Italy grants first successful non-dom status application to former UK non-dom

Italy has granted the first successful application for non-dom status following the introduction of a favourable tax regime for non-domiciled residents earlier this year.

The regime aims to attract investment to the country by offering newly tax resident individuals in Italy a yearly substitute tax of €100,000 (€25,000 for each additional relative) on foreign-sourced income, instead of taxing income on a worldwide basis. To qualify, individuals must have been non-tax resident in Italy for at least nine out the 10 years preceding their transfer to the country. The regime is valid for 15 years.

The first individual to have been granted non-dom status was represented by Withers. The firm said that the high net worth individual was previously registered as a non-dom in the UK, and decided to move to Italy “to take advantage of the new status and to establish a new hub for his family”.

Head of the Withers Italian tax team Giulia Cipollini, said: “Our client has been non-tax resident in Italy for the past nine years and owns assets and investments around the world and has been the director of several non-Italian companies. He is a great illustration of how the Italian res non-dom scheme can be extremely attractive for internationally mobile individuals and we’re delighted to have been able to secure the first approved non-dom application.”

Acknowledgement: Emma Smith of Accountancy Age

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