Reduced penalties apply for disclosing prior to September 2015 Now is the time to get your tax affairs in order, so that in the event you owe taxes in Italy for undisclosed assets and income – the penalties are reduced for possibly the last time. In December, I briefly summarised this new government initiative and […]
There are many and varied reasons why you might find an international bank account attractive right now. If you travel between countries for business you may already know that an international account can provide great flexibility and various options for managing your finances. Today, because the international banks have removed previous eligibility criteria, these accounts […]
Italy’s new Voluntary Disclosure opportunity – a sneak peek The Italian government will soon release details of a new Voluntary Disclosure initiative for those with undeclared foreign assets and income, giving them a chance to save taxes and significant penalties. We don’t yet know exactly when it will come into force, however everyone agrees considering […]
Is your wealth keeping up with inflation, especially with interest rates below zero? This is a continuing series aimed to provide you with some thoughts, ideas and strategies when considering and planning for your financial future. In the second part of this original series about “How to Create a Great Financial Plan for your life” […]
This tax applies to the total value of financial assets or investments held by Italian residents, in countries outside Italy. This is not to be confused with the IVIE or property value tax (0.76% on the value of any property you hold abroad). The 2014 Stability law increased the tax on foreign financial assets (IVAFE) […]
As the U.S. asset disclosure rules on foreign banks are now becoming effective, it’s interesting to note the number of US citizens giving up (and considering to give up) U.S. citizenship. The U.S. government provides quarterly numbers of the number of people renouncing citizenship of the U.S. – however many say those numbers are underestimates. […]
Are you aware of Italy’s Inheritance tax regime? Most countries these days have inheritance or death taxes (some call them Estate taxes or taxes on succession). Italy’s “Imposte di Successione” was re-introduced in 2006 and to this day is not as harsh as some other EU countries. However many Italian residents are unaware of how it […]
This article could also be entitled “how interest rates just became negative”. The European Central Bank has just cut interest rates, marginally this time, to 0.15%. This is an effort to provide stimulus to business lending. In fact, they also made their deposit rate for banks, -0.1% yes thats minus 0.1%. Effectively banks will have […]
The path to financial security or simply a better financial life often begins with this realisation: there is only one person responsible for my financial security. (tip: it’s not your spouse!) In the first part of this original series about “How to Create a Great Financial Plan for your life” let’s begin by considering a […]
From April 2015 UK Capital Gains Tax will apply on property sold in the UK by owners of UK property living abroad. On 5th December 2013 the UK Chancellor George Osborne announced that a Capital Gains Tax (CGT) will apply for the first time on the gains made on the disposal of UK residential property […]
In part 1 of this article, I examine the impact of poor investment returns or losses on your investment portfolio, at a time when you are counting on them, or need them the most. This poor return at the wrong time, is described in investing circles as ‘Sequencing Risk’. At other stages of life your […]
