Vatican Document Shows Holy See Owns 5,000 Properties Worldwide

The Vatican released information on its real estate holdings for the first time on Saturday, revealing it owns more than 5,000 properties as part of its most detailed financial disclosures ever. Philip Pullella reported for Reuters.

The information was contained in two documents, a consolidated financial statement for 2020 for the Holy See and the first-ever public budget for the Administration of the Patrimony of the Holy See (APSA), a sort of general accounting office, manages real estate and investments, pays salaries and acts as a purchasing office and human resources department.

Between the two documents - each with an unprecedented number of pie charts, graphs, and maps - and two explanatory interviews, the Vatican issued more than 50 pages of financial material.

The 30-page APSA budget showed that it owns 4,051 properties in Italy and about 1,120 abroad, not including its embassies around the world. Only about 14% of its Italian properties were rented at market rates, while the others were rented at cut rates, many to Church employees.

About 40% were institutional buildings such as schools, convents and hospitals. The documentation showed that APSA owns properties as investments in upscale areas of London, Geneva, Lausanne, and Paris.

One building, in London's smart South Kensington district, led to enormous losses after it was purchased by the Vatican's Secretariat of State as an investment in 2014. On Tuesday, the trial of 10 people in connection with its purchase, including a prominent cardinal, starts in the Vatican.

They are charged with financial crimes including embezzlement, money laundering, fraud, extortion, and abuse of office. Father Juan Antonio Guerrero, head of the Vatican's Secretariat for the Economy (SPE), told the official Vatican News website that the building would be sold soon.

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