For several years Russo De Rosa Associati provides legal assistance to Italians and foreign individuals resident abroad who want to move to Italy.
Over the last years Italy became the main Country reference for High Net Worth Individual and people that are going to move in Italy to carry on work, professional or entrepreneurial activity. It comes from new tax provisions that allow them to exempt the majority of their incomes.
High Net Worth Individual
Traditionally used by several countries (the most famous is the “UK non-dom regime”), Italy too has finally introduced a flat tax regime that allows the tax exemption of all the incomescoming from the foreign wealth (financial, real estate, immaterial etc).
Differently from similar tax regimes introduced by other countries, the Italian one allows to the High Net Worth Individual to cash in or to transfer to Italy the foreign incomes and it does not preclude to carry on whatever activity in Italy.
Such tax regime applies both to Italians and to foreign individuals living abroad, who transfer their residence to Italy. The regime has a 15-years duration and it can be extended also to the High Net Worth Individual’s relatives.
The “Impatriati” tax regime
This tax regime has been in force for several years but restricted to high level professionalism who moved to Italy (the so called “brains return”). By virtue of the recent Law Decree “Crescita” the tax regime has extended to any individual - Italian or foreign one - who moves to Italy and carries on a work, professional or entrepreneurial activity.
The tax regime provides for a tax exemption of the majority of the Italian work’s incomes and lasts 5 years (that can be extended to 10 years).
Such tax regime is used by Italian companies (to obtain foreign professionalism with a reduced cost) and from managers, professionals and businessmen who decide to move to Italy after a foreign work period.
Russo De Rosa Associati provided and still provides legal assistance to several Italians and foreign individuals who are moving to Italy, with preliminary evaluations of tax regime applicability, cost-benefit analysis, directions about formal and substantial tax regime’s requirements and compliance of fulfillments to become an Italian tax resident, communication with the Italian Tax Authorities.