A few weeks ago the Italian newspaper Panorama.it dedicated an interview to Trustcom Financial’s CEO, Marco Spinola to talk about the current financial emergency and the possibilities that are opening up for Italians who want to protect their current account.
The starting point for the dialogue between the journalist G. Baldini and our CEO comes from the debate on the “wealth tax” hypothesis, which has been much debated in the media since the coronavirus emergency began. The wealth tax frightens Italian families, who see their savings threatened by the possibility of a forced withdrawal. Many consider the opening of a foreign current account as a solution to the problem, but do not take into account that taxation follows the holder’s tax residence and not the place where the account is opened. The hypothesis of a borderless online current account, i.e. not linked to a territorial border, seems to be an effective solution.
Trustcom Financial’s proposals work from this perspective and the interview explains the advantages of this solution, with its costs and benefits. A borderless online current account (without limits), issued by an Electronic Money Institution such as Trustcom Financial, is a secure solution because the company’s deposits are guaranteed and segregated with the central bank of Lithuania, part of the ECB.
Furthermore, the funds cannot be used for investment, mortgage or financing purposes, which translates into stability for the institution and customer protection.
As far as costs are concerned, Italian law requires foreign accounts that have exceeded, at least once a year, the average deposit of €15,000 to be declared. The data relating to this account must be expressed in the tax return with a €34.2 stamp to be paid in addition to the tax on financial assets held abroad. With 5 euros per month you will also get 3 free transfers. The debit card has no initial costs but a 2% fee in case of withdrawal.
Trustcom Financial’s online current account is aimed at companies and individuals, both Italian and foreign. So, a borderless solution to all intents and purposes. Contact our advisors to understand how to protect your savings from a possible wealth tax.