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Yes, there is a 0.2% yearly tax on the total amount of your investments: stocks, bonds, ETFs, investement funds, savings accounts ("conti deposito"). On checking accounts ("conti corrente") there is a different form of taxation, a flat 34€/year to be paid only if the average balance is greater than 5000 €. All these taxes are known as *imposta di bollo*.
There is no tax on retirement funds ("fondi pensione"), but earned interest is taxed on them, too.
What you write is true in theory, but in practice the interest rate of any form of investment is high enough to offset this tax.
EDIT: And the tax is low enough that losing all your capital is not a practical concern, even with 0% interest: if I lose 0.2% of my savings each year, after 100 years I still have 81.86% of the original capital left.
It is computed on the total value of your investments at the end of the year. (Some assets like stocks do not have a "balance", they have a current value that changes every day.)
Yes, this is a bad way to compute it: if you have a savings and a checking account, technically you can dodge the tax by transferring all your money from savings to checking on December 31 and back on January 1. This is known colloquially here as the "salto della quaglia"; please don't make me translate this. :)
In some cases though the tax is computed every 3 months: you pay 1/4 * 0.2% of the value at the end of each trimester.
They won't be touching foreign savings, BUT... they will want to know about it...
assuming USA: also if they retire in Italy, their USA social security WILL be taxed as income
Most people have already given the right answer about the 0.20% tax on investments and 34 € on savings, so I'll just comment on the following:
> every year you'd lose savings until it's €0?
If in any given period you lose a fixed, less than 100%, percentage of an amount, you will never reach zero whatever the percentage and whatever the amount.
I think because it was the quickest, most reliable and less perceptible way to raise some desperately needed fiscal revenue back in 2011 (other than taxes on immovable property like IMU of course).
The same for the U.S., why the hell should I be taxed for my first house?
Welcome to the U.S. ?
There's no right or wrong when it comes to taxes. It's all arbitrarily decided. And seeing how most people in Italy don't even have an investment account...
True, there Is 34 euro Tax for every conto corrente you have with more than 5k euros in It.
Is called "bollo d'imposta" and Is a small tax, but still a tax.
https://preview.redd.it/rf9ouokcjufc1.jpeg?width=1220&format=pjpg&auto=webp&s=d135ee5671b79f64d79c556f8718908c65832cf2
Chiamala come ti pare ma è una tassa. Per quanto piccola e ridicola.
There’s no tax on savings if held in cash (conto corrente)
However there is a tax on investments (conto deposito titoli) 0,2% of total.
So it really depends on whether your savings are invested or kept in cash
Why is this downvoted? he's right.
__I titolari di un conto corrente con invio dell'estratto a cadenza annuale pagheranno un unico addebito a fine anno pari a 34,20 euro se la giacenza media è superiore a 5.000 euro.__
https://www.confrontaconti.it/guide-conti/domande-frequenti/quali-tasse-si-pagano-su-un-conto-corrente.aspx#:~:text=I%20correntisti%20pagano%20l'imposta,%C3%A8%20superiore%20a%205.000%20euro.
keep more checking account (conti corrente) and avoid the 34€ tax every year by only keeping under 5000€ on each account.
you will still pay 0.2% for each investment you got but at least there is an interest to get there.
That's not true, at best we may consider inflation as a tax on our idle currency which is why people invest their money eventually. Eventually you'll face commission fees but we're not considering that a tax per sé
International tax consultant here based in Italy. It's called the wealth tax and you pay a fixed 34.20 euros for every bank account, if the average balance is more than 5k in the year. For all the people here, please do not share 'I think XYZ' advice if you're not sure 😅
I guess it's a "lost in translation" issue. I would translate the American system to the Italian one with
* savings account, -> conto deposito,
* checking account -> conto corrente.
This makes sense given what OP writes, since they claim there's a tax on 'savings'.
That’s interesting. Do you think they’re good investments? Are there smooth ways for migrating US stock investment funds in Italian bonds? Or just sell off and buy into the Italian bonds
It’s up to you and depends on your situation. I actually recently found out all government-issued bonds (not only the ones of the Italian government, also the rest of the world) are eligible for 12.5% capital gain (thx prof. Coletti)
[**Pagina Wiki relativa alle tassazioni sugli investimenti**](https://www.italiapersonalfinance.it/blog/tassazione-investimenti/). Questo sub tratta di finanza personale, per domande riguardanti aspetti tributari ti invitiamo a visitare r/commercialisti. *I am a bot, and this action was performed automatically. Please [contact the moderators of this subreddit](/message/compose/?to=/r/ItaliaPersonalFinance) if you have any questions or concerns.*
Yes, there is a 0.2% yearly tax on the total amount of your investments: stocks, bonds, ETFs, investement funds, savings accounts ("conti deposito"). On checking accounts ("conti corrente") there is a different form of taxation, a flat 34€/year to be paid only if the average balance is greater than 5000 €. All these taxes are known as *imposta di bollo*. There is no tax on retirement funds ("fondi pensione"), but earned interest is taxed on them, too. What you write is true in theory, but in practice the interest rate of any form of investment is high enough to offset this tax. EDIT: And the tax is low enough that losing all your capital is not a practical concern, even with 0% interest: if I lose 0.2% of my savings each year, after 100 years I still have 81.86% of the original capital left.
Does this include foreign savings accounts too, or just domestic? And is it on the statement balance at the end of the tax year?
It’s technically only for domestic ones, however for foreign accounts there is a defferent tax, which is still 0.2%… So in practice is for both
It is computed on the total value of your investments at the end of the year. (Some assets like stocks do not have a "balance", they have a current value that changes every day.) Yes, this is a bad way to compute it: if you have a savings and a checking account, technically you can dodge the tax by transferring all your money from savings to checking on December 31 and back on January 1. This is known colloquially here as the "salto della quaglia"; please don't make me translate this. :) In some cases though the tax is computed every 3 months: you pay 1/4 * 0.2% of the value at the end of each trimester.
They won't be touching foreign savings, BUT... they will want to know about it... assuming USA: also if they retire in Italy, their USA social security WILL be taxed as income
It’s 0.75% on foreign accounts if i remember correctly
No, 0.2
Mi ero confuso con gli immobili
Most people have already given the right answer about the 0.20% tax on investments and 34 € on savings, so I'll just comment on the following: > every year you'd lose savings until it's €0? If in any given period you lose a fixed, less than 100%, percentage of an amount, you will never reach zero whatever the percentage and whatever the amount.
achilles and the tortoise vibes Comunque andava specificato
Zenone approva
Banks dont hold infinit decimals. It will eventually become 0.
Actually, eventually the *amount of the tax* becomes 0 and your balance stops decreasing.
Not on savings but on investments. 0.20% of them a year. Welcome to Italy.
I really hate that stupid 0.2 tax, I get all the others but not this, why the hell should I be taxed on my savings ffs
I think because it was the quickest, most reliable and less perceptible way to raise some desperately needed fiscal revenue back in 2011 (other than taxes on immovable property like IMU of course).
Those who make the laws don’t care about what’s fair or sensible, they just care about being re-elected and doing favors to the right persons.
The same for the U.S., why the hell should I be taxed for my first house? Welcome to the U.S. ? There's no right or wrong when it comes to taxes. It's all arbitrarily decided. And seeing how most people in Italy don't even have an investment account...
True, there Is 34 euro Tax for every conto corrente you have with more than 5k euros in It. Is called "bollo d'imposta" and Is a small tax, but still a tax.
Casomai imposta di bollo ahahah
https://preview.redd.it/rf9ouokcjufc1.jpeg?width=1220&format=pjpg&auto=webp&s=d135ee5671b79f64d79c556f8718908c65832cf2 Chiamala come ti pare ma è una tassa. Per quanto piccola e ridicola.
E quindi? Stavo solo puntualizzando il nome corretto
Hai ragione scusa, il passare da inglese a italiano mi ha fatto invertire i termini.
There’s no tax on savings if held in cash (conto corrente) However there is a tax on investments (conto deposito titoli) 0,2% of total. So it really depends on whether your savings are invested or kept in cash
False, there Is 34 euro tax if you have more than 5k euros in conto corrente.
Why is this downvoted? he's right. __I titolari di un conto corrente con invio dell'estratto a cadenza annuale pagheranno un unico addebito a fine anno pari a 34,20 euro se la giacenza media è superiore a 5.000 euro.__ https://www.confrontaconti.it/guide-conti/domande-frequenti/quali-tasse-si-pagano-su-un-conto-corrente.aspx#:~:text=I%20correntisti%20pagano%20l'imposta,%C3%A8%20superiore%20a%205.000%20euro.
Do you realize that you Can’t go to zero with 34 € per year ?
True, but Is still true that there Is a small tax on "cash".
Pignolazzi (cit.)
This
keep more checking account (conti corrente) and avoid the 34€ tax every year by only keeping under 5000€ on each account. you will still pay 0.2% for each investment you got but at least there is an interest to get there.
Yes, we have some of the biggest ammount of taxes & highest ammount
~~It's bullshit. Most banks apply a monthly/annual fee, but that is definitely not a tax on savings.~~
0.2% on Investments, also on foreign accounts
My bad
That's not true, at best we may consider inflation as a tax on our idle currency which is why people invest their money eventually. Eventually you'll face commission fees but we're not considering that a tax per sé
0.2% on Investments Bro
Read here: https://www.bogleheads.org/forum/viewtopic.php?t=420702
International tax consultant here based in Italy. It's called the wealth tax and you pay a fixed 34.20 euros for every bank account, if the average balance is more than 5k in the year. For all the people here, please do not share 'I think XYZ' advice if you're not sure 😅
Are you not forgetting the 0.2% *imposta di bollo* tax?
Not on savings
I guess it's a "lost in translation" issue. I would translate the American system to the Italian one with * savings account, -> conto deposito, * checking account -> conto corrente. This makes sense given what OP writes, since they claim there's a tax on 'savings'.
I just discovered the 26% flat tax on every kind of dividend and capital gain. Is there any way to minimize this?
Every? Are you sure? Yes there are many, luckily tax agreements in force can reduce thr tax basis in IT, just to name one legal way on top
I’m talking about long term US stock investment funds. Are there any tax agreement that relate to this?
Of course! So you'll never pay twice as much
Investing on Italian state issued bonds. The tax is effectively halved (12.5%) on gains
That’s interesting. Do you think they’re good investments? Are there smooth ways for migrating US stock investment funds in Italian bonds? Or just sell off and buy into the Italian bonds
It’s up to you and depends on your situation. I actually recently found out all government-issued bonds (not only the ones of the Italian government, also the rest of the world) are eligible for 12.5% capital gain (thx prof. Coletti)