As a US person (citizen or green card holder) thinking about moving to, or already living, in Italy, it is essential to engage a suitably experienced adviser to handle your investment and tax planning requirements.
The obligation to file tax returns in the US and Italy, with the associated double taxation ‘burden’, can be complicated and confusing.
In fact, since the Foreign Account Tax Compliance Act (FATCA) was introduced in 2010, more and more financial services firms globally, including banks and asset managers, have removed access to their services for US persons abroad. More recently, we are seeing US based financial institutions withdrawing services for US clients due to the complexities of meeting multi-jurisdictional tax reporting obligations.
As an example, there are tax laws in the US designed to penalise holders of some foreign held (non-US domiciled) assets, whilst similar reciprocal legislation also applies in Italy, dating back to 1983.
Professional guidance is therefore crucial for ensuring your financial affairs are both tax efficient and fully compliant with both US and Italian regulations.
We also maintain the highest standards of service for our clients and aim to resolve issues quickly and identify solutions in a timely manner. We keep in touch with you every step of the way. This might take the form of messaging/emailing you to clarify information or to say we are simply dealing with an issue or researching information on your behalf. Whatever the situation, we aim to keep you fully informed at all times.