In 2014 the imposa di bollo on securities and deposit/bank accounts in Italy will be removed.
Great news I hear you say! But then a new imposta has been announced of 0.2% on the cumulative amount of the assets (at 31st Dec). This will replace the previous €34.20 flat fee on deposits.
For someone with €50,000 in the bank, a new imposa di bollo of €100 will apply for the year. This will be applicable for 2014, onwards. This will, presumably, replace the current rate of IVAFE on overseas assets as well. IVAFE is only 0.15%. But I think we can expect that the tax on domestic and overseas assets will be harmonised.
Given this, new, increased taxation on assets there is no better time to be seeking more tax efficient ways to hold money for Italian tax residents. As I have written in the past, a common way to do this is through an Italian compliant investment Bond. This does not mean you need to bring the money into Italy, but is merely held in a vehicle which complies with Italian law. For more information click here
If you would like to know more about this or the latest tax issues facing expats living in Italy you can contact me on gareth.horsfall@spectrum-ifa.com or call me on +39 3336492356
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