Italy: Grants First Non-Dom Status Application
Following the introduction of a beneficial tax system for non-domiciled residents in early 2017, Italy has just accepted the first successful application for the non-dom status.
The aim of the regime is to attract investment to Italy by offering newly tax resident citizens in the country, an annual substitute tax of EUR €100,000 and EUR €25,000 per additional relative on foreign-sourced income. This, inevitably, is instead of taxing the income on an international basis.
In Italy, individuals must have been a non-tax resident for a minimum of 9 out of the 10 years prior to their relocation to the country in order to qualify.
The first person to have been allowed non-dom status was represented by Withers, a UK-based international law firm. Withers has said that the high net-worth individual was registered previously as a non-dom in the UK and made the decision to transfer to Italy for new status and a new home for his family.
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