Tokenize Real Estate in Italy

Yes. Italy's Fintech Decree (D.L. 25/2023) explicitly recognises securities issued and circulated as tokens on a blockchain, and lets issuers raise capital through security-token offerings under the supervision of CONSOB and the Bank of Italy. EU MiCA, implemented by Legislative Decree 129/2024, covers crypto-asset services.

Yes. Foreigners can fully own Italian property with freehold title – EU and Swiss citizens with virtually no restriction, and other non-residents on a reciprocity basis or with a residence permit. Tokenized fractions extend that access, and MiCA passporting lets compliant offerings reach EU investors.

The Fintech Decree (Decreto Legge 25/2023) is Italian legislation that explicitly recognises financial instruments – including securities – issued and transferred in digital, tokenized form on a distributed ledger, with the same legal effect as traditional issuance. It set the rules for security tokens and the supervised DLT registry, making Italy one of the EU's clearer jurisdictions for tokenized securities.

CONSOB and the Bank of Italy share oversight. Under the Fintech Decree, CONSOB supervises the DLT registry and security-token issuance, and both authorities are the competent regulators under MiCA. Issuers of security-token offerings must obtain authorisation under Italy's consolidated financial law (TUF).

Capital gains on property are taxed at 26% if sold within five years, and are fully exempt after a five-year hold (or for a main residence). Rental income can be taxed under the flat cedolare secca regime – 21% on the first residential let, rising to 26% – and owners pay annual IMU (not on a primary residence). Confirm the treatment of a tokenized holding with an Italian tax advisor.

Yes. BlockInvest issued Italy's first tokenized minibond on a public blockchain with UniCredit and opened tokenized investing to private investors, while the Bank of Italy's innovation hub ran an institutional tokenization pilot with Polygon and Fireblocks – showing real regulatory and market momentum that real estate offerings can build on.