Italian Limited company SRL

Further to recent investigations regarding using a UK limited liability company with registered branches in Italy or setting up an independent Italian corporate identity i would like to further discuss the Italian limited liability company known in Italy as SRL (Società a responsabilità limitata), literally translated as “company with limited responsibility.” And similar to a UK ltd company.

For those of you considering DIY restoration of your Italian property, there are certain options. Read the rest of this entry »

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I am doing some research into opening an Italian branch of a UK Ltd business. The italian branch will operate locally and employ italians. A new SRL (italian limited company) is 1 obvious option but I am interested to hear if anyone has used ONLY their UK Ltd company corporate structure to operate in Italy and con share their experience about either of the following italian solutions a) opened a “sedi secondarie” a full secondary head office which should be registered in the “Registre Imprese” Camera di Commercio (Italian Chambers of Commerce) OR  b) opened a “unità locali” like a small office which only needs registering at the “REA Repertorio economico e amministrativo” (sub category of “Registre Imprese”).
Please outline :
A: Difference between a) or b).
B: Costs of solution a) or b).
C: Benefits : tax& operational of a) and/or b) compared to the SRL option
Please focus on the corporate structure and tax issues. This is not a question about employment in italy or INPS or INAIL in Italy.

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Income Tax Italy IRPEF

I was just advising some clients about income tax on the rental income for thier italian property and thought you may wish to know the personal income tax rates in italy, locally know as IRPEF

There is no tax free income. The following is for income raised during the financial year 2009 upto 31/12/09. In Italy the tax year is the same as the calender year.Tax returns on the Mod 1 due 31.5.10.

First 15,000 euros taxed at 23%

Further income from 15000 – 28000 taxed at 27%

Further income from 28000 – 55,000 taxed at 38%

Further income from 55000 – 75000 taxed at 41%

Anything above 75000 taxed at 43%

So an income in Italy  of 100,000 euros would result in an italian tax bill of

15000@23%=3450

28000-15000=13000@27%=3510

55000-28000=27000@38%=10260

75000-55000=20000@41%=8200

100000-75000=25000@43%=10750

For a total tax bill of 3450+3510+10260+8200+10750=36170

Thats 36.1% italy income tax IRPEF on a 100,000 italian income…How does that rate to your countries income tax rate…post comments to let us know.

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George Clooney was spotted in Como with his girlfriend Canalis at an official italian superenalotto game shop. Apparently he bought 1000 sisal lottery tickets and Miss Canalis played 500 lotto in italy games for a total spend of 1500 euros. Rumours state they will donate any italian superenalotto jackpot winnings to Haiti. Today the lottery jackpot in Italy is over 130 million euros !!!! Click here for the latest italian lottery results
You too can PLAY superenalotto in Italy follow this link to Superenalotto.

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A property in Italy is given a rateable value by the Ufficio di Entrate (tax office) called valore catastale. It is important when you buy a house in Italy to be informed of the rateable value as some of the notary fee is based on this value. If you do a property search requesting the visure catastale the rentable value rendita catastale will be declared. Multiply the rendita catastale by 126 to calculate the valore catastale.

In some cases often in the south of Italy the valore catastale (rateable value) can be higher than the actual market value. Be careful as the notary will declare both values and any large difference may attract an italian finance police (la finanza) investigation. What you believe a bargain the finanza may believe you were purposely understating the value of the property thus tax avoidance by assisting the seller to avoid higher capital gains tax.

To avoid this you can request a perito quantity surveyor to officially value the property and produce a report called relazione di perito where the quantity surveyor swears in front of a judge his valuation of the property. Give this copy to the notary and ensure he makes reference to it in the atto di vendita final purchase deed.

This means you will pay lower notary fees “purchase taxes” and not be accused of tax avoidance.

Of course if the market value is higher than the catastal value then you don’t need to worry about this issue.

The above is an extract from the MIPC “Italian Property Consultant” ebook. Subscribe to our newsletter to receive similar italian property news.

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If you plan to buy a property in Italy always engage a professional Italian Property Consultant.

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Venice Airport VCE

There are 2 airports in/near Venice. Please note which you need to return home from as otherwise you may find yourself in the wrong departure lounge

Closest to Venice is the Marco Polo Airport (VCE) , 15 minutes east of Mestre, used by major airlines.

Nearby is Treviso airport (TSF) also referred to as Venice by certain low cost airlines likes Ryanair, which is 30 minutes north east of Venice.

Either is great for visiting Venice. Both are also used for skiing in Italy in the Italian Dolomite ski region for resorts such as Cortina, Arabba, Selva di Cadore, Corvara, Colfosco, Alleghe.

Here is a brief outline about Venice Marco Polo Airport VCE Read the rest of this entry »

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MADE EXPO Milano Architettura Design Edilizia

MADE is the international event for Projects Architecture and Building which takes place at the Milan Rho exhibition centre from 3rd – 6th February 2010 in Italy.

How to get to Milan Rho exhibition centre ? : Rho is here NW Milan centre. Nearest airport is Milan Malpensa MXP, though unless you are travelling by taxi or car (40 minutes) its a little difficult to get from MXP to Rho. I would advise Milan Linate (LIN) if your travelling by foot, as from here you can easily travel into Milan central railway station(30 mins) and then get the MM1 (red) tube line directly to “Rho-Fiera” (40 mins-last stop). Follow this link to the official Rho exhibition centre Milan Italy website for further details. You could also travel to Bergamo airport (BGY), hire a car in Italy and then take the A4 into Milan and then the A8(E62) and then you will see signs for FieraMilano and Rho-Fiera (1.5hrs).

Italian Property Consultant MIPC is actively involved in property restorations in Italy and collaborates with Italian Architects, Geometras (an Italian hybrid of project managers) and Italian construction firms. MIPC will be visiting MADE in Milan Italy for networking and to keep up to date with new building techniques, ecological products and the latest bio-architecture designs. We are also particularly interested in the “Borghi & Centri Storici” which focuses on the restoration and the improvement of Italian historical centres, like Salemi, as a new “made in Italy” product, within a framework of sustainable development.

If you too are considering to build a house in Italy or a restoration project in Italy then maybe you should consider a visit to MADE and we can meet up, if so contact MIPC your Italian property consultant.

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Italian TV licence annual renewal is due by 31st January 2010 for any of you that own a house in Italy with a TV in the italian property. This is know by the Italian state TV the RAI as a subscription. Visit RAI for further details and how to pay (click relevant language flag in bottom left corner). This also applies to you italian abroad still owning your house in Italy. Annual subscription 109 euros for 12 months.

ps Some of you may have searched italy TV license not Italian TV licence.

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Serpentara Sardegna Italian Island for Sale Italy 600,000 euros

island for sale sardegna

Serpentara 2 miles off the South East coast of Sardegna is for sale. Located in the province of Cagliari in the far south east corner near the town of Villasimius, see google maps.  South of Villasimius heading towards the Punta Santa Caterina is the island of Isola dei Cavoli, further east and a little north is the island of Serpentera, 2 miles off the coast of Sardegna see google maps , which translated means Serpent named after the shape of the island coast line.  134 hectares of land in Italy with 1 old building known as the La Torre di San Luigi (circa 1700), that’s Saint Luigi’s old tower / lighthouse in Italy and a 2^nd world war buncker on the coast. There is no planning permission to build your luxury Italian beachside property, nor a lovely villa set Read the rest of this entry »

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Italian superenalotto fever is back in Italy as the jackpot for the national lottery hits over 120million euros. With tickets in Italy costing 1 euro to play 2 combinations of 6 numbers from 1-90 its pretty cheap to play, but the odds of striking the italy lotto jackpot are high. If you want to take part from abroad read here how to play superenalotto italy and check here for the italian superenalotto results . Buona fortuna. Read the rest of this entry »

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