Retirees embracing life in new ways

Under a new law in Italy, a couple can now lodge a petition for divorce 6 months after the decree of separation if the separation was “consensual” (both parties were in agreement as to the terms of the separation agreement) or 12 months if the separation was “judicial” (the parties were not in agreement and a Judge was called upon to make a decision upon the terms of the separation).

This new law applies to all couples, regardless of whether they have minor children, and can be applied retrospectively to couples who have already been granted a legal separation.

Recent news about the 30% tax ruling in the Netherlands could have substantial implications for British expats and their financial planning and wealth management strategies.

The 30% tax ruling for expats in the Netherlands enables employers to offer working expats 30% of their salary tax-free as long as they meet certain requirements. The intended aim is to encourage highly skilled workers from around the globe to bring their expertise to the Netherlands. After all, relocating to the Netherlands is not cheap, and the tax advantage is there to help offset all the expense that comes with relocating. There are approximately 60,000 expats who currently claim the tax break.

As we reported last year, the tax break came under fire in a report published by the Dutch research bureau Dialogic for being far too generous and, therefore, costing the Dutch government too much money for it to be sustainable. When published in June 2017, the report suggested several reforms to the system, including shortening the number of years that expats could claim the tax-relief from eight years to five. This was because research carried out by Dialogic found that the vast majority of expats making use of the benefit (80%) claimed it for fewer than five years; less than 10% actually claimed the benefit for the full eight years.