Taxes, Italians' homes abroad are worth 33.1 billion. Financial income at 178 billion

Tax receipts from Italians' homes abroad are growing by 2.2%. The 2024 income tax returns for 2023 show that there are 122,100 taxpayers with residence in Italy who have declared ownership of property across the border for a total value of 33.1 billion. Properties that have guaranteed the Treasury with the payment of the Ivie a revenue of 95.7 million euro. An increase in the Ivie that is also partly linked to the long wave of emersion that took place with the voluntary disclosure, which allowed taxpayers who illegally owned assets abroad to regularise their position by spontaneously reporting to the tax authorities their violation of tax monitoring obligations.

Assets to which the tax on the value of real estate located abroad applies must be indicated in the RW panel, the one for monitoring all assets owned by taxpayers outside Italy. Not only natural persons but also non-commercial entities and simple companies that are the owners of the foreign asset and the foreign investment are obliged to fill in the RW panel. From the 2023 tax year, Schedule W, which, as mentioned above, allows the tax authorities to monitor assets and capital held abroad by taxpayers resident in Italy, may also be submitted by those who choose the 730 form.

The obligation to let the tax authorities know what real estate is owned abroad also falls on the so-called beneficial owner, and thus also in cases where the foreign asset is in the name of another entity such as a trust or company, but is still attributable to natural persons. For the Ivie, a rate of 0.76% is applied to the value of the real estate, and is calculated in proportion to the share of ownership of the property right or other real right and to the months of the year in which the right has been held.

As is the case for Imu on real estate in Italy, the entire month is counted when possession lasts for at least fifteen days. A reduced rate of 0.4% is also envisaged for the tax on property abroad for those properties used as main homes that are classified in Italy in cadastral categories A/1, A/8 and A/9 (stately homes, luxury homes and castles). On the other hand, as regards main homes that are not classified in cadastral categories A/1, A/8 and A/9, as of 1 January 2016 the Ivie is no longer applied.

Abroad in the hands of Italians not only bricks but also financial assets are growing: the data from the RW panel on financial assets held abroad show that more than 332,600 people have declared 178.1 billion euro to the tax authorities. The 2 per mille tax on the value of financial assets abroad (Vatfe) provided the tax authorities with approximately EUR 85.7 million, an increase of 8.5 per cent compared to the previous year.