Ep. 10 - Italian Residency and Taxes in Italy

05/04/23 • 29 min

Episode 10. RESIDENZA - Formal residency or legal domicile - Codice Fiscale -
Buying a property without Visa- Why having Residenza (legal domicile) is so
important and useful.
Attorney Michele Capecchi and co-host Monica Sharp continue their analysis of the
most important aspects related to real estate transactions in Italy, including
misconceptions, errors and pitfalls to avoid. The spoke extensively of

RESIDENZA - Formal residency or legal domicile
Codice Fiscale
Buying a property without Visa
Financing the purchase of a property in Italy
Flat Tax for high net-worth individuals
Tax consequence in case of Italian residency
Consequence of setting up residency for the purpose of obtaining the National
Healthcare coverage provided by the government.
Opening a bank account in Italy without a visa
Registration with the Healthcare system – Healtcare card

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The Italian Legal Whisperer TM️©️
Hosted by Avv. Michele Capecchi LL.M.
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Copyright © [2023] Capecchi Legal. All rights reserved.
Disclaimer: The information provided in this podcast is for general information purposes only and does not constitute legal advice. Please consult with a licensed attorney for legal advice specific to your circumstances.

RESIDENZA - Formal residency or legal domicile
Codice Fiscale
Buying a property without Visa
Financing the purchase of a property in Italy
Flat Tax for high net-worth individuals
Tax consequence in case of Italian residency
Consequence of setting up residency for the purpose of obtaining the National
Healthcare coverage provided by the government.
Opening a bank account in Italy without a visa
Registration with the Healthcare system – Healtcare card

Previous Episode

Ep.4 - Elective Residency Visa - Golden Visa

Episode 4. The Elective Residency Visa in Italy – Non working visa – Also know as Retirement Visa. Is it the "Italian Golden Visa"?
Peculiarities and misconceptions.
Tax Incentives.

In this episode, we discuss the Elective Residency Visa in Italy, a special type of visa that allows foreign nationals to stay in the country for longer than 90 days without working. We shed light on the details of this visa scheme and its application process.
Firstly, the guest explains that the elective residency visa is intended for people who wish to reside in Italy without pursuing any work activity. They also emphasise the importance of respecting this requirement and showing that you have a so-called passive income. Some examples of passive income are: pensions, social security benefits, rental income from owned properties, corporate dividends, royalties, etc.
Your documents must prove your ability to generate new "fresh" (passive) income and you must prove that these income can be reasonably expected to continue over time.
You cannot rely simply on investments.
The host further explains that the elective residency visa while include the word "residency" is not the same as obtaining the "residence" (residenza) in Italy. Residence in Italy refers to your permanent domicile, whereas an elective residency visa deals with immigration.
From a cronological and logical point of view, you first apply for the Elective Residency Visa (via the consulate) then you get the permit to stay (via the immigration office in Italy), then you can apply for and request the residenza (via the local municipality, or comune)
If you want to access the public healthcare system in Italy, you need to have a residence. Therefore, obtaining an elective residency visa does not automatically make you eligible for the public healthcare system. You need to request the registration as residente, first.
When it comes to the application process, the hosts advise being flexible and adapting to the timing of the consulate. Given the impredictability of the time that the consulate can take to review your cases, is important to buy a ticket that can change your departure time to fit the consulate's schedule.
In conclusion, the elective residency visa is a great option for those who wish to stay in Italy for an extended period, and normally without a time limitation, without working. It requires planning, showing a passive income, and flexibility during the application process.

Next Episode

Episode 12 - Italian Citizenship by Descent (PART 2) - Naturalization, APOSTILLE and other amending names discrepancies

Some of the most important documents which need to be collect in order to be able to file the application (regardless of the place where we file: Consulate, Local Municipality or Court): Naturalization Certificate, Apostille, and all the documents discrepancies.
CERTIFICATE OF NATURALIZATION
Until 1992, with the acquisition of foreign citizenship, the applicant was forced to renounce his/her Italian citizenship. The certificate of naturalization tells us when and if the Italian-born ancestor, eventually decided to relinquish his Italian citizenship. Only if the naturalization was completed after the birth of the child born abroad, you can explore the possibility of reclaiming their Italian citizenship. This certificate plays a crucial role in assessing your eligibility to regain Italian citizenship.
But if your family thinks or knows that your ancestor never became a citizen in another country, you might need a Certificate of Non-Existence (CONE). This certificate proves that there's no record of your ancestor becoming a citizen elsewhere.

WHAT IS THE APOSTILLE

Every document that comes from abroad ( birth, marriage, death record, naturalization paperwork, draft cards, divorces, adoptions, power of attorney etc) must be certified as authentic before being used in Italy. It is not sufficient to be "super new" or to have an "embossed seal". The document must proven as authentic.
One of the handiest tools internationally recognized to obtain this certificate of authenticity of your documents is the APOSTILLE, a statement issued by a national authority (in the US, is the Secretary of State or Department of State) physically attached to your certificate that is internationally accepted and recognized as "the seal" that proves that the document si original and that it can be used internationally. The apostille is a certificate of authenticity. Without it, your "original document" is useless and not usable for your citizenship reacquisition.

DOCUMENTS and Documents DISCREPANCIES,
Birth, adoptions, marriage, and divorce certificates, death certificates: every document that proves the line of blood from the Italian-born ancestor up to you, is essential. Even small discrepancies in the names and dates could undermine your chances of obtaining Italian citizenship because the Italian authorities will only consider applications that are flawless and with a perfect match of the dates and names.
Bring to our attention if you are aware of any discrepancy in names, middle names, and last names, and we will discuss the best way we could obtain the correction of these documents: actual amendment, "one and the same", court orders.
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