Chase Buchanan, a sector-leading wealth management and financial advisory firm with offices across Europe and North America, has expanded its range of free knowledge guides and resources, enabling expats at every stage of their relocation to plan ahead.
The newest publication, The Expats Guide to Taxes in Italy, is a comprehensive, downloadable guide that covers all the key areas that those planning an international move should be aware of. As with all Chase Buchanan guides, it is available at no cost.
The Importance of Tax Planning for Prospective Expats
Data from the Office for National Statistics indicates that over half a million UK citizens choose to emigrate abroad every year, some pursuing business and career placements, others joining relatives overseas, and many more who aspire to live in a prosperous, sunny environment or to purchase their dream property.
Tax planning is undoubtedly an important part of the process since the tax environment in other countries, including European destinations, differs significantly from that in the UK.
For example, an expat might find their pension fund inaccessible from another country or that pension transfer rules will erode their retirement savings. Another family planning a relocation might be unaware of wealth taxes or how retaining a property in the UK as an investment asset will incur additional tax obligations.
In recent years, reforms to British taxation and regulations around overseas pension transfers have added to the complexity of financial management for expats. Many will find that they remain UK domiciled for inheritance tax or need to be conscious about the HMRC restrictions around transferring a UK-based pension fund to another country – with both tax-efficient solutions and those that incur a heavy tax burden.
Astute and informed planning can avoid these pitfalls, ensuring expats make clear decisions well in advance to protect their financial future.
Chase Buchanan’s New Free Expat Guide to Taxes in Italy
Available to download now directly from the Chase Buchanan Wealth Management website, the guide to the Italian taxation system is jargon-free and accessible to all, including expats who find other sources of information overly complex.
Broken down into clear categories and sections, the guide covers essential factors, including:
- Tax residency criteria and scenarios where double tax treaties apply.
- Budgeting for income taxation obligations and allowances.
- Managing investment income and calculating tax exposure.
- Understanding wealth taxation and stamp duty, including taxes linked to property ownership.
- Handling pension wealth and retirement savings as part of a move to Italy.
- Dealing with inheritance and estate planning as a British domicile.
Lee Eldridge, Group CEO and Head of Investment Advisory at Chase Buchanan says, ‘There are currently an estimated 67,000 British nationals living long-term or permanently in Italy, with hundreds more planning to move to this beautiful part of the world, perhaps to seek out a warm Mediterranean climate, or to enjoy a relaxing and peaceful retirement.
Our newest guide is designed to offer both existing residents in Italy and those considering a move overseas insights into the areas that are most likely to affect their planning. This includes evaluating their tax residency position, estimating their income tax liabilities, and understanding how living in Italy could affect their estate plans and future inheritance tax obligations for their loved ones.
We recommend that every expat spend sufficient time researching any overseas tax regime and evaluating how this ties into their plans to ensure their move abroad is successful and financially well-catered for.’
Knowledge Guides and Resources From Chase Buchanan Wealth Management
This latest guide complements the wealth management specialist's extensive array of documents, webinars and guides. They cover a broad scope of topics, focused on raising awareness of different tax structures, pension transfer options, and reforms to legislation that can impact the financial security of expatriates living abroad.
Guides currently available to download include:
- Taxation guides covering Belgium, Cyprus, France, Malta, Portugal and Spain.
- Guides to residency in Portugal, France, Spain and Cyprus.
- Pension-focused guides centred on Irish pension transfers, retirement to the EU, and international pension transfer rules. Further guides around retirement planning, the UK Lifetime Allowance, the Irish Standard Fund Threshold, Self-Invested Personal Pensions (SIPPs) and Recognised Overseas Pension Schemes (ROPS) are also offered free of charge.
- Education fee planning and health and life protection coverage.
- Guides to investment, including offshore investment and common investment scams.
Visitors to the Chase Buchanan resources pages can also access a wide library of articles and informative explainers or download a complimentary Moving Abroad Checklist to ensure they are well-prepared for life overseas.
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About Chase Buchanan Private Wealth Management
Chase Buchanan is a highly regulated wealth management company that specialises in providing global finance solutions for those with a global lifestyle. We are global financial advisers, supporting expatriates around the world from our regulated European headquarters, and local offices across Belgium, Canada, Canary Islands, Cyprus, France, Malta, Portugal, Spain, UK and the USA.
Chase Buchanan Ltd is authorised and regulated by the Cyprus Securities and Exchange Commission with CIF Licence 287/15.
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