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Forfait tax in Switzerland – What you need to know
Swiss forfait tax – What you need to know 1.What is the forfait about? Switzerland has for decades had the so-called forfait taxation regime, essentially allowing foreign nationals relocating to Switzerland to pay tax on their worldwide expenditure. The forfait regime is often mentioned alongside the UK and Irish non dom-regimes and, more recently, the Italian regime available to new residents. By comparison, the forfait regime, coupled with other advantages of the Swiss tax system, is more beneficial on many counts (e.g. legal certainty and/or inheritance tax). In particular as far as...
Forced Heirship under Italian Law
Italy is a civil law country and title to property succeeds from one generation to the next according to the provisions of the Civil Code. Property may pass by the laws of “headed” succession (without a will), or by will or other testamentary instrument. Forced Heirship Forced heirship is an aspect quite specific to Italian Law, insofar as it poses stringent limitations to the freedom of a person to dispose of its assets post mortem, and to some extent also in his/her lifetime. Below we will consider its main provisions and practical examples. Under the Italian Civil Code, when a person...
Why To Incorporate Philanthropic Giving Into Your Estate Plan?
Philanthropic giving can reduce the percentage of Inheritance Tax that must be paid on the estate and is therefore an important part of estate planning. There are many reasons why the inclusion philanthropy into an estate plan can create financial advantages, not only for the charitable beneficiaries, but also for the owner of the estate and their heirs. People who are eligible to pay Inheritance Tax can cut this tax bill quite drastically by leaving a percentage of their estate to charity. Incorporating philanthropic giving into an estate plan can reduce or eliminate liability for paying...
Can I Create Trusts Under Swiss Law?
Switzerland does not have a law relating to trusts (yet). However, it ratified the Hague Convention regarding trusts and agreed therefore to recognize trusts that are created in accordance to the convention. Switzerland, as a civil law country, does not have a law relating to trusts. The creation of a trust under Swiss law is, therefore, not possible. It is noteworthy, however, that in 2018 the Swiss parliament mandated the Federal Council to create the legal basis for a Swiss trust and since then an expert group has been drawing up corresponding proposals for regulations. Nevertheless,...
