Taking many by surprise, the United Kingdom has recently announced the impending end of a special tax regime that benefited foreigners owners of large fortunes, and which has been in force in the Country since 1799.
The benefit in question works as follows: People considered as “non-doms” (not domiciled in the United Kingdom), there is, people who live in the UK, but have a tax residence in other countries, who did not need to pay taxes on profits and income obtained abroad, on the condition that they did not have to remit the capital gains to the United Kingdom.
People authorized by the local authorities in this regime were exempted from paying taxes on income received in other countries, upon the payment of a single fee of 30,000 Liras or 60,000 Liras per year, depending on the time of stay.
The rule that made London the right choice for foreigners with large fortunes, but it seems that this choice is coming to an end, as such regime will be extinct in April 2025.
According to the rules informed up to this date, after 2025 those currently benefiting from the regime will have a 2 to 4 years of exemption, depending on the case, and, after this period, they will be taxed as any other British citizen.
There is an estimate that almost 70 thousand people that currently live under the condition of “non-doms” in the United Kingdom, most of them coming from the Western Europe and the USA.
In this scenario, Italy, with very attractive new regimes, rises up as an excellent opportunity to be assessed by foreigners who have large fortunes, especially those who have significant income coming from abroad.
One of those Italian regimes allows the payment of a single fee of 100,000.00 Euros per year, without the need to declare or collect tax on income received/obtained/generated outside the European country.
Without question, it is a time for reflection and assessment of the opportunities presented in the international scenario.
