The financial authorities of the northern Italian region Veneto (with centre Venice) launched a series of investigations of buyers of luxury yachts, which in recent years had declared zero income, announced Corriere della Sera.

After a series of checks, Financial Guard commanding officer in the province of Treviso Claudio Pascucci made a list of names of buyers of yachts worth over 100 thousand euro, who had declared minor or even no income.

50-year resident of Treviso, for example, purchased a yacht for 160 thousand euro and is the owner of 49 apartments although in 2006 he declared income of 6500 euros.

"Similarly to this gentleman, others in his situation will have to clarify with what funds they have bought yachts," said Pascucci.

At least 111 people in northeastern Italy bought in the period 2004-2007 yachts over 100 thousand euros, presenting annual tax declarations of zero income.

Most of them are large real estate owners. A champion among them was a trader in Treviso with a yacht for 360 thousand euro, three super luxury cars and three apartments, who had declared zero income in 2005.