Tax regimes for the attraction of individuals in Italy and online account

Tax regimes for the attraction of individuals in Italy and online account

For optimal management of your online account, you need to keep several factors in mind. First, it is useful to have a general overview of tax breaks, especially in countries such as Italy. In fact, in order to attract a qualified workforce, the Italian State offers numerous incentives for those who decide to move their tax residence there.

The world of tax management is complex, and in order to juggle optimally, it is good to know what are, or could be, the facilities provided for by national and European laws.

Today we are delving into the topic of tax regimes for the attraction of individuals. This is a useful topic for those who have an online account in Italy or abroad, and want to benefit from the advantages provided by national laws.

Regimes of attraction of natural persons, what is it about?

The Italian law proposes, for some categories of workers who wish to transfer their tax residence to Italy, incentives and benefits.

The ultimate purpose of this kind of tax policy is the attraction of highly qualified human resources capable of promoting the socio-economic development of the country.

The schemes are aimed at those who come from another country and wish to move to Italy, or to Italians who wish to return after a period abroad. The necessary condition for obtaining the benefits is that the interested party has resided abroad for a shorter or longer period.

Furthermore, only certain categories of workers will benefit from the incentives. First, teachers and researchers, but also self-employed workers and employees, the so-called “impatriates”, who have a degree or are highly specialized in the job they perform. Other categories concerned are students or graduates who have worked/earned academic degrees abroad.

What are the benefits for those who maintain a foreign account?

Before deciding whether to move to Italy, it is necessary to have a full awareness of the complex Italian tax system.

In fact, those who decide to keep assets, an account (physical or online), or investments abroad, in general, must take into account the Italian laws on monitoring the RW framework. For those who reside for tax purposes in Italy, in fact, there is an obligation to declare the income produced abroad, contrary to what happens for non-residents.

However, for the “new residents”, there are many benefits. Article 24-bis of the TUIR (Consolidated Law on Income Taxes, Presidential Decree 22 December 1986 no. 917), updated following the Law of 27 December 2019, no. 160, provides for a flat-rate substitute tax for income produced outside Italy, replacing the “standard” taxation.

Also following the 2020 Budget Law, for those who decide to join the aforementioned regime, there is an exemption from filling in the RW part. The beneficiaries will also be exempt from paying IVIE (Tax on the value of properties held abroad) and IVAFE (Tax on the value of financial products, current and savings accounts) for a period of time up to 15 years.

Another advantage provided for new residents is the exemption from inheritance and gift tax on assets located outside Italy.

The advantages of Trustcom Financial online account

Our online account is ideal for simplifying the management of the finances of those who hold business even abroad.

Thanks to the Internet banking platform, it is possible to keep track of expenses and revenues at any time, conveniently manage prepaid cards, and make online purchases all over the world.

For those who have a business abroad, it will also be possible to make SEPA or SWIFT transfers, manage a prepaid card quickly and easily, and receive a salary or pension.

The high-security standards contribute to making Trustcom Financial online account an effective and performing solution, both for individuals and for companies. Furthermore, the deposited funds will always be accessible, since the Bank of Lithuania guarantees the immediate availability of the entire amount.

Opening an online account takes just a few minutes, and the 100% online management of the service allows you to simplify bureaucracy and always have your financial situation at hand.

In addition, our Customer Service via chat is available from 9.00 to 18.00 on working days to answer questions or requests.

Discover the advantages of Trustcom Financial online account and choose the option you prefer between Personal and Business!