This is really helpful. All of the time we spent previously looking for homes in the 7% areas, which we did not like, were not necessary if we only receive a public pension, a.k.a. Social Security, while residents in Italy. Thank you.
Did I miss something? What time in the video did he say SS was considered "public entity"? Double check that, I don't think that's the case. Police, Fire Fighters, Public school teacher, military etc., etc. falls in the public entity group.
Great info! Would be great to have a follow-up video going into more detail. There are a lot of forms of "pensions" in US. Real private company pension, Social Security, 401k, IRA and a lot of others. And there's the "Roth" variant for 401k, IRA, etc. Would be great to understand if all those are considered "pensions" under the double taxation treaty. Also would be great to talk about the Roth accounts which are tax free in US. So many more questions :)
If I have a public pension (military and social security) and I have an Elective Residency Visa (US Citizen) and reside in Italy...would I be taxed by USA or Italy? Thank you!
Hello, when you perceive a pension is because on your entire working life you paid the us social security...this can be public if your worked for public entity or private if you worked for private entities.
Sorry but just to clarify Is the 7% regime only available to people receiving private pensions? I US Social security considered a private pension if the contributions were made while working for private companies?
Most Public positions don't pay into Social Security, they have their own pension, for example the Connecticut State Teachers Pension where they don't deduct SS each paycheck, and therefor teachers are not eligible to collect SS form that particular job.@@esentaxa
Great Information. I currently live in Italy (resident), and my wife is a dual citizen (United States/Italy). My income is from my public pension (worked for the government). Do I still have to file a tax return with Italy declaring my pension as income even though it appears I won't be taxed on it? Thanks
Thanks. This income is not imposable which means that in general cases should not appear in your Italian tax file return unless specific regulations changed in the last years. Please double-check with your Italian accountant first.
How are U.S. IRA (regular IRA) taxed in Italy? On gains in the IRA? On distribution (withdrawal) from the IRA? Or both? There doesn't seem to be a consensus on this. If you read the U.S. tax treaties, they claim that IRAs, 401K have no taxable activity happening inside the account. Only a distribution can be taxed. But Italy may not agree?
Great information! Thanks! So if I’m only receiving US public pensions (federal civilian, reserve military, and VA disability), and I therefore won’t be paying any income tax in Italy, is it still possible to establish residency/citizenship in Italy? I thought you had to be paying Italian taxes for 5 years to be eligible for permanent residency and another 10 years for citizenship…
Salve, Andrea. I am considering (seriously) moving to Italy in 3-4 years. I am a dual US / Italian Citizen. I will be living partially off a Public Pension. Thank you so much for the information in this video. I have a few other questions for you. Can I set up a private consultation or possibly message you my questions? Grazie, mille.
Can you tell me if USA 1099 self employed income is considered passive income for Visa? Also I'm assuming if I continue to earn this income while semi-retired in Italy I would pay the Italian income tax? Grazie!
Can someone tell me what logic is behind the regulation that the 7% flat tax is only applicable for communities below 20,000 inhabitants? This doesn't make sense to me!
Very interesting content on the subject, but I have a question on my particular situation: I receive two government pensions - 1) from the City of New York (which is tax free from State income taxes); 2) Social Security Disability pension (which is tax free under the first $32,000 received). My dream is to retire in Italy 🇮🇹. Under Article 19, will Italy tax my tax-free disability income? And, in other words, does Italy charge income taxes upon disabled persons receiving disability pensions?
My wife and I are planing to move to Italy. As a public pensioner, I have been told I will be taxed in the US and Italy. My wife will soon be a dual citizen, and has a private pension that will also be dual taxed. This is the info that is available to us in the US. Also, should we obtain a fiscal codice?
Hello Russ, yes the fiscal code will be mandatory and you can start asking this code from the Italian embassy or when you are in Italy at any Italian tax agency office. About the tax declarations in both countries these information are available in the convention signed between Italy and Us government -> home.treasury.gov/system/files/131/Treaty-Italy-8-24-1999.pdf
This is really helpful. All of the time we spent previously looking for homes in the 7% areas, which we did not like, were not necessary if we only receive a public pension, a.k.a. Social Security, while residents in Italy. Thank you.
Did I miss something? What time in the video did he say SS was considered "public entity"? Double check that, I don't think that's the case. Police, Fire Fighters, Public school teacher, military etc., etc. falls in the public entity group.
@@Janemas Social security is fully taxable in Italy. It is NOT a public pension at all. Article 18 spells this out explicitly.
@@billobrian2249 SS It is a govt pension - call it whatever you want .. public of govt .. already fully taxed ..
Great info! Would be great to have a follow-up video going into more detail. There are a lot of forms of "pensions" in US. Real private company pension, Social Security, 401k, IRA and a lot of others. And there's the "Roth" variant for 401k, IRA, etc. Would be great to understand if all those are considered "pensions" under the double taxation treaty. Also would be great to talk about the Roth accounts which are tax free in US. So many more questions :)
Thanks for suggests
If I have a public pension (military and social security) and I have an Elective Residency Visa (US Citizen) and reside in Italy...would I be taxed by USA or Italy? Thank you!
I apologize if I didn't understand - what about US Social Security? Is that a "public entity" pension?
Hello, when you perceive a pension is because on your entire working life you paid the us social security...this can be public if your worked for public entity or private if you worked for private entities.
Sorry but just to clarify
Is the 7% regime only available to people receiving private pensions?
I US Social security considered a private pension if the contributions were made while working for private companies?
Most Public positions don't pay into Social Security, they have their own pension, for example the Connecticut State Teachers Pension where they don't deduct SS each paycheck, and therefor teachers are not eligible to collect SS form that particular job.@@esentaxa
Thank you!!!!!
How are 401k and ROTH distributions taxed?
Great Information. I currently live in Italy (resident), and my wife is a dual citizen (United States/Italy). My income is from my public pension (worked for the government). Do I still have to file a tax return with Italy declaring my pension as income even though it appears I won't be taxed on it? Thanks
Thanks. This income is not imposable which means that in general cases should not appear in your Italian tax file return unless specific regulations changed in the last years. Please double-check with your Italian accountant first.
We are 66 YO retired educators. Will our social security benefits and teacher pensions be taxed in Italy?
Thanks.
Dean & Cindy
Dear you can contact us via email at info@esentaxa.com
Can you do a video for Canada/Italy?
you need to get a better mic and speak slower thank you
How are U.S. IRA (regular IRA) taxed in Italy? On gains in the IRA? On distribution (withdrawal) from the IRA? Or both? There doesn't seem to be a consensus on this. If you read the U.S. tax treaties, they claim that IRAs, 401K have no taxable activity happening inside the account. Only a distribution can be taxed. But Italy may not agree?
you can send us an email at info@esentaxa.com
Great information! Thanks! So if I’m only receiving US public pensions (federal civilian, reserve military, and VA disability), and I therefore won’t be paying any income tax in Italy, is it still possible to establish residency/citizenship in Italy? I thought you had to be paying Italian taxes for 5 years to be eligible for permanent residency and another 10 years for citizenship…
Dear you can contact us via email at info@esentaxa.com
What about veterans and US pension, is it taxable in Italy. Veterans pension in US is not taxable, only the retirement from military.
Dear, you can contact us via email for additional info
Salve, Andrea. I am considering (seriously) moving to Italy in 3-4 years. I am a dual US / Italian Citizen. I will be living partially off a Public Pension. Thank you so much for the information in this video. I have a few other questions for you. Can I set up a private consultation or possibly message you my questions? Grazie, mille.
Dear, yes please contact us at info@esentaxa.com
Can you tell me if USA 1099 self employed income is considered passive income for Visa? Also I'm assuming if I continue to earn this income while semi-retired in Italy I would pay the Italian income tax? Grazie!
Dear, you can book a 15 min call for those specific question, kind regards
Can someone tell me what logic is behind the regulation that the 7% flat tax is only applicable for communities below 20,000 inhabitants? This doesn't make sense to me!
Hello, the logic behind is to fight against the depopulation problem of small towns in South of Italy.
Read up on it. It's an incentive to attract people to smaller, less popular, less wealthy areas of Italy, mostly south of Rome.
Very interesting content on the subject, but I have a question on my particular situation:
I receive two government pensions -
1) from the City of New York (which is tax free from State income taxes);
2) Social Security Disability pension (which is tax free under the first $32,000 received).
My dream is to retire in Italy 🇮🇹.
Under Article 19, will Italy tax my tax-free disability income? And, in other words, does Italy charge income taxes upon disabled persons receiving disability pensions?
Hello in general cases domestic and foreign disability pensions might be not taxed in Italy under certain conditions.
My wife and I are planing to move to Italy. As a public pensioner, I have been told I will be taxed in the US and Italy. My wife will soon be a dual citizen, and has a private pension that will also be dual taxed.
This is the info that is available to us in the US. Also, should we obtain a fiscal codice?
Hello Russ, yes the fiscal code will be mandatory and you can start asking this code from the Italian embassy or when you are in Italy at any Italian tax agency office. About the tax declarations in both countries these information are available in the convention signed between Italy and Us government -> home.treasury.gov/system/files/131/Treaty-Italy-8-24-1999.pdf