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5 gennaio 2017
In the “2017 Budgetary Law”, definitively approved on 7 December 2016, the Italian Government has introduced a series of dispositions aimed at creating incentives for foreign investments in Italy.
Who have a large patrimony , could be interested in obtaining a fiscal residence in Italy through the combination of two dispositions contained in the 2017 budgetary law:
- Tax benefit for newly-domiciled subjects, namely establishing a flat-rate tax on earnings generated abroad.
- The “Investor Visa”.
The 2017 Budgetary Law has, moreover, introduced a special regime for foreigners domiciled in Italy. This is an optional taxation regime that substitutes for the IRPEF (Tax on Earnings of Physical Persons). It is accessible, under certain conditions, to physical persons who have transferred their fiscal residence to Italy, regarding earnings produced abroad. The new regime concerns physical persons (and at their request, their family members) who, beginning on 1 January 2017:
a) Transfer their own residence to Italy;
b) Have not been fiscally resident in Italy for at least 9 taxation periods over the past 10 years preceding the beginning of the period of validity of this option.
These subjects can benefit from the following advantages:
1) Substitute tax equal to €100,000 per year for earnings from non-Italian sources, in place of the normal payments of IRPEF and additional regional/communal taxes. This regime can, upon request, also be extended to family members, and the substitute tax for these is equal to €25,000.
2) Exoneration from the obligation of declaring investments abroad or foreign activity of a financial nature that produce earnings in Italy.
3) Exemption from the obligation of paying the tax on foreign properties (IVIE) and of the tax on foreign financial investments (IVAFE).
4) Exemption from taxes on donation and succession on property held abroad.
To have access to the regime one must present a specific request for a ruling and obtain the favorable opinion of the Agenzia delle Entrate (taxation office).
The opinion is revocable and at any rate ceases to produce effects fifteen years after the first period of validity.
The Immigration law had been amended with a new regulation which allow
To enter in Italy for more than three months, to foreigners who wish to plan to at least one of the following types of investments carry out:
a) € 2,000,000 in government bonds to keep at least two years;
b) € 1,000,000 in equity instruments of a company incorporated and operating in Italy to maintain at least two years
c) € 500,000 for investments in innovative start-ups to keep at least two years
d) € 1,000,000 as a philanthropic donation in support of a public project interest in the fields of culture, education, immigration management, scientific research, recovery of cultural heritage and landscape.
The foreign applicant must show:
a) to be holders or beneficial owners of an amount of 2 million euro available and transferable in Italy for investments referred to in point 1 .;
b) to be holders or beneficial owners of an amount of 1 million euro available and transferable in Italy for other types of investments;
c) submit an affidavit in which they undertake to use those funds for such purposes;
d) to have additional funds, in addition to those resources to an extent at least higher than the minimum level established by the law for exemption from participation in health care costs, to support themselves during their stay in Italy.
The visa will be issued for a couple of years and renewable upon further positive evaluation by the financial administration, which ascertains the full use of the sum in the three months successive to entrance in Italy and its actual investment in the financial instruments. Furthermore, the visa allows the entrance of the investor’s family members if they are holders of a permit to stay for financial reasons.
The practical guidelines will be issued by the Government in the next 90 days
Our professionals will be able to assist you in all the procedure.
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