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20% Withholding for Money Transfers?

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whidden39

From: NULL

3/3/2014 12:15 EST

A posting on the Italy Magazine website indicated that Italy has just instituted a 20% withholding of funds being wired from outside Italy to banks in Italy. The presumption is that these funds may be from overseas investments that have thus far bypassed the Italian taxation system. Presumably, if the funds are not from earnings overseas, the monies withheld will be refunded upon documenting the exemption of these funds when doing Italian taxes. There may be a procedure to file for an exemption before the funds are withheld. This is very disturbing since I plan to buy an Italian home with funds to be transferred to an Italian bank. In my case these funds are not from overseas investments or wages. Italy also shares a tax treaty with the US so as to avoid double taxation. Nonetheless, this information puts a bitter taste in my mouth for La Dolce Vita. Does anyone have more information on this that will keep me motivated to pursue a home purchase in Italy?

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Sergios

3/3/2014 19:55 EST

Thank you for this. I have to start researching this.

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Katianna

3/4/2014 13:36 EST

I am an American living in Italy. We just heard the same thing a few weeks ago. It was supposed be retroactive to Feb 1st. My friend went to her bank, which is mine too, and asked about it. The lady working there asked somebody and she returned and said that it had been stopped and would not be implemented. We are not taking chances though as nobody is transferring any money here now (just in case). I understand where you are coming from with buying a house. I bought a condo in 2007 and had to transfer money in order to pay for the house. You pay enough taxes to Italy on the purchase of a house (6% if you are not a resident, I believe that is what it was).

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whidden39

From: NULL

3/5/2014 07:53 EST

Katianna: Let's hope it never gets implemented. If it does, I'll have to be careful about seeking an exemption., I guess. Thanks for the info.

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