Many individuals, Italians and Europeans, are moving or have moved abroad, changing their country of residence, for various reasons: personal, family, professional, study, ect.
International Lawyers Associates, appeals both to the simple citizen and to the company in the broader context of a serious project of international tax planning and provides a variety of solutions to start over, in the literal sense, to start a new life in the foreign country chosen, through the activation of all those institutional, banking, administrative, etc. relations needed to more or less settle abroad.
Many people, in fact, are interested in shifting the center of their interests in a country other than their own, however keeping a strong relationship with the latter, and staying for significant periods on average.
The goal of our consultants, lawyers and tax experts, is thus to protect and preserve client assets through relocation at particularly reliable foreign banks.
The questions that clients usually ask our experts are basically two: is it legal to transfer assets abroad? And above all, how to transfer assets abroad without committing a crime?
Financial analysts say that our banks are solid. But the fear of a financial crisis has led many to investors to move their assets abroad.
Obviously beyond the need to protect their savings, many decide to relocate their financial assets in order to pay less taxes.
Also in this case there is no wrongdoing since moving assets abroad is totally legal. But there are procedures and regulations that must be followed in order to avoid costly fines.
Obviously there is also the case where relocating money from Italy is illegal. That is when a person intends to launder illegal money or is money from tax evasion.
International Lawyers Associates is able to provide serious and professional assistance, protecting our clients from any charges of wrongdoing, whether tax or penal.
How are assets relocated?
1. Transfer of money at the border
Moving money across the border is permitted if the amount to be transferred does not exceed Euro 10,000. Beyond the aforementioned amount you must declare it to the Customs Office at least one day before the date of departure.
In cases of substantial amounts additional information is requested, for example the reason for transferring the money.
The statement may be submitted electronically. You can download the application directly from the website of the Customs Office.
For amounts below Euro 10,000 it’s not necessary to notify the authorities. If you violate the law, even for one single euro, the consequences are without a doubt very negative. You have to pay a tax, and this involves the withdrawal from 10% to 30% of the sum in excess. If the difference exceeds, in turn, Euro 10,000, the withdrawal increases in the gap between the 30% and 50%.
We’ll give two examples. A person intends to cross the border with Euro 18,000 but does not declare anything to the Customs Agency. He/she will pay, since the withdrawal is progressive, 30% on Euro 8,000, which is the figure that exceeds the limit of Euro 10,000. The fine, therefore, correspond to the payment of Euro 2,400.
Example number two. A person crosses the border with Euro 100,000 and, again, declares nothing to Customs. In this case, the withdrawal will be the maximum, corresponding to 50% of the exceeding amount. The fine is thus very important: 45,000, which is half of 90,000.
2. Relocation of money online
Compared to the physical relocation of money, the use of computer systems is a safer method since the relocation can be traced.
It’s as if you were carrying out a simple wire transfer. The only difference is that the account where the money will be relocated is abroad. You have to know how to open an account abroad and, above all, do it. It’s quite clear that only highly specialized law firms like International Lawyers Associates boast stable relations and contacts with solid and reliable foreign banks. It’s also very important to choose foreign countries that ensure their clients that they will not be attacked by the authorities of the country of origin.
In order to transfer funds electronically, users must clearly know that no fines must be paid, but often times costly commission fees. Fortunately, if the transfer takes place from Italy to another country in the European Union – regardless of whether it is in the eurozone – the commission is simply not applied. If the country of destination is outside the EU, the commission will have to be paid instead and at that point you have to be very carefully, as it varies from country to country.
3. Transfer through specialized companies
This is the most common method: to rely on intermediaries (such as Western Union, Travelex Money Transfer or BancoPosta Money Gram) who handle all transfer procedures.
Also for this system there are limits regarding amount to transfer and these vary from company to company. For larger amounts, a company consultant is necessary; the entire operation will be more complex, but also safer.
International Lawyers Associates accompanies its client every step of the way, up until the much awaited relocation.