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Rental income tax is high in Italy

Rental Income: Nonresidents are taxed on rental income earned in Italy. The rates range from 23% to 43%. Personal allowances for spouse and family are not available to nonresidents, but certain deductions may be granted.

Capital Gains: Capital gains are not taxed if the property was held for more than five years. Otherwise capital gains are considered as ordinary income and taxed at progressive rates.

Inheritance: Inheritance taxes are levied at 4% to 8%, depending on the relationship between the deceased and the beneficiary, with non-taxable threshold amounts.

Residents: Residents are taxed on their worldwide income. at progressive rates, from 23% to 43%.

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Comments

#1 VINCENT | July 16, 2010

I took Italian residency within 18 months of purchasing my sole property in Italy. Will I still have capital gains tax to pay if I sell within 5 years?

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