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FATTO

Further comment has appeared on the England and Wales Family Court's decision to pierce the corporate veil in the financial remedy case of Akhmedova v Akhmedov (2018 EWFC 23 Fam). The judge considered it necessary to go against the long-standing legal principle, in response to Farkhad Akhmedov's 'continuing campaign to defeat his ex-wife by concealing his assets in a web of offshore companies', and issued orders to aid her enforcement of the judgment in the Isle of Man and Dubai FATTO

ESTATE DISPUTES: Some important judgments from last month

INTERNATIONAL - UK - Nearly 100,000 properties in England and Wales owned by foreign entities

NETHERLANDS: Measures against 'letterbox companies' seek to improve country's reputation

INTERNATIONAL - AUSTRALIA: Consequences of using foreign trusts for capital gains

INTERNATIONAL - UK: Legislation this summer on register of foreign property-owners

INTERNATIONAL - FRANCE: Wealth property tax has significant effects for non-residents

The Japanese government's 2018 tax reform bill abolishes the recently introduced rule under which the heirs of a long-term resident foreigner who died outside Japan remain liable to Japanese inheritance tax (IHT) on estate assets anywhere in the world. The rule had threatened to derail the government's efforts to attract foreign talent to live and work in Japan, because it meant IHT liability could follow a foreign national for up to five years after leaving the country.

INTERNATIONAL - ISRAEL: Tax authority launches new voluntary disclosure programme

INTERNATIONAL - UK: Alarm over extension of property taxes to non-residents

COMPRAVENDITA - NEW ZEALAND: Government tightens ban on foreigners' land purchases

EUROPE: Commission publishes argument against UK's CFC exemption

MUTUI - La Guida di Banca d'Italia al mutuo ipotecario in lingua inglese

'Foundation company' vehicle established in Cayman Islands

INTERNATIONAL - EU: Court of Justice rules on dynamic IP addresses

US: Trump proposes territorial tax system

INTERNATIONAL - UK: Doubts cast on non-dom reforms' commencement date

When a property conveyance takes place, the Italian tax laws stipulate the payment of certain taxes and charges which generally must be paid, at the time the notarial contract is stipulated, to the notary himself who thus undertakes the “irksome” task of tax collector. Such taxes are mostly payable by the purchaser. At the time of purchase, the system taxes the “wealth” indirectly manifested by the purchaser which consists of the price paid for the purchase of the property (so-called i

The italian Notary

A sale or purchase proposal is a document the parties may sign before the conveyance proper. It consists, alternatively, of a manifestation of the owner's willingness to sell to a probable purchaser or a manifestation of a possible purchaser's willingness to buy from the owner: in both cases by acceptance of the proposal, believe it or not, the contract of sale is concluded and becomes binding for both parties. Furthermore, the purchase or sale proposal is usually irrevocable: the signato

The following are examples of what needs to be included in a proposal for sale or purchase and in a preliminary contract: - the precise description of the asset or assets; - the exact identification of the owner or owners and of the purchaser or purchasers; - the obligations of the vendor and of the purchaser; - the price of the sale and method of payment; - the conditions of the conveyance and relevant guarantees; - documentation of the history of the asset or assets; -

Notaries have as their essential mission to confer authenticity on the legal instruments and contracts they establish for their clients in various areas of law

L'accesso alla sezione download atti è permesso solamente a coloro i quali abbiano fatto richiesta allo Studio notarile compilando il form presente alla sezione "richiedi info su: copie atti stipulati".Lo studio dopo aver espletato tutti i controlli previsti a seguito della richiesta, invierà le credenziali di accesso da utilizzare poter ottenere la copia dell'atto stipulato.Per effettuare lo scaricamento è necessario attenersi alle istruzioni: - inserire username;- inserire password;- verificar

Notaries provide the community with a complex service, they carry out a public function of the State within the framework of an independent profession. The notarial deed not only regulates transactions between parties, but it provides added value in at least three respects: - a contract signed before a notary is unchallengable and hence it avoids expensive and time-consuming litigation procedures; - it is enforceable and hence it can be used to recover credits and it constitutes pri

The Notary as existing in Italy belongs to the “latin (o roman)  notarial system”. The “latin notary” system is largely spread around the world, adopted by approximately 71 countries, mostly belonging to the civil law system. Although the same word “public notary” is used within the “common law” legal systems, it must be underlined very clearly from the beginning that the concept (the meaning) behind the word in the civil law system and in the common law system is completely, absolutel

The notarial profession has always been, and continues to be, one that is more than ready to adopt new technology. It is sufficient to recall that from the 1960s on, any and all notaries' offices moved rapidly from traditional typewriters and duplicators to the most sophisticated photocopiers and PCs with large-capacity memories. The reason for notaries' particular attention to technological developments of this kind is evident. For over 2000 years the notary's job has been to create and con

Since 12 September 2002, the Consiglio Nazionale del Notariato has been registered in the public list of certifiers of digital signatures held by AIPA, as the certification authority for Italian notaries. The digital signatures of Italian notaries may be verified on the site http://ca.notariato.it. Based on the rules and the certification authority's operations manual, CNN certifies notaries' digital signatures in the exercise of their functions and so guarantees to third parties not only

The vendor has the right to receive the full amount of the agreed price from the purchaser at the time the sale contract is settled. Frequently the vendor has already received an advance payment on that price, generally as a deposit: in that case he will have the right to receive the difference to make up the full agreed price. The vendor has the option to allow the purchaser a deferral of payment, with or without interest. It is up to the discretion of the vendor (based on the trust h

Having broached subjects from the vendor's point of view as well, it is useful to recall that the burdensome INVIM (a tax originally levied on the vendor consequent upon his sale of a property) has been definitively abolished, to the great relief of the notary as well, given not only the complexity of calculating it but also (as always) the irksome role of tax collector that the law imposed on him. Nevertheless, it is helpful to emphasize that the vendor may still have to pay certain sums

Mention must be made of the distinction between real rates and nominal rates. The nominal rate is the percentage of interest that formally appears in the contract and which regulates the home loan operation. In reality, however, the effective cost of the loan is inevitably conditioned by a whole series of other factors: first of all, by various expense items  (survey, review and closure expenses; collection or encashment expenses; third-party agency costs; tax and insurance expenses; othe

As from 1 January 2006, it has been possible to meet the taxation requirements on some real estate transfers at the land registry's valuation, regardless of the price agreed and shown in the contract. The rule that first introduced the price-value concept was Article 1, Paragraph 497 of Law no. 266 of 23 December 2005 (2006 Budget); there were two subsequent amendments: Article 35, Paragraph 21 of Legislative Decree no. 223 of 4 July 2006, converted with modifications into Law no. 248 of

The rate of interest is usually set in percentage terms; it may be fixed, which means it is the same for the whole duration of the loan, or variable, which means it is determined with reference to changing parameters that are set by objective, impartial criteria. For example, Euribor is an average quotation for variable rates calculated using objective criteria in the EU financial markets; while I.R.S. (interest instalments swap) is the financial reference parameter for establishing the cost

Following marriage, unless an explicit declaration to the contrary is made at the time of the ceremony, spouses find themselves in a shared property arrangement, this being the automatic legal regime in force in our system since 20/9/1975. This means that any purchase made by a spouse during the marriage is subject to legal community (or, simply put, is common property) with the other. The law excludes (to take a few of the more important cases) only assets acquired by donation or inherit

One of the essential elements in the negotiation of a home loan is the delay allowed for  repayment of the capital, i.e. the duration. In general terms, one may say that the longer the duration of a home loan the lower the amount of each repayment instalment, which gives the borrower more breathing space; all this, however, means paying overall a larger amount in  interest, precisely because the capital is repaid more slowly. The practice also is that a longer duration

A  "public officer" is a professional who performs "public functions". This means that he is vested by the State  with public authority and faith, which allows him to draw "authentic deeds"  (or "public deeds"). The “authentic deed” is the characteristic  "product" of the latin notary system. Even though  the notaries' discipline can show slight differences in  the different countries adopting the latin system, they all draw up authentic (public) deeds with the same legal meaning.

The system manages certified mail through a dedicated domain used for the transmission of electronic documents having full legal validity.

Legalization is indispensable for a foreign public document to be valid in Italy. It consists only of the official certification - by the competent Italian consular or diplomatic authority abroad – of the legal status of the public official (or functionary) who has signed the document and the authenticity of his signature. If the document is issued by a foreign authority in Italy, it must be legalized by the Prefect in the district in which the foreign authority is located (except for the

The purchaser's main obligation is obviously to pay the agreed price to the vendor at the time the sale contract is completed. Where an advance payment has been made as a deposit, the difference must be paid to make up the full agreed price. It is legitimate for the purchaser to request a deferment of payment, but it is not his right to insist upon it, it being left to the discretion of the vendor whether or not to grant this: the purchaser's obligation to pay the price in full derives fr

The system provides access to legal documentation that is useful for the exercise of the notarial profession, both internal to the profession and supplied by agreement with external editors; an archive of legal documentation (the Notarial Data Base) contains approximately 40,000 documents (studies by the National Council of Notaries, jurisprudence of interest, the science of law). The material is accessible by way of a search engi

The purchase of a home is always an important step in our lives. Just as the sale of a property also carries significant overtones: from investment decisions, to the reordering of assets, to the need for generational change. Whether it be the purchase or the sale of a property, it is not something to be taken lightly. Indeed, these are extremely complex operations that are full of pitfalls and that cannot be undertaken without the advice of an expert. Are you aware of the rights and oblig

A property conveyance gives rise to a series of rights and obligations for both parties. For a number of the rights of one of the contracting parties, there are corresponding and equal obligations of the other party, so that the vendor and the purchaser find themselves involved in an interactive web of expectations to be met and duties to be performed. While some of these rights/obligations, such as the payment/receipt of the purchase price and the delivery/receipt of the property, are

In "land credit" contracts, the borrower has the legally-assured option of early repayment of the home loan; but generally, even in ordinary contracts, that possibility is foreseen. The borrower may decide, therefore, at a certain point in the repayment plan, to close out the contract and repay the remaining capital, on which obviously he will no longer pay interest. Given this loss of earnings, the bank could, if the contract so stipulates, demand compensation (a penalty). According to a

Home loans are generally guaranteed by a mortgage and so are the preserve, in our legal system, of the notary. The presence of the notarial profession has become more significant with the recent increase in the number of such contracts, a result of the lower cost of money (though this is still subject to fluctuations) and improvements in living standards that allow an ever greater number of citizens to aspire to the ownership of their home and often of a second home as well. Year after ye

A person may not always be able to express his intentions directly: for example, because he is abroad or far from the place in which he is supposed to sign a particular deed or contract.In such cases, it is possible to use a power of attorney, i.e. a document giving another person the power to undertake a material or legal act in one's stead.For example, if a husband is abroad and a purchase contract for a house must be signed urgently, the husband – before he leaves or from abroad – may give hi

Foreign documents are those issued abroad by a foreign authority, even if they are in the Italian language, which in order to be used in Italy require legalization or an apostille.In this sense, a document prepared by an Italian consulate or ambassador abroad is not “foreign”, even if the parties are foreign. If it is written in a foreign language, the foreign document must also be accompanied by its “translation”.More precisely, the obligation to legalize a foreign document is currently stipula

Law no. 52 of 1996 introduced rules into the Italian legal system to protect the consumer in his contractual relations with professionals. In order to rationalize regulations which have been complicated by a long sequence of amendments, a Consumer Code was recently published (Legislative Decree no. 206 of 6 September 2005), which contains a thorough reworking of most of the consumer-protection rules. Article 3 of the Consumer Code defines a "consumer" as a physical individual who acts

A home loan is a contract whereby one party, called the lender (usually a bank), transfers a given sum of money to a second party known as the borrower, so that the latter may use it for a given time in exchange for paying the former an amount representing interest. To this outline of the essential structure and functions of the contract must be added that a home loan includes various clauses that are not always immediately comprehensible but are necessary for regulating all the relations

The sale contract includes the personal data of both the vendor and the purchaser, including their fiscal codes, the description of the property to be transferred with an indication of its location, its nature and its boundaries, as well as its identification at the land titles office and a number of obligatory pieces of information regarding town planning and building regulations. The vendor must declare whether the property was built before 1 September 1967; if the building took place a

The Consiglio Nazionale del Notariato (C.N.N.) is the professional order of notaries. It is made up of 20 notaries directly elected by all practising notaries in three-yearly elections. There is a limit of two consecutive mandates. The three members of the Audit Committee are elected according to the same procedure.The 20 elected councillors, after they are installed in office, nominate a President, a Vice President, a Secretary and an Executive Committee. The tasks of the Consiglio Na

It is important to understand what the types of buildings are to which the duties and guarantees examined below apply.  Under this law “buildings to be built” are those for which the building permit or other authorization to build was applied for after the entry into force of the law (21 July 2005), and which are not yet finished, and hence “the fit for use” (agibilità) statement has not been issued (article 1, paragraph 1, letter d). This means that on the one hand the law does not apply to

Another possible guarantee frequently used is the surety bond, whereby a third party (not the mortgagor) generically guarantees with all his own assets that the borrower will fulfil his obligations

The law completes the range of measures introduced to protect the purchaser by extending to the purchaser the right to parcel out the loan and the mortgage on the building being built, and the prohibition on selling before the division of the loan into quotas, or before discharge of the mortgage or foreclosure where these are not taken over by the new purchaser (Articles 7 and 8). The purchaser of a house to be used as his/her home has the right of pre-emption in case of an auction (Art.

First of all, the purchaser has the right to have the vendor consign the property at the time of the notarised conveyance, upon payment of the purchase price, in its known state, with any agreed accessories, free of persons and things. It is legitimate for the purchaser to request consignment of the asset before the definitive transfer: however it is not his right to insist upon it, it being left to the d

In order to grant a home loan, the bank requires a guarantee: by definition, the most common of these is the mortgage. A mortgage gives the bank the right to be repaid from the proceeds of any forced sale of the asset offered as collateral, with priority over other creditors. A mortgage has better legal standing if it is a first mortgage, i.e. if there are no higher-priority mortgages: a "land credit" guarantee generally requires a first mortgage. A mortgage is established over the

When does one need a notary? The areas covered by Italian notaries are mainly:a) the purchase of a house or other real property;b) the formalization of a mortgage contract with a Bank;c) the preparation of powers of attorney so as to be represented by a third party;d) changes to property arrangements between spouses;e) applications to a court for authorizations regarding minor children;f) donation of assets;g) setting up of and changes to companies, and all relevant legal documents;h) acceptance

These must be residential properties and related accessories (garages, cellars, etc). As the taxation department itself confirmed (Telefisco 2006), the benefits extend to accessories without limit as to number and even if purchased separately from the principal asset, so long as their intended use as accessories is specified in the purchase contract. The system also applies to purchases of housing and accessories that are ineligible for the benefits foreseen for “primary residences”. So a

As has been seen above, in order to determine the type of tax and the amount and means of payment of the sums due for duties on the purchase of a so-called primary residence, one must first of all take into account the nature of the vendor. When the vendor is the company that built (or renovated) the property and four years have not elapsed since completion, the conveyance is subject to VAT that the purchaser must pay directly to the company and not to the notary, along with the payment o

The conveyance may rightly be considered the notarial transaction par excellence, considering all the actions the law imposes on the notary following settlement (to cite the more important ones: filing, cadastral registration, transcription, notification of the competent authorities specified by law etc.). It is the notary who writes the contract after having established the intentions of the parties and after having obtained all useful information and carried out all the necessary search

In the first place, the vendor is obliged to consign to the purchaser the property sold in the state in which it is with vacant possession, free of persons and things, at the time the contract of sale is notarised, i.e. at the same time as the balance of the price is paid. The vendor has the option, however, of allowing the future purchaser to occupy the property even before the actual change of ownership, it being understood that because he is still the owner of the asset he remains resp

By law all unlimited partners are directors of the s.a.s..However, the Memorandum of Association may entrust the management to one or some of the unlimited partners, excluding the other unlimited partners from the management.Unlimited partners who are directors are governed by the same rules as those laid down for s.n.c. directors.Their liability is identical to that of the partners in an s.n.c., and is accordingly unlimited and joint, with the benefit that the corporate assets are used to p

Limited partnerships with share capital is a modified form of a company with share capital in which permanent directors manage the company who have unlimited liability, also contingent liability, for  social security liabilities. The provisions that are specific for this type of company are reduced to a few which concern above all the management of the company by the unlimited partners.    The peculiar characteristic of this type of company consists in the co-existence of two different group

Amendments to the Memorandum of Association must be approved not only by the extraordinary meeting but also by all the unlimited partners. The advice of the notary public may be useful in deciding on issues related to this mode of approval. For all other aspects, please refer to the joint-stock companies (please refer to the related paragraph).

Co-operatives are associations of persons which are protected in the Italian Constitution:  in fact Article 45 of the Italian Constitution states: “the Constitution recognises the social function of co-operative societies that are based on the values of solidarity and that do not pursue goals of private profit”.In co-operatives predominant importance is ascribed to the social function, which consists in implementing a democratic decentralisation of the power of organisation and management of

Informal partnerships are the most elementary form of enterprise.The fundamental characteristic of an informal partnership is that the scope of its activities is limited to non-commercial profit-making economic activities.The scope of an informal partnership may therefore include:- agricultural activities, with certain limitations because:   the purpose of the enterprise cannot be merely that of using assets, but must consist in the joint operation of a business activity;  taci

Take the case in which the company has lost capital. What is the company allowed to do?In this connection the law envisages that, in case of losses, the company cannot distribute profits among the partners until the capital has been reduced or replenished by the corresponding amount.However, unlike what happens for companies with share capital, there is no obligation to reduce the capital whatever the amount of the losses incurred, even if the latter are such as to wipe out the  entire capit

In carrying out its business, the company can use distinctive features such as a name, sign-board and trademark.The name characterizes the entrepreneur in exercising the company’s business, the trademark identifies and distinguishes the goods and services produced by a company and the sign-board identifies the premises where the business is carried out.

The individual partnership may be resolved following the exclusion of a partner from the company.In some cases this occurs by law (e.g. in cases of bankruptcy), while in other cases the exclusion is decided by the other partners, when circumstances envisaged by the law or by the  partnership contract occur. Your Notary public will describe such cases to you.In all the cases examined thus far in which the relationship of a single partner ends as a result of death, withdrawal or exclusion, the

In  share capital companies the financial autonomy is perfect in that the shareholders are accountable for the debts of the company only in proportion to the share they hold.This means:- that the personal creditors of a shareholder can never receive payment from the company;- that creditors of the company, in turn, can never expect the members to use their personal assets to pay for the company’s debts.The financial circumstances of the shareholder of a company with share capital will never

Contributions are the assets that the partners are obliged to provide under the partnership deed.In other terms, the contributions are the resources that the partners contribute to create the initial assets of the company.It is their function to provide the company with the initial capital required to carry out the company’s activity.Through the contribution each partner allocates a part of his personal assets to the common activity throughout the lifetime of the company and takes on the ent

It is extremely simple to set up an informal partnership:- the contract needs not be of any special type, except where special types of assets are involved (and except for evidentiary limitations);- all that is needed to set up an informal partnership is the mutual engagement by the partners to jointly carry out a non-commercial profit-making activity;- informal partnerships must be entered into the register of companies. Such registration takes place in a special section and does not imply

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