is wise to remember that each activity, under determined conditions, can be carried out even in non-business ways. It is not necessary to take out a partita IVA (VAT position). However, there is an obligation to declare earnings and pay the relative taxes.
On the other hand, when the receptive activity takes in the characteristics of an individual business or a company, this will require the opening of a VAT position, enrolment in the Registro delle Imprese, and enrolment in the INPS (Istituto Nazionale di Previdenza Sociale).
Transforming a second home into a vacation or tourist residence is an operation that anyone can manage. Nevertheless, it is always advisable to turn to professionals in order to investigate the relevant authoritative, administrative, fiscal and legal aspects.
This article was originally published in Tuscany’s Grapevine Magazine with the title “Turning a Property to Profit”. The issue of August 2016 offers an overview of various possibilities and requirements for properties in Tuscany.
We have noticed that this article, from a few years ago, is still gaining popularity and is being read by web users. For this reason, we thought it would be useful to do a slight revision and republish it in 2023. Enjoy your reading.