Marco Rossi,

Under new anti-money laundering legislation due to become effective in Italy in 2017, all foreign trusts with tax effects in Italy shall have to be filed and registered on the Italian Register of Enterprises. They include trusts with Italian settlor, Italian beneficiaries, Italian assets, Italian source income or treated as Italian resident trust under Italian tax law.

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INTRODUCTION

On January 17, 2017, the Department of Homeland Security (“DHS”) published the final regulation allowing the Secretary of Homeland Security’s discretionary parole authority in order to increase and enhance entrepreneurship, innovation, and job creation in the United States. The International Entrepreneur Rule (the “Final Rule”) will become effective on July 17, 2017.

Usually, parole was granted for urgent humanitarian reasons or significant public benefit to applicants for admission temporarily on a case-by-case basis. The Final Rule adds new regulatory provisions guiding the use of parole on a case-by-case basis with respect to entrepreneurs of start-up entities who can demonstrate through evidence of substantial and demonstrated potential for rapid business growth and job creation that they would provide a significant public benefit to the United States.

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Marco Rossi

On February 23, 2017 the Italian Government approved the final draft of the legislative decree (the “Decree”) that is going to implement the provisions of the Directive (EU) 2015/49 of May 20, 2015 (the so called “IV Anti Money Laundering Directive”). The decree was sent to the Parliament for its review and with the consent of the Parliament it will become law.

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Marco Rossi

In its ruling n. 21614 of October 26, 2016 Italy’s Supreme Court considered the issue of the application of the gift tax upon the transfer of property to a trust. The issue arises under the provisions of Law n. 262 of October 3, 2006, which reinstated the gift tax. Article 2 of Law 262, at paragraph 45 and 49, while providing on the scope of the newly reinstated gift tax, refers to “legal arrangements having the effect of creating constraints or limitation on the use, enjoyment and disposition of property”, for the final benefit of a person of for a specified purpose.

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