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Engel & Völkers Licence Partner Venice > Blog > Flat Tax: why Venice?

Flat Tax: why Venice?

What is the new flat tax and how it is possible to apply it?

The new “flat rate tax” of 100,000 euro a year will apply to all foreigners who will declare being Italy the country of their first residence, for tax purposes. Such possibility can also be extended to any family member, for an amount of € 25,000 per member per year. This flat tax replaces any personal income tax normally due on any foreign income. This privileged tax status is available for up to 15 years.

The payment must be done in one solution for every fiscal year covered by the tax, within the deadline for the payment of the income tax balance. The flat tax covers the income produced abroad but does not apply to capital gains earned through the sale of financial holdings during the first five tax years of validity of the measure. The request can be filed in person, sent by certified mail.

Why relocate your residence in Venice?

Venice, "city on water", is the capital of Veneto Region. It was the capital of the Republic of Venice, known as the "Serenissima", and it was part of the other maritime republics, along with Genoa, Pisa and Amalfi. For the peculiarities of urban planning (the only city that has been mostly built on the water, through complex piles systems, and having canals instead of normal artificial roads) and for the unmatched artistic heritage, Venice is considered one of the most beautiful cities in the world and has recently been included among the UNESCO World Heritage Sites. The economy of Venice is based mainly on tourism, largely from abroad. The traveler, even just passing, is captivated by the beauty and multitude of monuments and art works.

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