Good news:
The law regarding a 20% withholding tax on overseas transfers of money in Italy was cancelled in the Spending
Review in April when Matteo Renzi came into power.
If you want to see a full article you can do
so (it is in Italian), click here:
For anyone bringing money in from overseas,
i.e pensions, income from employment, money from investments etc, you can rest
at ease knowing that 20% will NOT be with held at source when it enters
Italy.
There was a lot of pressure on Renzi when he
entered power to overturn this decree since it was administratively an enormous
burden on individuals, banks and other financial intermediaries and would have
been almost impossible to police. Beppo Grillo was quite outspoken about
the potential impacts on Italy and its ability to attract investment from
overseas if the law went ahead. I think he may have had a point, and
hence the reason it was repealed.
It will not be introduced in July and will not
be proposed (as things currently stand) in the near future. Italy will be
relying on agreements that are now in place with Spain, France, the UK, Germany
and the USA, to track movements of money from, to and within the aforementioned
countries. These bi-lateral share of information agreements are currently in
place and operating. The frameworks, under which they were originally
established, will also be rolled out to another 34 OECD countries within the
next few years.
Should you be unaware of this information,
then I hope it puts your mind at rest and you are able to enjoy the summer in
Italy, once again!
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