Friday, May 18, 2012

Foreign Owned Asset Tax for Italian Residents


My meetings with expats around Italy are becoming increasingly alarming due to the general confusion in the expat community in relation to the taxes specifically on overseas property and assets.  (IMU is already well publicised so I will not recover that ground).  

Who is expected to pay the new taxes?

Anyone who is tax resident in Italy and who has a house and/or financial assets overseas. You are included if in any tax year you were either signed up as resident with your Comune OR living in Italy for more than 180 days, OR the centre of your business and domestic activities was Italy (in other words, you earned income in Italy and/or your family lived here).