Imagine living in a historic and beautiful beach town, with crystalline water, stunning panoramas, unique sunsets, Mediterranean climate, history and culture, excellent and cheap food, and much more...Imagine paying only a 7% flat tax, and zero in property tax...
Where is this dream? TROPEA... Calabria... Italy!!
The 2019 Italian Budget Law introduced a new special tax regime, aimed at attracting individuals who hold foreign pensions to transfer their tax residence to one of southern Italy’s municipalities. This is known as the “Foreign Pensioners’ regime” as it requires the individual to already be in receipt of a foreign pension. Starting from 1 January 2019, beneficiaries of this special regime, may opt to pay a substitutive tax of 7% on all foreign source income in lieu of the progressive tax rates (which range from 23% to 43% plus 3% as local taxes).
The special regime, which took effect from 1 January 2019, allows taxpayers holding foreign pensions, who have not qualified as Italian tax residents for at least the previous five tax periods, to opt for the application of a flat tax of 7% to all foreign source income.
Taxpayers can opt for the flat tax of 7%, regardless of their age and citizenship if they:
By claiming the special tax regime, taxpayers will be exempt from additional income tax, local taxes and wealth taxes on all foreign source income. Moreover, for the entire length of the option no foreign asset monitoring obligations apply.
Also, if you buy a home there, as a 'prima casa', you will get tax relief, with zero costs in property tax.
Piero Lorenzo, broker-owner of Lorenzo International Real Estate, who specializes in helping foreign buyers to purchase homes in Italy, is available to assist you in this exciting process from A to Z.
Buying a home in Italy is an incredible deal today, and Tropea is certainly one of the best destinations that you can find: amazing sea, Mediterranean climate, spectacular sunsets, great and cheap food, history and culture of this ancient port of Hercules, friendly people, and much more. You will fall in love with Tropea.
"Tropea has all the necessary features to establish itself overwhelmingly as a perfect destination to enjoy one's pension while getting the tax advantages (7% taxation) offered by new Italian tax law: mild climate, incomparable natural beauty, food, history, culture, friendship, hospitality and, something very important, a municipal administration ready to give the maximum assistance and care needed to people who want to undertake this adventure. Therefore, I welcome with great satisfaction and joy the brilliant initiative and promotional campaign launched by our fellow compatriot and Tropea native, Piero Lorenzo. I trust that I will soon establish a collaborative relationship with him, in order to make this opportunity known in the US market."
by Giovanni Macri, Mayor of Tropea.
Note: if you are a citizen of the European Union, you can get the residency just by buying or renting a home in Italy. If you are a non-EU citizen, you'll need to get a long term visa first.
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