Italy has recently enacted its first Non-dom tax regime, aimed at attracting HNWIs. The legislation is similar to the res-non-dom regimes available in the UK, Ireland, Malta, Spain, Portugal and Switzerland (forfait regime).
- Tax Regime applicable to HNWIS moving to Italy
- Flat Tax of € 100,000 per year on foreign incomes regardless their amounts
- Flat Tax of € 25,000 per year for family members
- Italian Worth Taxes on foreign investments (IVIE and IVAFE) not applicable.
- Italian Inheritance and Donation taxes not applicable.
- Effectively live in Italy for 183 days per year
- Option to be made before presentation of the yearly Tax Return
- Regime applicable up to 15 years
- Possibility to opt-out certain countries
- Not applicable to returnees who have lived in Italy for one year during previous 9 years
- Applicable also to residents of black list countries (Switzerland, Monaco, Dubai) (but Interpello recommended)
- No deduction of credito d’imposta for the taxes paid abroad