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.

Popularity: 3% [?]

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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Italian mortgage for the purchase of a property in Italy is available to non resident citizens with Barclays Bank. A maximum of 70% LTV is available.

Italian property in need of restoration can also attract finance with an Italian Restoration mortgage for a maximum of the higher between 70% of the restored house’s value or 70% of the restoration costs.

If you plan to buy a house in Italy and you require further information on current fixed/variable mortgage rates email MIPC for our Italian mortgage datasheet.

Yesterday the British bank Barclays made an improved offer of 540 million euros (804.6 million dollars) for 135 branches of Italian Banca Monte dei Paschi di Siena (BMPS).

This expansion by Barclays despite the crisis saw Barclays offer about four million euros per branch office, an increase from 2.5 million euros proposed a year ago.

Barclays is unusual among European banks in that it is expanding. Last year it picked up cheaply the North American activities of failed US investment banking giant Lehman Brothers and now appears particularly interested in southern Europe.

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Trapani Airport TPS Sicily

Trapani airport (TPS) is fastly expanding and becoming the gateway to south west sicily, Trapani, Marsala, Salemi, Scopello, Segesta and the Egadi Islands. Historically a military airport. With Ryanair operating flights from here since last year, the airport has transformed Read the rest of this entry »

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Fiat General Motors (GM) Europe, UK Vauxhall, Opel.

First Fiat last week announced the takeover at Chrysler….Now in a dramatic weekend of negotiations yesterday the Fiat (Italy) chairman Luca Corderodi di Montezemolo announced that Fiat is in negotiations with General Motors (Europe) the owners of Opel (Germany) and Vauxhall (UK) and Saab (Sweden) with the intentions Read the rest of this entry »

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The Italian government on Friday 6/2/09 made a major intervention into the Italian Economy. Italy as everywhere else is struggling through the global crisis and finally Berlusconi’s government have made positive moves forward to assist the economy in Italy.  17.8 billion euros allocated  to funding for a major public works program.

The package was approved by the cabinet after it received a go-ahead from the interministerial economic committee Cipe earlier in the day.

Funding for the program is a mix of public and private resources, with infrastructure projects in southern Italy, including the Messina bridge linking Sicily to Reggio Calabria on the mainland, receiving some 49% of the public cash. A project that has been on the pipeline for years approved in 2003, cancelled by Prodi in 2006 and now lets hope will go ahead. Concerns over the involvment of the Mafia Read the rest of this entry »

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Italy Politics:

If you would like to read a brief introduction into Italian politics and particularly the recent political background that has positioned Italy into the 21st century and in the Eurozone I recommend you to read this book review in the London Review of books on  2 book on Italy politics by Perry Anderson.

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The Italian automobile car industry. Surviving the recession.

Last year 2008 Italy appeared to be surviving the global recession. Life continued as normal with only a few cut backs over xmas. No Italian banks have gone bankrupt, Italian mortgage interest rate was capped at 4% for variable interest rate Italian mortgages.

The air has changed since the start of 2009. The global automobile recession has now arrived in Italy. The industry contributes 11.5% to the Italian GDP Read the rest of this entry »

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Italy is in a lot better situation than many other countries, the bank system has held the financial tsunami and not a single bank has been recorded to be gone bankrupt. This s not only due to the tight method to issue mortgages hat Italian banks have always adopted but it’s mainly due to the good habit of the Italians of not getting into debt. The average debt value of Italians has increased in the last years but still doesn’t reach 50% of the available income whereas in the rest of Europe is about 100% with peaks in the UK of 160%.

Property prices in Italy haven’t drastically dropped and experts say that the prices will hold but still in this tough period you could easily find a really good deal from some seller who needs to sell his house quickly and this can only make Italy even more attractive for property investors.

Now you know the answer, buying a property in Italy is the best choice if you want to invest in a home overseas and this without even mentioning the climate, the food, the landscape and that you would love to use your investment to enjoy your holidays.

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