How much is the italian taxman interested in your stuff at home

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How much is the italian taxman interested in your stuff at home


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  #1 (permalink)  
Old 7th September 2017, 09:02 PM
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Default How much is the italian taxman interested in your stuff at home

Dear fellows,

I am playing with the thoughts to buy an apartment somewhere in Italy.
For now, I would be using it just as a holiday home, spending there maximum 2 months per year.
So far so good.
But, one day, I hope that I'll retire and start spending more time in that holiday home. So, eventually it might become more than the infamous 183 days or I could not be keen on traveling anymore, so I could decide to stay permanently in Italy.
At the same time, I'll be then renting my apartment in my home country. So, first question - will the italian taxman even know, that I also own a property in my home country ? And in this case, in the taxman's eyes, I'd be having an income abroad. For which OF COURSE, I'll be paying taxes in my home country. But then what ? Might the italian side say - well, you are paying let's say 10% tax for this in your home country, but in Italy we tax this 20%, so you gotta give us another 10% !!!!
Not sure, if I explained this clearly, I hope you are getting me...
Anyway, 2 questions here:
1) In case I would be retired and involuntarily become a tax resident in Italy, will Italy force me to declare any property and bank accounts which I own outside of Italy ?
2) Will Italy force me to pay more taxes for income, generated (somehow) in my home country, than I would be already paying in my home country ?

I got quite scared, after reading an article, that british permanent residents in Spain, were forced to declare anything they own in their home countries and were leaving in masses, turning back their permanent resident cards.
I would NOT need to "enjoy" such stressful events at high age, once I'll be retired.
Please kindly let me know how this works in Italy.

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Old 8th September 2017, 02:55 AM
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Users Flag! Originally from canada. Users Flag! Expat in italy.
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Almost every country in the world taxes on worldwide income.

Yes you would need to file. You would have an offset for taxes paid abroad. Yes you're required to list foreign property
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Old 8th September 2017, 03:43 PM
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Hello Nick and many thanks for the fast reply!
I know that most countries are doing this nasty thing. But it concerns income.
If one merely has property in another country, which he isn't renting, so there is no income... Is it still mandatory to declare such property to the italian taxman ?
And could you please explain in more detail, what do you mean exactly by "You would have an offset for taxes paid abroad" ?

Many thanks and sorry if some of my questions are repeating, I just need to be sure, this is why I'm asking so much :-) Thank you!

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Old 8th September 2017, 05:22 PM
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Users Flag! Originally from canada. Users Flag! Expat in italy.
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There actually is a small tax on property held out of the country. Some countries have exceptions. I'm not home so can't look it up.

Depending on which treaty you're covered who you pay can vary. Some kinds of income one country will impose a withholding tax. You can then claim that tax on your other country's tax form has an offset.

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