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!!
On January 7th, 2020, I had a great meeting with the Mayor of Tropea, Giovanni Macri', who is very excited about this campaign of mine: '7% flat tax’. He is looking forward happily to giving his best assistance to people who are interested in moving to Tropea and getting their residency there.
What is '7% flat tax'?
The 2019 Italian Budget Law introduced a new special tax regime aimed at attracting individuals who hold foreign pensions, encouraging them to transfer their tax residence to one of southern Italy’s municipalities. The 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.
Taxpayers can opt for the flat tax of 7%, regardless of their age and citizenship if they:
- Transfer their tax residence from a country with an administrative cooperation agreement with Italy to one of the following Italian southern regions: Abruzzo, Basilicata, Calabria, Campania, Molise, Apulia, Sicily, and Sardinia, in a Municipality with a population of fewer than 20,000 inhabitants; and
- Have not been tax residents in Italy for at least five tax periods prior to the transfer to Italy;
- Currently are in receipt of a foreign pension.
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. Recently, with the new Mayor, Tropea is cleaner and lovingly attended to, and its fascinating features are even more charming. This holiday season, the city and port shone with beautiful Christmas lights, families delightedly strolled the packed center, enjoying the shops open late, and the "mercatini di Natale". Tropea has become even more fascinating and enchanting.
"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 the 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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