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La Dolce Vita? Italy joins the fiscal race to attract “new residents”

29 March 2017

SCF Studio Legale logo

With the quality of life, sunny weather and welcoming, life-loving people, what's not to like about Italy? Well, tax rates (which are well over 50% for the highest income earners) do raise the question of whether it is better to leave this beautiful country in search of a tax haven or at least somewhere where income tax is less demanding.

Going forward, the prospect of sunshine and good food will not be the only attraction for foreign residents to Italy. As of March 2017, the law on “fiscal” attraction has implemented a substitute tax of €100,000 per year on income generated abroad (while the general tax rate applies to income which is generated within the Italian boundaries). The “new” Italian taxpayer has to be a person who has never been an Italian resident or who has not been resident in Italy for at least nine of the ten years preceding the option (Article 24 bis of Italian Tax Code, as amended by the 2017 Financial Law).

Similar strategies have already been adopted in many other countries. For example, in order to attract new taxpayers, a preferential taxation is practiced in a number of countries close to Italy, such as Portugal, Malta, the United Kingdom, Monaco and Switzerland, but of course, the weather and food in these countries does not compare to ours!!

For more information, contact avv. Claudio Ceriani via e: cceriani@scflex.it

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