The online scam about Campione d'Italia
Sometimes we come across some article or video that talks about a little territory called Campione d'Italia. And some charlatan has the courage to assimilate it to a tax haven.
The truth is that there is only one reason that can lead someone to describe you Campione d'Italia as a place full of tax opportunities.
This reason is that he wants to sell you something related to Campione d'Italia, or he wants to scam you in some way. First of all, it must be said that it is an Italian territory but located, not in Italy, but in Switzerland.
It is very small, less than two square kilometers, and inhabited by just about three thousand people. There are taxes in Campione d'Italia. And there are the taxes required by Italian law, one of the countries with the highest
taxes in the world.
The only difference is that there are some reductions, but, in any case, this only applies to low incomes. For very high incomes, the maximum Italian rate will start, amounting to as much as fortythree percent. And we are only talking about income tax, net of other taxes and duties.
There are advantages related to value added tax, as it is a territory outside the scope of VAT . But in any case, the very functioning
of VAT, and the mechanism of deduction and VAT on imports, make the absence of VAT practically irrelevant.
When compared to a total tax haven, Campione d'Italia is more similar to a western country with high taxation.
It is not convenient even when compared to countries where few taxes are paid, such as Cyprus or Bulgaria.
Moreover, the prices on the real estate market are very high. In short, it is really difficult, if not impossible, to understand what usefulness this territory can have in the context of international tax planning. No international tax lawyer will ever recommend this territory to you.
And if someone recommends it to you as part of an international planning, we are willing to make a bet. a bet on the fact that they are people without any professional qualifications, probably scammers.
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