My husband and I are dual US/Italian citizens planning on moving to Italy in the next year or so. We will be living in Italy for about 10 months out of the year. We will be retired once we move over, although my husband may look for some part-time work in his field. We will be eventually selling our home in the US. We are trying to find out the following:
1. If it is possible or desirable from a tax standpoint to get a mortgage for about 1/2 of the purchase price of a house to get a mortgage deduction on our taxes. We know it is difficult to get a mortgage in Italy. Is it feasible to get one from either a US or international bank?
2. Italian tax rates for capital gains, ordinary income, dividends, social security.
3. How to keep US bank and investment accounts, drivers licenses in the US. Do you need a US address and if so, how have others dealt with this?
4. Wills - how do assets get dealt with for dual citizens who are Italian residents? The bulk of our assets, aside from the house we purchase, will remain in the US.
Thanks so much for any help you can give. There is a lot of information that we need to find out for planning purposes.
1. If it is possible or desirable from a tax standpoint to get a mortgage for about 1/2 of the purchase price of a house to get a mortgage deduction on our taxes. We know it is difficult to get a mortgage in Italy. Is it feasible to get one from either a US or international bank?
2. Italian tax rates for capital gains, ordinary income, dividends, social security.
3. How to keep US bank and investment accounts, drivers licenses in the US. Do you need a US address and if so, how have others dealt with this?
4. Wills - how do assets get dealt with for dual citizens who are Italian residents? The bulk of our assets, aside from the house we purchase, will remain in the US.
Thanks so much for any help you can give. There is a lot of information that we need to find out for planning purposes.
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