We offer support to elaborate the Tax Return for your Foreign Account. Don’t worry… we’ll take care of it!
In collaboration with a team of Chartered Accountants with highly experience.
Anyone who opens an account abroad and is a tax resident in Italy, when the financial assets are held in custody or on deposit with a non-resident intermediary (also through a non-resident trust company), has specific reporting obligations: that is, they must report a series of information within the RW part of their own tax return and, at the same time, a particular tax must be paid to the Italian State, the IVAFE. Furthermore, it is compulsory to declare capital gains and losses, also by filling in parts RM, RT, RL. Failure to comply with these obligations constitutes an administrative offense, with financial penalties. Any violations may, however, extend to the criminal field if omissions or unfaithful declarations are considered that result in an evaded tax of a value exceeding certain punishment thresholds provided for by law.
SMART Service
- A team of Chartered Accountants we work with processes the tax data for simulating the reference tables of the Single Tax Return (RW, RM, RT, RL). You can provide the pre-filled tables to your accountant, or you can complete the return by downloading the free software from the Revenue Agency website.
- Are you already our client? You’ll be entitled to a 25% discount on our standard rates. Simply request a quote by writing to info@blueinvestcapital.com.
We already have the documentation, except for any prior documentation from previous years, which you may need to provide. - Not a client? Request your quote by writing to info@blueinvestcapital.com. If you decide to join BIC and take advantage of our support service, you’ll be entitled to a 25% discount on our standard rates. Simply send us the documentation for the accounts for which you require the service.
- Do you have multiple foreign accounts with Interactive Brokers and/or other intermediaries? You’ll receive a single quote, covering all your positions.
- As required by law, the software used by the team of Chartered Accountants we work with is certified by the Italian Revenue Agency (Agenzia delle Entrate): in the event of an audit, you’ll receive comprehensive, professional, and free assistance from our customer service team.
PREMIUM Service
- A team of Chartered Accountants we work with handles the preparation of the Single Tax Return Form, the production of any F24 forms, and the electronic transmission to the Revenue Agency. The electronic transmission can also be processed as a supplement to your tax return, which you wish to keep separate, as it is handled by your trusted accountant.
- Are you already our client? You’ll be entitled to a 25% discount on our standard rates. Simply request a quote by writing to info@blueinvestcapital.com.
We already have the documentation, except for any prior documentation from previous years and the supplementary ordinary tax return, which you will need to provide us. - Not a client? Request a quote by writing to info@blueinvestcapital.com. If you decide to join BIC and take advantage of our support service, you’ll be entitled to a 25% discount on our standard rates. Simply send us the documentation for the accounts for which you require the service.
- Do you have multiple foreign accounts with Interactive Brokers and/or other intermediaries? You’ll receive a single quote, covering all your positions.
- As required by law, the software used by the team of Chartered Accountants we work with is certified by the Italian Revenue Agency: in the event of audits, you’ll receive comprehensive, professional, and free assistance from our customer service team.
- The calculations are guaranteed, and in the event of an audit, we are covered by insurance with Lloyd’s of London. Policy No. DY084431-LB.
Compliance Letter Support
Have you received communications from the Revenue Agency reporting anomalies found in your foreign account declaration? Our team of certified public accountants can handle the matter with the Revenue Agency after agreeing on the appropriate course of action with the client. Simply request a quote by writing to info@blueinvestcapital.com, attaching the compliance letter and the documentation for the reported account.
We can assure you that you’ll be satisfied… put us to the test
Questions and answers
Who provides the service?
The service is coordinated by Hogg Capital Investments (HCI)’s partner BlueInvest Capital SRL, and it is carried out by a Team of Tax Advisors authorized to provide in Italy such services pursuant to Italian regulations. Notice: BlueInvest Capital SRL is a service providers specialized, inter alia, in management consulting; it does not deal directly with the activities of Legal Advising, Tax Advising, Administration Services and related matters, Financial Advising or other regulated investment services.
How can you be so competitive?
The Tax Return service was created with the aim of offering a punctual, competent and economical service to our customers. The Italian legislation on foreign accounts is quite complex, our team has been collaborating for over 20 years with foreign brokers and banks and therefore we know exactly what it means to fulfill the requests of the Revenue Agency. Most of the costs we incur are related to the training and continuous updating of the Team in charge of carrying out the declarative practices since our first goal is to offer a highly professional service. However, in recent years, technology has come to our rescue and has made it easier to register every single transaction that takes place on the account, facilitating our work which is therefore extremely facilitated. The shorter time required for processing the declaration allows us to keep costs low and to offer advantageous solutions to our customers, whether they are independent traders or users of the Asset Management service.
Must capital losses be declared? Within how many years can capital losses be recovered?
Yes, a foreign account must always be declared and will be subject to IVAFE tax regardless of whether capital gains or losses have been incurred. Capital gains can be recovered (offset against future capital gains) within four years of their accrual. If there are previous capital losses, the client must provide the RT form from the previous year’s tax return so that they are correctly reported and offset.
How much is the IVAFE tax?
The IVAFE corresponds to 0.2% of the average annual account value. It is not payable if this value is less than EUR 5,000
What are the service times?
The estimate is produced starting in May, only after incorporating the guidelines and rates communicated by the ADE for the reporting year. The report is typically produced in about a week.
What documentation do I need to send?
To proceed, you will need: a copy of your identity document and health card, a statement from the account for which you are requesting the service, and the RT form from your previous tax return (if you have any previous capital losses to offset).