Italian Financial Adviser: Recent Episodes
Andrew Lawford
Exploring financial matters for Italian residents. Everything changes when you move to Italy, so make sure you keep up to date with the latest information. Investment, taxes, financial planning opportunities; believe it or not you can achieve tax efficiency in the bel paese. In each episode, Andrew Lawford explores a different topic, interviewing experts who understand Italy from a foreigner's point of view. Also visit us at: https://www.spectrum-ifa.com/financial-advisers-in-italy/andrew-lawford/
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In this episode we speak with Judith Ruddock, who works with the firm Studio Del Gaizo Picchioni - https://studiodelgaizopicchioni.it. You can reach her by e-mail at: jruddock@studiodelgaizopicchioni.it
We cover a number of areas of interest for people considering a move to Italy, and the list below includes time markers for those who wish to skip to the section that is relevant for them:
2:10 - Residency and tax residency
4:20 - The consequences of residency in Italy
5:45 - Double tax agreements and conflicts of tax residencies
12:45 - Fighting the “Agenzia” (the Italian tax authorities)
19:40 - CRS (Common Reporting Standards) and tax investigations, as well as invitations to correct “anomalies”
23:40 - Mitigating the consequences of residency
26:20 - Tax incentives for pensioners - the 7% regime
31:50 - The types of pensions that qualify for the 7% regime
35:50 - Submitting an “interpello” (an advance ruling from the tax authorities)
38:00 - Exemption from foreign asset declarations and the associated taxes
40:20 - Inbound workers incentive and digital nomads
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During the episode, we speak with Jessica Zama of Buckles Solicitors, who gives us her insight on topics ranging from Italian citizenship, visas, estate planning and UK domicile. You can find her details here: https://www.buckles-law.co.uk/about/people/jessica-zama/
I am including a few approximate minute markers so that you can easily locate the sections that are of interest:
Italian citizenship - 2.20
Long-stay permits and language requirements - 4.40
Visas - 7.15
Permesso di soggiorno - 8.30
Family reunification visas - 12.00
Estate planning - 15.30
Inheritance taxes and donations (gifts) - 24.50
UK domicile - 27.20
The closing music is “L’iride (Mazurka)”, D. Ciolfi, played by Pasquale (O Rêua) and Pietro Taraffo of the Genoese school
This episode is really about much more than Brexit - I am including a few approximate minute markers so that you can easily locate the sections that are of interest:
1:28 - Working with a UK financial adviser as an Italian resident
8:55 - Equivalency in financial services between UK and EU
12:57 - Taxation of EU-domiciled managed funds vs UK-domiciled managed funds post-Brexit for Italian residents
15:50 - Tax declarations in Italy for directly-held foreign financial investments
18:15 - The €51,645.69 question - holding foreign currencies as an Italian resident
21:38 - ISAs - what they mean in Italy
23:42 - Quadro RW - why you need to declare the mere existence of your foreign assets (as well the income that derives from them). Common Reporting Standards and why you should assume that information is being exchanged automatically with the Italian tax authorities
25:20 - The taxation of UK real estate as an Italian resident (rental income and wealth tax (from 28:20))
33:00 - Thinking about real estate investments once you move to Italy
35:15 - Capital gains tax on foreign property (with particular comment on the situation for UK property owners who are non-resident in the UK)
38:15 - Tax-efficient investment wrappers - what they can do and how they need to be set up. Some comment on inheritance taxes in Italy -
43:44 - The 7% pensioners’ tax regime
50:10 - Italy vs Italia - and why you should persevere if you want to move here
Contact details for Gareth Horsfall: https://www.spectrum-ifa.com/gareth-horsfall/
Contact details for Andrew Lawford: https://www.spectrum-ifa.com/financial-advisers-in-italy/andrew-lawford/
The closing music is “L’iride (Mazurka)”, D. Ciolfi, played by Pasquale (O Rêua) and Pietro Taraffo of the Genoese school
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We discuss Italian economics with Dr Philipp Heimberger, economist at the Vienna Institute for International Economic Studies.
Philipp Heimberger on Twitter: https://twitter.com/heimbergecon
Article by Philipp Heimberger and Nikolaus Kowall:
https://wiiw.ac.at/draghi-government-seven-surprising-facts-about-italy-n-486.html
The closing music is “L’iride (Mazurka)”, D. Ciolfi, played by Pasquale (O Rêua) and Pietro Taraffo of the Genoese school
Starting a business may be one of the last reasons why you would consider moving to Italy - but this story of an entrepreneurial New Zealander co-founding a high-end coffee machine manufacturer in Milan shows it can be done. A look back at the history of Rocket Espresso (www.rocket-espresso.com) with co-founder, Andrew Meo.
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Buying a property in Italy can be fraught with difficulties, but it needn't be so. In this episode we try to disentangle the difficult parts of the process, so that you can concentrate on the fun parts of finding your dream home in Italy.
We interview two experts, one in the field of property consulting, who can help you find the right property at the right price, and another who will illustrate all the legal aspects you need to be aware of.
Nikki Taylor is our property expert and can be contacted at: https://www.italy-propertyconsulting.com. Her books can be found on Amazon, under the titles:
How to Confidently Buy Property in Italy: Get Your Own Slice of La Dolce Vita
Living the Dream: Australians in Italy
Jessica Zama of Buckles Solicitors is our legal expert, whose details you can find here: https://www.buckles-law.co.uk/about/people/jessica-zama/
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Trusts are a thorny issue for Italian residents, especially if you already had some connection with one before becoming resident in the bel paese. We take a good look at what kind of trusts might be acceptable and also highlight a few potential problems.
During the episode, we interview Jessica Zama of Buckles Solicitors, who delves into the difficult (but easily simplified) world of trusts in the context of wills and succession. You can find her details here: https://www.buckles-law.co.uk/about/people/jessica-zama/
The overarching message is that you should always consider your affairs from the points of view of all jurisdictions involved.
Following up from Episode 1 - here is the full interview with Robert Walker, where we discuss many aspects of investing and above all the right attitude to ensure you get the best outcome.
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This episode explores some basic rules of investment and concentrates on how to make sure that you don't let times of crisis get the better of you.
Below is a list of references made during the show:
Nassim Taleb “Antifragile”
https://en.wikipedia.org/wiki/Antifragile
Berkshire Hathaway Annual General Meeting 2020
https://www.youtube.com/watch?v=69rm13iUUgE&t=19568s
Daniel Kahneman “Thinking, Fast and Slow” - Kahneman and his research partner Tversky gave us much of the theory that lead to what we now call behavioural finance. This book touches so many aspects of our lives and the way we think that it is difficult to exaggerate its importance.
There is much to be discovered here beyond finance.
https://en.wikipedia.org/wiki/Thinking,_Fast_and_Slow
Benjamin Graham “The Intelligent Investor” - the classic text by Warren Buffett’s mentor. Easily accessible to everyone and still full of useful ideas.
https://en.wikipedia.org/wiki/The_Intelligent_Investor
Article cited by Robert Walker
https://www.hl.co.uk/learn/how-not-to-invest
The closing music is “L’iride (Mazurka)”, D. Ciolfi, played by Pasquale (O Rêua) and Pietro Taraffo of the Genoese school
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