Estate Protection If you are of relatively high net worth then you could give consideration to having some of your existing investments transferred in specie’ to a suitable International Portfolio Bond which will in turn 'sit within’ a suitable Trust ‘wrapper’. You can nominate any of your existing investment advisors to your Bond and new investments can be added at anytime.The advantages are:An offshore portfolio bond is a tax efficient wrapper that can hold a variety of assets like stocks and shares or mutual funds. This is a bond that adds the legal and tax shield of a life insurance policy to an investment portfolio. It is structured to simply combine a life insurance policy and a portfolio to create a wrapper that investors can buy, manage and sell their assets through. Although technically a Life Plan there is no medical underwriting nor any premium for life cover.The specific benefits of investing in offshore bonds depend upon your individual circumstances. The investment funds held within offshore bonds grow free of year-on-year taxation. Some of the individual funds within an Offshore Bond may be subject to a small amount of withholding tax. You won't be liable for capital gains tax when you sell a profitable stock and/or fund to purchase another stock and/or fund within your offshore portfolio bond. Offshore bonds are designed to be flexible, especially with regards to letting you take ad-hoc withdrawals, or to set up an income stream into an offshore bank account with a cheque book, internet banking and credit card attached.As mentioned above there exists the major benefit of you having the ability to 'transfer in' and consolidate some or all of your existing stocks, mutual fund and other investments. This gives you the tax efficiency and ease of administration of all assets held within the portfolio bond. It is often recommended that the Portfolio Bond in turn has a Trust ‘wrapped’ around it as this provides important protection against creditors and protection against any future claim being made by a divorcing spouse ! It also saves probate delays as well as having other important estate planning purposes. The Trust is free from cost. Eg. No set up cost, no annual fee.As the Bond is placed with an offshore insurer it does not suffer any income tax or Capital Gains Tax within the fund except for any un-reclaimable withholding tax that may have been applied. Any gains, dividends, rent or interest are taxed at 0% within the fund. In essence the Bond assets are compounding on a gross ‘roll up’ basis.The Companies that EFS uses for this class of business are located in regulated territories with significant Investor protection rules in place.We also wish to point out that all of the work as regards ‘signing off’ on stocks suitable for inclusion within a Portfolio Trust Bond, plus giving you relevant ‘feed-back’, as to the most suitable Trust ‘wrapper’ to use is carried out by the EFS ‘back office’with the assistance, when needed, of the legal and technical departments of the EFS "Product Providers".Kevin JenkinsDirector EFS Asset Management firstname.lastname@example.org
Hi thereI've been googling Prima Casa Tax but I still don't totally understand. We haven't owned our house in Italy for five years yet, but due to family problems in the UK we may have to sell up and move back. Firstly, do I understand this correctly, the tax is 20% on the profit made not on the whole selling price of the house? And secondly, is there any way we can avoid this tax? Thank you :)
I thought I would share a useful tip for providing the supporting documents needed for the renewal of a UK passport for non UK residents. The new regulations introduced in June 2013 state that supporting documents must include ONE identification document with a photo and ONE document as proof of address. The first category includes the old passport so there are no problems there, but the second category would require you to have a letter from an employer/tax office/local authority translated by a qualified and certified translator. I was quoted €155 to translate my Italian idenity card, as this included the court fees etc. Now, here's the tip. I went to my local tax office and requested an "ATTESTATO DI RESIDENZA FISCALE CONTRO LE DOPPIE IMPOSIZIONI". The document costs €3.10 which you have to pay at a bank or the post office, but it is issued in both Italian and English and stamped by the tax office, thus fulfilling the requirements. It does not matter that you have not generated any income in the UK or that you don't even generate any in Italy. It just provides proof of address for passport renewal purposes. I hope this may be of help to someone.
For anyone who is thinking of making a contract with any of the Cell phone servers here in Italy. I am having a really horrible experience with TRE 3. I signed a contract with them a year ago where I should pay €30 with internet included per month and unfortunately I have been paying way way over this and even though I have been to the TRE 3 shop and tried to regulate the payment with a customer service that is almost impossible to get to even for the TRE 3 shop customer service it hasn't worked and I am desperate. Finally, after my last query (that got me no where) I told them I wanted to get out of my contract. Well. First they told me that I had to pay the current (huge) bill then go 2 more months with them (why?) then I would have to pay € 485 for my phone which I have already owned for a year. Pay a penalty (despite the Bersani law that it is against the law to charge us a penalty to get out of a contract) and then I would lose my number. Full of venom and threats thrown at me over the counter of a TRE 3 customer service shop. I also went to my bank to tell them to close the credit card account I opened only for the phone bill to be paid each month and they couldn't because of the agreemtment they have with the credit card company. This is something I have NEVER experienced anywhere in the world. I recently heard of another person who is going through something similar with Vodafone which is the company I was thinking of changing with so now I am determined to go back to the recharge system. I have 2 options and that is to get a lawyer or leave my bank which I hate to do as I rather like the people who work at my particular bank. Anyone got any advice.......But for goodness sake, be careful if you decide to take out a contract for a cellphone here. It is a trap....for me it was anyway.
I have been leasing an apartment near Milan for two and a half years and as well as rent I pay approx 400Euro every three months for the maintenance of the building. I have never seen how these payments are used and have asked the real estate agent several times if I might see how the monies are spent. So far he has only given me list of the quarterly payments made by myself and other tenants. Apart from regular cleaning of the building's common areas very little maintenance is done and I would like to see exactly what expenses are incurred and paid for maintenance and repairs as well as the balance in the fund. Do I have the right as a tenant to ask for this information? Thank you.
I am moving out of Italy and would need to cancel some of my contracts (phone & internet and electricity). Does anyone have a template of the necessary items needed for writing the letter and how does the procedure work? I go to the post office and ask them to send the letter to a certain address with a notification they have received it? How do I receive this notification? If someone could guide me through the process, I'd greatly appreciate it.
Is anyone able to help with this question, please? My husband and I lived in Milan from 1987 until 1999 (12 years) plus a further 3 years in Turin. During this time my husband paid contributions. Unfortunately my husband and I were divorced. Am I able to claim any part of the Italian state pension based on his contributions as I am here in the UK. Thanks.
Hi,Does anyone know the procedures for closing a current account in an Italian bank?I opened one a couple of months ago and would like to close it now.Do I have to provide a written statement as to why I want to close the account or is an over the counter, one day procedure?Advice is needed badlyThanks in advance
Hi, I live in a serviced apartment that is paid for by my employer.Does anyone know how much notice the agency must give to me to enter my apartment?This week I got a call saying he and a plumber would be entering it in a few hours. I said I would prefer them to come another day as the place was a mess and I had some personal items out.Today - I come home to find someone has been in the apartment - again I had personal items out. I got no notice or anything!I find this extremely unacceptable that they think they can enter when they want.
Within a week or so the first tranche of the IMU property tax is to be paid to the comune of residence. On their websites the comune try to help you out with calculating the amount of tax due and filling in the form F24 that is required.In my case it all seems clear except for the problem of shared ownership between an unmarried couple. The F24 allows you to fill in 1 owner, so do both owners fill in the form with a 50% ownership share or just one of them with 100% ownership? Anyone ideas?ThanksStef