Italy

If you are thinking of living permanently in Italy it is very important to get sound Financial Advice, as with many other European countries Italy is raising taxes in an austerity drive.

To ensure you don't pay more tax than you should, sound Financial and Tax Advice should be a priority. There are Financial products that can help you to be tax efficient.

If you are thinking of living in Italy permanently or are already resident in Italy then it is very important to get sound financial advice, as with many other European countries Italy is raising taxes in an austerity drive.

On December 22nd 2011 the Italian parliament approved reformed economic measures, called “save Italy".  It aims to lower public debt and balance the national budget. Retirement age is increased to 62 for females and 66 for men.

To ensure you don’t pay more tax than you should, sound financial and tax advice should be a priority .We have tax efficient financial products and solutions specifically designed for residents of Italy.

It may also benfit you to look at a HMRC recognised QROPS if you hold a UK pension fund. QROPs could potentially save you tax both now and in the future as well as many other benefits for you as a resident of Italy. Please visit our page on QROPS for more information.

Assessment Basis

Individuals with Italian residency are taxed on their worldwide income and gains,

Income tax rates are from 23% to 43%.

Property income is taxed.

Wealth taxes

From 2011 a new wealth tax on financial assets abroad by individuals resident in Italy.

There is an increase due from 2013. This includes property in Italy and abroad.

Taxation of Investment Income

Dividends on qualified shareholders benefit from a 50.28% tax exemption.

The remaining 49.72% is included in taxable income and taxed at progressive rates.

Dividends on non-qualified shareholdings are subject to a 20% withholding tax.

Life insurance policy proceeds are exempt from taxation on death, but a 20% tax applies on the interest build up or capital gain.  

Professional, regulated advice should be sought in all circumstances.

Contact us today on +39 0247921190 for a FREE initial consultation. Many of our clients prefer to deal with us over the phone and email, or if you prefer we can arrange for one of our local advisers to make contact. We have advisers covering all regions of Italy.

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