FLAT TAX FOR HIGH NET WORTH INDIVIDUALS

 

Moving to Italy means not only saving on taxes, but also enjoying a luxurious lifestyle, from gourmet food to art and culture, while benefiting from quality healthcare. Get in touch with our accountancy firm. Find out more info and realize your Italian dream today.

Leaders is a tax and wealth advisory company with over 30 years of experience in Italy. We offer you a comprehensive and personalized service that includes:

1) Finding the ideal real estate locations for your family’s move to Italy;

2) Management of all tax, social security, health and administrative aspects thanks to the presence of numerous certified accountants;

3) Management of all your assets, including your financial assets, thanks to the presence of independent financial advisors.

The bigger is your wealth, the greater is the tax savings. For example, with 50 million and an annual return of 5 percent, the tax rate is 4 percent of income.

 

CONTACT US FOR A FREE CONSULTATION

 

 

Tax advantages

If you are a foreign citizen with a high net worth and want to move your tax residence to Italy, you can benefit from a favorable tax regime that allows you to pay a one-off substitute tax of 100,000 euros per year instead of being taxed according to the usual rules. The favorable tax regime for new residents in Italy is a great opportunity for those who want to enjoy the beauty and opportunities of the country while optimizing their tax burden.

Dream residences

Italy is a country of dreams where you can find the perfect residence for your needs and desires. Whether you prefer the sea, the mountains, the countryside or the city, you can discover fantastic places to live in Italy. You have the choice between different types of homes, such as modern apartments, historic villas, cozy houses or elegant castles. You can also furnish your home according to your own style and taste. You can realize your dream in Italy, where every apartment is a masterpiece.

Health facilities

Italy also offers a universal healthcare system that covers all residents regardless of their nationality, income or profession. The public healthcare system, the National Health Service (SSN), provides comprehensive and high-quality care for the entire population, without discrimination. The SSN guarantees a basic level of care that includes prevention, diagnosis, treatment, rehabilitation and palliative care. The SSN also deals with many environmental and social issues such as food safety, occupational health and violence prevention.

 

The italian climate

Italy has different types of climate depending on the region and altitude. Rainfall is moderate in the plains of the northern center, while in the south it drops to 400 mm in the driest areas of Sardinia and Puglia. July and August are the warmest months, with daytime temperatures of around 30/33 °C in the lowlands and on the coasts, and the weather is generally pleasant. Italy is a sunny country in the southern centre, where more than 2,500 hours of sunshine per year are recorded, while in the north the sunshine is moderate.

 

The culture

Italy is a country rich of different cultures that has influenced the world for centuries. Italy is the cradle of many artistic and intellectual movements such as the Renaissance, Baroque, the Neoclassicism and the Futurism. Italy is also home to many famous artists, writers, musicians, philosophers and scientists. Italy has a remarkable cultural heritage, with more than 50 UNESCO World Heritage Sites, the most of any country in the world.

 

The education system

The Italian education system offers a wide range of opportunities for students of all ages and backgrounds. It is based on the principles of equality, democracy and humanism. The Italian education system offers high quality education in various fields such as arts, sciences, languages and humanities as well as vocational training. It also promotes international cooperation and exchange and encourages students to learn from different perspectives and cultures.

 

Political stability

The Italian political system is a model of stability and resilience that has overcome many challenges and crises throughout its history. It is based on the values of democracy, pluralism and solidarity and ensures the representation and participation of all citizens and groups. The Italian political system has a balanced and efficient structure. It plays a strong and active role on the international stage and contributes to the promotion of peace, cooperation and development.

The italian sea

The Italian sea is a treasure of beauty and diversity, a source of inspiration and joy for millions of people. From the rocky cliffs of the Ligurian coast to the sandy beaches of the Adriatic, from the turquoise waters of the Tyrrhenian Sea to the crystal-clear bays of the Ionian, the Italian sea offers a variety of landscapes and experiences that enchant and inspire. The Italian sea has something for everyone.

Italian cuisine

Italy is famous for its delicious and varied cuisine, which is based on fresh, high-quality ingredients. Italian cuisine is one of the most popular in the world, thanks to its simplicity and great variety of flavours. Mediterranean cuisine, of which Italian cuisine is a part, is considered one of the healthiest diets in the world. It is based on fresh and natural ingredients, such as fruit, vegetables, fish, white meat, cereals and pulses. Olive oil is a key ingredient in Mediterranean cuisine, and is known for its health benefits.

Art. 24 bis TUIR

“Individuals who transfer their residence to Italy pursuant to Article 2(2) may opt for the income obtained abroad, determined in accordance with the criteria referred to in Article 165(2), to be subject to the substitute tax referred to in paragraph 2 of this Article, provided that they have not been tax residents in Italy pursuant to Article 2(2) for a period of at least nine tax periods during the ten tax periods preceding the beginning of the period of validity of the option. The substitute tax shall not apply to the income referred to in Article 67(1)(c) obtained during the first five tax periods of the validity of the option and which remains subject to normal taxation in accordance with Article 68(3).

As a result of the exercise of the option referred to in paragraph 1, a flat-rate substitute tax on personal income of €100,000 for each tax period in which the above option applies shall be payable on the income earned abroad referred to in paragraph 1, irrespective of the amount of income earned. This amount shall be reduced to EUR 25,000 for each tax period for each of the family members referred to in paragraph 6. The tax shall be paid in a single payment by the due date for payment of the balance of the income tax. The provisions on income tax shall apply to the review, collection, litigation and penalties. The tax is not deductible from other taxes or duties.”

 

In six years of application we have helped dozens of foreigners to move to Italy, below you find some examples of satisfied customers:

John is a 60-year-old American retiree who has always dreamed of moving to Italy, as he has always been fascinated by Italian culture and would love to spend his days in a villa in the hills of Tuscany.
He also learned that he could benefit from a privileged tax regime in Italy. This prompted him to investigate the possibility of a transfer further.
However, John knows that there are also difficulties to overcome, such as the Italian language and the different culture. He therefore decided to enlist the help of the study guides. The firm personally assisted and advised him, helping him to understand the Italian tax and legal system, minimize risks and find the best solution to take advantage of the opportunities available. In particular, it helped him with
– Registering the documents required for the transfer, such as residence permit, Italian tax number, registration with the National Health Service, etc.
– Understanding Italian laws and dealing with legal issues related to the transfer, such as the purchase of real estate
– Identify investment opportunities in Italy, such as real estate or commercial investments, and evaluate the tax implications of such investments
– Understanding the Italian tax system and identifying the best options to minimize taxes
– Assistance with managing your finances in Italy, such as opening a bank account and tax planning for income and pension management
Leaders organized the transfer in 10 months.

Xu Ming, 52 years old, who has spent his whole life in China, wants to move to Italy with his wife and two children because he is attracted by the tax advantages the country offers and to guarantee his children a good education.
However, Ming does not know how bureaucratic transfers, Italian legislation, etc. work, so he turns to Leaders to help him.

The firm provided him with personalised support and advice, helping him understand the complexities of the Italian tax and legal system, minimise risks and make the best choice among the available options.
In particular, it helped him with
– Registering the documents required for relocation, such as residence permit, Italian tax number, registration with the National Health Service, etc.
– Understanding Italian laws and dealing with legal issues related to relocation, such as the purchase of real estate
– Choosing the best city for personal needs and children’s education
– Identify investment opportunities in Italy, such as real estate or commercial investments, and assess the tax implications of such investments
– Understanding the Italian tax system and identifying the best ways to minimise taxes
– Assistance with managing your finances in Italy, e.g. opening a bank account and tax planning for income and pension management

Thanks to Leaders, Ming found a property in Milan and enrolled his children at Bocconi University, one of the most important universities in Europe.
As he’s enrolled in the SSN, he enjoys Italian healthcare.