Some good news about Italy!

The last week has seen some positive, or more stable moves, regarding Italy, Greece and Spain and the political games which have been surrounding these countries and the state of their finances. 
I recently attended a teleconference call with a top economist at JPMorgan in London and the following information is a synopsis of that information.

The general feeling from the frontline is that there is unlikely to be any imminent breakup of the Euro despite what you may read in the headline grabbing newspapers.  However, you can be assured that you will continue to see volatility in the markets for some time to come until the markets are happy with the economic reforms which are being put in place in Italy, Spain and Greece.

QROPS - Qualified Recognised Overseas pension Schemes

QROPS - Qualified Recognised Overseas Pension Scheme

The following information will be relevant to:

1.  A British expat who intends to or already has moved outside the UK, or
2.  An International worker (non British citizen) who is living in Italy


Of which, both categories would be holders of a UK final salary or defined contribution pension plan.

If this is not relevant for you it may be for someone you know.  Feel free to forward the information to them.

Penalties for Landlords in Italy

It would appear that the Italian authorities are starting to understand the nature of the tax evasion that goes on in the rental of residential property in Italy. 

Where the landlord/lady does not report the tenancy to the authorities and does not pay registration / income tax on the rent, the tenant is now given an opportunity to register the tenancy and effectively to report the tenancy to the authorities.

There IS light at the end of the tunnel

It is some time since I wrote my last blog.  However, I think in the current financial climate it is a good idea to start again.   With so many changes happening, almost daily, in the financial markets and the potential affect on investors and tax implications in Italy and the rest of the world, this blog is a good way to keep clients, potential clients and those who have an interest, updated. 

The idea behind my posts is to inform and amuse you, whilst focusing on that fact that we all need to plan carefully for the future.  I believe that there has never been a more important period, economically speaking, to pay careful attention to ourselves, our families and those around us.  I think that a share of useful information that we can use to improve our financial futures is an important asset and one that should be shared willingly.

However, despite all of the negative and confusing messages that we hear in the media and from people around us, I have a overriding belief that this crisis (2011) will be resolved and the good times will roll again.  Only for us to roll headlong back into another crisis.  This is human nature and can be traced back hundreds of years.  The questions is why don't we learn from the past?  

One of my favourite quotes is from Einstein:

"The definition of insanity is doing the same thing over and over again and expecting a different result each time". 

History shows that the emotions we face when making important individual and family monetary decisions, coax us into doing the same thing and making the same mistakes again and again.  There are no secrets, there are no miracle cures or get rich quick schemes to ensure a secure financial future.  It is good old simple logic.  Save, invest wisely and be patient.  

My blog is designed with that focus in mind.

If you have never read any of my material before, I hope you enjoy it and even find it useful.

If you would like to contact me about any thing I write in this blog then you can do so on gareth.horsfall@spectrum-ifa.com or call me on +39 3336492356

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