Tokenize Real Estate in Italy

Yes. Italy has a comprehensive regulatory framework under Consob oversight. Consob Regulation no. 22923 (December 6, 2023) governs DLT-based financial instruments. Real estate can be tokenized through registered DLT Managers, with investor base ranging from Italian retail to EU institutional investors. Bank of Italy DLT pilot provides settlement infrastructure

STAI (Security Token & Alternative Investment) is a regulatory sandbox operated by Bank of Italy and Consob, operational since October 2021. It allows real estate companies and fintech platforms to test tokenization with regulatory relief. Best for companies wanting to pilot tokenization before full Consob registration, or institutional funds using EU fund structures

Bank of Italy deployed the DLT Bond Platform on Polygon network in partnership with Fireblocks, Polygon Labs, Intesa Sanpaolo, and other institutions. The platform enables institutional settlement of tokenized bonds in central bank money via ECB TIPS Hash-Link infrastructure. Participation requires institutional status

Italian residents face 26% capital gains tax on crypto asset sales. Starting January 1, 2026, the rate increases to 33%. The €2,000 exemption threshold was abolished effective January 1, 2025. Alternative: 18% substitute tax on crypto holdings value. MiCA-compliant E-Money Tokens remain at 26%. Rental income subject to ordinary income tax

Tokenizer.Estate manages the Consob DLT Manager registration process through licensed Italian legal partners. This includes preparing applications, compliance documentation, smart contract audit coordination, AML/KYC system setup, investor registry architecture, and ongoing regulatory reporting

Tokenized real estate can be structured as either debt (income bonds with fixed distributions) or equity (token-holder profit share). Dividends are automated via smart contracts: rental income from property is collected by SPV, then distributed pro-rata to token holders on-chain. Distributions can be in euros (stablecoin) or other currencies

Consob Regulation no. 22923 (effective December 6, 2023) establishes the framework for issuing and circulating financial instruments in digital form using distributed ledger technology. The regulation requires entities to register with Consob as DLT Managers. Registration process takes 90 days. Once approved, DLT Managers can issue, trade, and settle security tokens

MiCA (EU Regulation 2023/1114) is fully applied in Italy as of December 2024. For real estate tokenization, the key impact is on crypto-asset service providers and exchanges. Security tokens (which real estate tokens typically are) fall under MiFID II, not MiCA CASP rules. Italy’s December 30, 2025 deadline applies to service providers, not issuers

Yes. Foreign investors can access Italian tokenized real estate through direct Consob STO tokens (EU MiFID II access), STAI sandbox EU fund structures (Luxembourg RAIF, ELTIF 2.0), or Bank of Italy pilot (institutional only). There are no nationality restrictions for token holders in compliant structures

Timeline depends on route: 6–8 weeks for direct Consob STO, 8–12 weeks for EU fund + STAI sandbox, 10–14 weeks for Bank of Italy DLT pilot, and 3–4 weeks for MiCA-compliant offshore. Tokenizer.Estate manages regulatory filings in parallel to reduce overall duration

Minimum investment depends on the token structure. Direct Consob STO tokens typically allow €500+ minimums for retail Italian investors. STAI fund structures may require €1,000+. Bank of Italy pilot requires institutional participation (€500K+). No regulatory minimum imposed by Consob Regulation no. 22923

Property title remains registered in the Italian cadastre (Agenzia delle Entrate) in the name of the SPV. Tokens represent ownership shares of the SPV (and indirectly the property), not direct land title. Tokens can be transferred on blockchain without touching cadastral records