Italian estate planning for expatriates

Italian estate planning for expatriates



A group of experts in Italian financial planning shared a wealth of key information and insider tips with expats during the Italian leg of “Le Tour de Finance”, held September 26 in Tuscany and the following day in Umbria.

Hosted by the IFA Spectrum Finance Group’s manager for Italy, Gareth Horsfall, both stops on the tour were a success with over 60 attendees getting their questions answered directly by specialists in the sector.

“Le Tour de Finance is an idea born out of an already successful model in France”, explains Mr. Horsfall. “The idea in bringing it to Italy was to establish a focal point for the Italian expat community to help resolve the financial and legal concerns faced when one lives abroad. Through this seminar The Spectrum IFA Group (Italy) can raise awareness amongst expats that tax and financial planning should be at the forefront before, during, and even after living in Italy. This is ahigh tax country and a little planning, with the help of experts, can make a big difference and often save thousands.”

The panel of experts clearly outlined financial and estate planning strategies for expats living in Italy or holding investments there. Studio Legale Metta’s Nick Metta, head of the international department and expert in international cross-border inheritance, was invited to address the legal aspects of expats leaving Italian property and assets to next of kin. Mr. Metta discussed the specifics of drafting a will that is legally valid in both Italy and the home country, highlighting the effects of a new European law on cross-border inheritance. As Mr. Metta explains, “There are legal strategies to put in place which allow expats to use their particular status to their advantage in estate planning matters. This can save them money and also ensure that their wishes are smoothly carried out without a legal tangle between countries.”

Also present to discuss financial planning were Lucia Loveday of Currencies Direct and Judith Ruddock of Italian accounting firm Studio del Gaizo Picchioni. Ms. Loveday explained to attendees the most cost-effective ways to transfer money between currencies while protecting the funds from currency fluctuation.

Italian accountancy for the expat was addressed by Ms Ruddock who noted the importance for an expat to obtain clear advice that applies to their particular financial scenario, stating, “We keep our clients abreast of the ever-changing fiscal landscape so that they are confident they are fully compliant with the obligations on them as expats in Italy.”

After the presentations, attendees were able to have their specific questions answered by the panel and network with other expats over lunch. Here are a few of their comments:

“Very instructive and to the point.” – Peter F.

“A very enjoyable and informative session.” – Edna F.

“This was an excellent presentation and program. Very useful.” – Jane H. “Interesting and in some respects an eye-opener!” – Peter and Adrienne

If you are interested in further information on Italian financial and legal planning, please click here.

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