Pope Francis has decided to end several real estate benefits, such as the exemption from rent, which cardinals and other senior officials of the Holy See have enjoyed until now. The official news website of the Vatican reports this on Wednesday.
According to the papal decree, the Holy See’s authorities are expected to make a “sacrifice” in the face of economic austerity by charging the market price for their apartments, according to Vatican News.
The measure does not apply to current contracts, but after their term these contracts can only be extended or renewed “in compliance with the new rules”, it says. Exceptions are only possible with the direct permission of the pope. The decision refers to the difficult economic context and the increasing obligations of the Church.
The Vatican has a huge property portfolio worth billions of euros, including prestigious addresses in Paris, London and Geneva, and numerous flats in Rome. Since his election in 2013, Francis has been trying to put the Holy See’s finances in order and increase transparency.
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