Reporting Requirements for Money Transfers? - Page 2

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Reporting Requirements for Money Transfers? - Page 2


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  #11 (permalink)  
Old 28th April 2019, 12:12 PM
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Quote:
Originally Posted by Bevdeforges View Post
I suspect that Italy may very well require disclosing foreign assets for all those subject to filing an Italian tax return. Most of the other European countries require something like this, due to the OECD anti-money laundering rules. It's normally just a matter of reporting the financial accounts (and possibly foreign assets, like land and buildings) with information about the account numbers and address of the bank or financial institution holding the funds.

There is a similar reporting requirement here in France (part of the income tax forms) - for foreign bank accounts and foreign "assurance vie" (i.e. "life insurance" contracts with an investment component).
Bev - as noted above, Italy does not just require reporting - it taxes the assets as well. It's a small amount, but nevertheless, it is still a tax.

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Old 28th April 2019, 12:23 PM
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Howdy!

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Originally Posted by accbgb View Post
Are they referring to Italians living outside Italy? Non-Italians living within Italy? Or, dual-citizens residing in Italy?
The blog post was in the context of US citizens who are considered tax residents of Italy. Perhaps I should also have drawn attention to this part of the statement which addresses the original question in this thread.

Quote:
In addition, all investment or cash transfers in and out of the country must be reported.
A different blog posting from 2013 referencing changes in tax law says this about expats living in Italy:
Quote:
In addition, any money transferred in or out of Italy will need to be declared. Previously there was a threshold of Ä10,000, but the threshold has been completely eliminated. This means that any amount of cash or investment transfer must be reported.
Kevin

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  #13 (permalink)  
Old 28th April 2019, 01:28 PM
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Originally Posted by katoom View Post
While researching a different question I came upon a blog post from an expat tax filing service that has an interesting statement.



I cannot asses the validity of this as we are not yet residents nor have we needed to yet file an Italian tax return. The post is dated from 2012 and claims to have been updated in 2014. I do not know if I am allowed to post a link to the commercial site nor if I can supply the name of the tax service.

Kevin
That sounds like IVIE and IVAFE, explained quite well here.

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Old 28th April 2019, 01:52 PM
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The Italian tax act doesn't take citizenship into account. The same rules for all residents.

Your dual taxation treaty might give you different treatment depending on citizenship. Or for that matter the social security treaty might. But taxes in general are the same no matter your nationality. All that matters is residence

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