The European regulation on succession comes into force August 17, 2015. This opens a new and unusual scenery for European citizens living normally based in a State other than that of birth. We talk about 8 million European citizens. It will be possible for the first time to choose whether to apply the statutory regulations of the country where the property is located or those of the country of residence of the deceased permanently. The tax treatment remains out of the “Regulation (EU) No. 650/2012 of the European Parliament and of the Council of 4 July 2012 on jurisdiction, applicable law, recognition and enforcement of decisions and acceptance and enforcement of authentic instruments in matters of succession and the creation of a European Certificate of Succession “.
According to statistics there are about 2.5 million properties in the EU that belong to individuals who do not reside in the state in which the property is located and are 450 thousand succession with “international” that every year they open in Europe. If we look to our country are over 113 thousand citizens Italian owners of property abroad and are 4.5 million foreigners living in Italy. Finally, there is the phenomenon of “flight of pensioners”, who decide to move beyond national borders to countries where taxation and the cost of living is lower. This means that the question of succession is no longer, as it could be years ago, a question elite, but concerns a fairly wide range of the population.
In light of new civil, ranging to meet the fiscal rules of the individual countries is necessary to have clear rules to avoid disappointment. “The ability to choose a law other than the national – says the president of the Council of Milan notary Arrigo Roveda – complicates the profile consulting, a situation that though the Notaries will be able to manage without difficulty thanks to a European structure that existed for some time” .
Italy has agreements to avoid double taxation in case of succession with few countries (there are in a hand), among them are France and the United States, while lacking Spain, Germany and England. “Many Italians have real estate in France – says the lawyer Ugo Friedmann – a country that provides tax exemption only if it is to inherit his wife; while for children taxation much as 35% of the property value with no deductible, as it provides Italy “. “In Italy applies a system of taxing world wilde – says Friedmann – then an Italian citizen died he owns a property in Spain it is subject to taxation in Italy, where, however, because Article 26 of the Consolidated Law on succession, there is to deduct the amount paid in Spain. It is also true – if that continues Friedmann in Italian property enters the deductible and therefore is exempt while in Spain is excluded from the exemption, the amount paid in Spain is not recoverable. ” This example to explain what are the variables that must be considered to ponder the opportunity of an overseas investment in real estate. ” The complexity related to the succession are many, and the first place is the meaning to be given to the concept of “habitual residence” condition that will allow you to choose which civil law apply. “The European regulation that goes into effect in August – said Arrigo Roveda – is the result of a compromise between countries with radically different mentality and stories” will be needed adjustments and tweaks, and to deal with the EU has planned to establish a Commission that will have to deal of matter.
Since August, then, in all EU countries with the exception of Great Britain, Ireland and Denmark, which have not signed the new regulation, those who have more than one nationality and who resides in a country other than that of birth can decide which law Succession apply. To explore the theme of the Notarial Council of Milan organized a conference to be held in Milan on November 28, entitled “International Heritage: Italian with foreign assets and foreign assets in Italy” at the Union of trade in Corso Venezia, 47.