Data from the latest tax returns have shown that the assets that Italian taxpayers own abroad are increasing. Specific taxes are paid on this type of asset, which is mostly linked to real estate or financial assets. Small rates in percentage, but which allow us to accurately trace the evolution of how much Italians invest outside national borders.
The total figure is around 225 billion euros, a sharp increase compared to previous data. Financial activities are driving growth, a sign of Italians’ capital investment habits.
By how much Italians’ assets abroad have increased
The data on the assets that Italian taxpayers own abroad come from the 2025 tax returns and from the analyzes that the Department of Finance has published based on those data. These are therefore relatively poorly updated figures, which refer to a situation that evolved throughout 2024. However, it is a physiological delay, present in all the data that depend on tax returns.
In 2024, therefore, Italians’ assets abroad went from 212 to 225 billion euros, increasing by 13 billion euros or approximately 6%. The most important items of this data are:
- real estate units, which remained around a value of 34 billion euros;
- financial assets, such as shares and bonds, which went from 178 to 191 billion euros.
The increase in taxes on property abroad
As mentioned, there are two specific taxes for this type of assets. These are the Ivie (tax on the value of real estate abroad), and the Ivafe (tax on the value of financial assets held abroad). They are not particularly high taxes: the Ivafe for example is 0.2%, but they allow us to accurately trace all the assets that Italians have abroad.
Revenue from both of these taxes increased significantly in 2024. For Ivafe it is the effect of the increase in value of financial assets owned by Italian taxpayers abroad. For Ivie, however, it is the consequence of a regulatory change. This tax has in fact gone from 0.76% of the value of the property to 1.06%. The total proceeds from both taxes amount to 254 million euros, divided into:
- 149.8 million euros paid for the Ivie;
- 104 million euros paid to Ivafe.
Why Italians invest abroad
The increase in the financial assets abroad of Italian taxpayers is also a consequence of an increase in the number of taxpayers who have started to invest abroad, which went from 332,600 in 2023 to 368,400 in 2024. These data, together, show a clear trend: Italians are investing more and more abroad.
The reasons may be various, but one stands out above all. In 2024, the Ftse Mib index of the Milan Stock Exchange grew by 12.4%. In the same year, foreign indices recorded:
- S&P 500 (USA) +26.86%;
- Nasdaq (USA) +35%;
- Msci World (Global Index) +19%;
- Dax (Germany) +18.8%.
The Italian stock market has therefore grown much less than several other world indices. This may have pushed investors abroad to seek higher returns. This is a known problem in Europe, mainly due to the fact that there is no capital market union, which would allow savers to have simple access to all EU stock exchanges, unlocking billions in capital.
