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Tax implications for dual citizenship

Weakestlinks
Weakestlinks Posts: 22 Forumite
Part of the Furniture 10 Posts Combo Breaker
Hi
There are several posts around tax implications for people with dual citizenship but each query seems to be unique to each person and so it's difficult to get a clear answer based on other peoples circumstances.
For me, I'm a UK citizen and have only ever lived and worked in the UK (for over 60 years) - but I have Italian ancestry and therefore the option for dual citizenship (UK and Italian) and, although currently far from 100% set on the idea, I am considering opting for dual citizenship for my latter years in life as my Italian\EU based family etc are bigger and closer than my surviving UK based family. I would only ever retire to Italy (or perhaps France - as I also have an extended family in France) so have no plans in working in Italy.
My specific question is around any Italian tax implications should I proceed with a dual citizenship for retirement. For example, as a dual UK\Italian citizen, would I be subject of any Italian CGT should I then sell my UK house (the only property I own) in the event that I wanted to downsize? I may decide to downsize but still remain in the UK - would any tax then be owed to the Italian tax revenue due to my dual citizenship??
Similarly for the shares and investments I have (all UK based investments) - would cashing these in be subject to any Italian tax burdens?

many thanks in advance.

Comments

  • DRS1
    DRS1 Posts: 1,628 Forumite
    Part of the Furniture 1,000 Posts Name Dropper Combo Breaker
    I thought it was just the USA which used citizenship as a basis for taxing people on their worldwide income and gains?  Most others use residence.

    Your best starting point would probably be to google Italian taxes although what is written down and what actually happens may not be the same.
  • Brie
    Brie Posts: 15,368 Ambassador
    Part of the Furniture 10,000 Posts Photogenic Name Dropper
    I find talking to people on FB from my country of origin very helpful for tax and immigration information.

    You might find help here.....Italians in the UK | Facebook
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