How Italy’s favourable new tax regimes can benefit the sports industry
Published 15 July 2019 By: Elio Andrea Palmitessa
In recent years, Italy has created a number of favorable taxation regimes to try to become one of the EU’s leading countries for foreign investment. Pursuant to a series of new amendments, the country’s package of special taxation schemes has now been widened in an attempt to attract:
inbound workers, and
new residents (principally high net-worth individuals (HNWIs)),
who are willing to relocate to Italy to either work or enjoy the quality of life.
There have been favorable changes to income and wealth taxes, as well as to gift and inheritance taxes. The sole requirements to access the regimes are:
to become Italian tax resident, and
not having been tax resident (in Italy) for a certain period of time prior to relocation.
The sports industry is well positioned to take advantage of the new regimes if participants are able to leverage their geographic flexibility. It could offer particular benefits to athletes, coaches, technical and sport managers, trainers, and others in the sector.
This article explains the new regimes for workers and HNWIs and offers insights on how they could potentially benefit the sports industry.
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- Tags: Employment | European Union (EU) | Italian Basketball Association (FIP) | Italian Cycling Association (FCI) | Italian Football Association (FIGC) | Italian Golf Association (FIG) | Italy | Tax
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Elio is a chartered accountant in Italy, specialised in EU and International Tax Law. He holds an LL.M. degree (with honours) in International Tax Law at Vienna University of Economics and Business (Institute for Austrian and International Tax Law). He also received the TEP designation (Trust and Estate Practitioner), the top tier of STEP qualification.
He is a member of several Boards of Statutory Auditors, a member of the International Fiscal Association (IFA) and the International Bar Association (IBA).
He has published extensively in international tax journals as well as lectured in courses and conferences in Italy.
The author can be contacted at: email@example.com