15th May 2017
MGI member, Pierpaolo Vannucci, Partner at MGI Vannucci e Associati, based in Lucca, Italy, has published another article aimed at providing information for the expatriate community in Italy.
In this edition of Tuscany's Grapevine Magazine, Pierpaolo discusses new tax advantages for foreign investors.
With the 2017 Budget Law, the Italian tax authorities have introduced incentives for foreign investment in Italy. Those who have been foreign residents for years may now decide to transfer their residency to Italy in order to benefit from the 'Flat Tax'. Under this incentive, wealthy foreigners can meet the Italian tax system's legal requirements by paying a flat tax of 100,000 euro per year, and rich foreigners willing to invest in Italy can easily obtain long-stay visas.
The policy covers persons who, beginning 1 January 2017, transfer their residency to Italy - including residents of countries on the so-called 'blacklist'. As an example, a foreign investor who transfers his residency to Italy and has an income produced abroad of one million, would only pay 10% in taxes. If their foreign earnings are higher, the percentage of earnings will be progressively reduced. Foreign earnings of two, five and eight million would, in each case, face a fixed tax of 100,000 euro annually - that is: 5%, 2% and just over 1% respectively, of what they earned abroad.
View full article HERE
For further information please visit MGI Vannucci e Associati's member page HERE or contact Pierpaolo Vannucci at:
tel: +39 0583 316 636
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