Question: I am subject to taxes in Italy and my home country because of my Italian property. Is there the possibility to compensate the two taxations?
Answer: The typical answer to this question would be yes. Italy has signed treaties against the double taxation with most countries in the world. According to said treaties, when an income is subject to taxation in two countries, typically the taxpayer is expected to pay the highest amount applicable, to be distributed between the two countries as per the applicable treaty. It is necessary to check the nature of the tax and the applicable treaty for more accurate information.
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Related information:
- Property Purchase: Do I need an Italian Bank account?
- Financing a property
- Joint or individual purchase: tax implications
- Purchasing jointly with my spouse or separately?
- Purchasing in a condominio building
- Property taxes
- ICI – Municipal Tax
- VAT on Italian property purchase
- Income Tax
- Italian property purchase taxes
- Inheriting seller’s debt
- Vendor’s solvency affecting the buyer
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