You should alert your viewers about the 7% Tax Scheme for living in Southern Italy in villages with less than $20,000 residents. Also there are numerous villages in Lazio, Abruzzo and Umbria that also qualify for the 7% tax scheme.
Didn't want to get into it in this video as it was very basic. A good website for that is www.StudioLegaleMetta.com. I personally don't think it is such a great idea. Yes you might shave a little money off your tax bill, but you may end up paying a lot of it back to where you came from since you will still be liable in your home country for taxes after you pay Italy. I also don't like the idea of having to live in a small town in the poorer provinces. There's a reason why they're trying to get people to move there. I'd like to have nice stores and ample medical care near me. I also worry about the temperatures in the very southern parts of Italy which are already approaching 50°C. Just things to consider everybody's different
Thanx Brad. It is very complicated. Initially people do not realize how complex it is and how we have to set up our finances in order to apply for residency. It makes us more responsible for this process. GIna in Upstate NY USA moving to Italy/Portugal
@@BradsWorld No thank you for you very informative and truthful information on renting and applying for residency. You are very upfront and forth coming. My advice to anyone is to seek legal advice and professional tax advice. It's not simple at all. The definition of passive income is pretty structured. I do not think a lot of people are aware of what is required. They try and ask on social media forums. Thanx brad. Hope to meet you and your lovely wife one day and stay at your beautiful lodging.
Thanks, this answered a lot of questions. I would be in Italy as a retiree, living on pensions and personal assets. I'm already on medicare in the US, so the inexpensive medical care offered by Italy is less advantageous for me. As a US citizen, my main goal is to be able to spend more that 3 months at a time in Italy and Europe, and the Retirement Visa that Italy offers could help. Not sure I want to deal with the complexities of handling taxes both in Italy and the US though.
Everyone should consult a tax specialist. If you use one in the US, make sure you use one that specifically knows international tax law. I’ve had my same accounting firm for 35 years since I was in my early 20s. They do not know international tax law that well and it’s like this huge wealth management company. Find a specialist and get your answers. And cheaper healthcare is only one reason to move here. I think our living expenses are less than 1/3 of what they were in the US. I can pay my rent for my three bedroom farmhouse here for less than $10,000 a year. That’s cheap and we live in an expensive area.
So, if I move to a 7% flat tax area of Italy- Given the tax treaty to protect double tax, after I’d pay my 25% for example, to the United States, I wouldn’t owe Italy anything because I paid more than 7% to US?
Ciao Brad. Very helpful. About the healthcare system. Is that really included in your tax payment ? I'm trying to figure out the total payments of tax, healthcare and social contribution, when running a €150000 freelance-gig through a simple Partita Iva.....
Depends on Visa. In an ERV we had to contribute first year €2700. If you are in a self employed visa I believe it is included and you are eligible when you arrive. I am NOT an immigration lawyer so check everything I say even if you just ask me the time…! 🤣🤣😬 Just kidding about the last part! Ciao Brad
Wow really so once you take re sidency you have to pay tax on all your income you make globally. So if you stay longwr than 6 months youll pay income tax. 21 per cent of gross income made in Italy. Yeah same as uk i think.
Medicare? We are years away from that. We were in the open exchange. Self employed. There wasn’t a single option we could find without using government money that was under $1200 and they didn’t cover much. I love to hear what coverage you had and if it was funded somehow by taxpayers or ?
Couple people have said that out of thousands of comments. There’s extra things I want to throw in and most people are able to multitask. You can always pause or go back I guess…
Very helpful info. Thanks Brad!
You are welcome!
You should alert your viewers about the 7% Tax Scheme for living in Southern Italy in villages with less than $20,000 residents. Also there are numerous villages in Lazio, Abruzzo and Umbria that also qualify for the 7% tax scheme.
Didn't want to get into it in this video as it was very basic. A good website for that is www.StudioLegaleMetta.com.
I personally don't think it is such a great idea. Yes you might shave a little money off your tax bill, but you may end up paying a lot of it back to where you came from since you will still be liable in your home country for taxes after you pay Italy. I also don't like the idea of having to live in a small town in the poorer provinces. There's a reason why they're trying to get people to move there. I'd like to have nice stores and ample medical care near me. I also worry about the temperatures in the very southern parts of Italy which are already approaching 50°C. Just things to consider everybody's different
You are so generous of your time and knowledge. I thank you for it.
My pleasure!
Wow loved that you included pictures of the Trentino/Tyrol.
Glad you liked it!
Thanx Brad. It is very complicated. Initially people do not realize how complex it is and how we have to set up our finances in order to apply for residency. It makes us more responsible for this process. GIna in Upstate NY USA moving to Italy/Portugal
Thanks Gina!!
@@BradsWorld No thank you for you very informative and truthful information on renting and applying for residency. You are very upfront and forth coming. My advice to anyone is to seek legal advice and professional tax advice. It's not simple at all. The definition of passive income is pretty structured. I do not think a lot of people are aware of what is required. They try and ask on social media forums. Thanx brad. Hope to meet you and your lovely wife one day and stay at your beautiful lodging.
Brad, this was very helpful.
Thanks, glad you found it useful!
Thx Brad. Very informative
You are welcome! BRAD
Great info!
Glad you think so!
Great info!! Love videos like this.
More to come!
Thanks, this answered a lot of questions. I would be in Italy as a retiree, living on pensions and personal assets. I'm already on medicare in the US, so the inexpensive medical care offered by Italy is less advantageous for me. As a US citizen, my main goal is to be able to spend more that 3 months at a time in Italy and Europe, and the Retirement Visa that Italy offers could help. Not sure I want to deal with the complexities of handling taxes both in Italy and the US though.
Everyone should consult a tax specialist. If you use one in the US, make sure you use one that specifically knows international tax law. I’ve had my same accounting firm for 35 years since I was in my early 20s. They do not know international tax law that well and it’s like this huge wealth management company. Find a specialist and get your answers.
And cheaper healthcare is only one reason to move here. I think our living expenses are less than 1/3 of what they were in the US. I can pay my rent for my three bedroom farmhouse here for less than $10,000 a year. That’s cheap and we live in an expensive area.
Ciao Brad, this was very helpful, Grazie, how about taxes for retirement, is all that in your book? Grazie Mille.
Not really retirement. It is a book about buying real estate, not being an expat here... Hope you like it!
So, if I move to a 7% flat tax area of Italy-
Given the tax treaty to protect double tax, after I’d pay my 25% for example, to the United States, I wouldn’t owe Italy anything because I paid more than 7% to US?
Does the treaty between Italy and the USA against double taxation allow you to pay income taxes only in Italy if you reside there ?
It did for me for the last reporting year…. Can’t say it will for everyone every year.
Ciao Brad. Very helpful. About the healthcare system. Is that really included in your tax payment ? I'm trying to figure out the total payments of tax, healthcare and social contribution, when running a €150000 freelance-gig through a simple Partita Iva.....
Depends on Visa. In an ERV we had to contribute first year €2700. If you are in a self employed visa I believe it is included and you are eligible when you arrive. I am NOT an immigration lawyer so check everything I say even if you just ask me the time…! 🤣🤣😬
Just kidding about the last part!
Ciao
Brad
1600 month in usa for healthcare wow
Very helpful, is there any taxes when moving all abroad bank account to Italian banks?
Not sure but don’t think so.
@@BradsWorld Thank you for the free pdf book
Wow really so once you take re sidency you have to pay tax on all your income you make globally.
So if you stay longwr than 6 months youll pay income tax. 21 per cent of gross income made in Italy. Yeah same as uk i think.
You paid $1600/mo for healthcare….in Texas?! Ridiculous. I pay $250, and I’m 68, retired.
Medicare? We are years away from that.
We were in the open exchange. Self employed. There wasn’t a single option we could find without using government money that was under $1200 and they didn’t cover much.
I love to hear what coverage you had and if it was funded somehow by taxpayers or ?
Very frustrating to have you narrating one thing and displaying text on the screen describing something completely different at the same time.
Couple people have said that out of thousands of comments. There’s extra things I want to throw in and most people are able to multitask. You can always pause or go back I guess…