Numerous Italians living abroad find themselves in the situation of having to present the declaration of succession following the death of a relative of theirs of whom they are the legitimate heirs; a procedure that could be quite problematic to perform outside the territory. In light of this, those who for various reasons cannot come to Italy can find in our office valid and qualified support to prepare this obligatory fulfillment.
Declaration of estate
Which services does BBSPRATICHE delivery
Except in exceptional cases we provide the client with all the support that is within our possibilities to bring the practice to completion:
We provide the client with a list of information and documents to be collected
We support the client in any collection of these documents if feasible as the search for heirs
We highlight any risks
We relate to the other heirs if it becomes necessary
We prepare the declaration
We send the declaration to the tax office
We pay taxes on behalf of the customer
We assist the client in case the tax agency has to make any disputes ; circumstance that with 12 years of activity never happened.
We have developed a specific methodologic to perform this practise
What is the methodology of bbspratiche
The methodology has been developed on the basis of many years’ experience in managing administrative practices and death succession declarations and is developed in several stages.
Step 1- Recognition
A brief exchange of information that can take place either by email or by organizing a video call; the objective of this step will be to determine if there are basic conditions for proceeding, such as whether the client is indeed a legitimate heir, can’t come to Italy and can go to an Italian consulate. This step is free of charge
Step 2- Assessment
In order to access this stage, the customer will be asked to pay a deposit. In this preliminary phase we try to collect from the client any useful information that may have an impact on the practice both in terms of enforcement and in fiscal and legal terms; for the sake of clarity, the assets, heirs, presence of non-incapacitated heirs, debt, and many other information.
Step 3. Selection
On the basis of what has been produced under point 2; a report is drawn up in which three possible options can be put into practice
a) there are no conditions for proceeding either for technical reasons or the customer’s choice,
b) there are conditions but for a final confirmation further investigation and research is necessary, in this case it is possible that the customer will have to bear additional costs to retrieve this information.
c) are the technical conditions for proceeding;
In case the customer renounces at this stage will receive a refund of 50% of what was paid
Step 4. The final decision
If at the end of phase 3, the customer decides to continue, an economic offer is drawn up with the estimate of the taxes to be paid and everything necessary to proceed in a definitive manner; in this case, if the customer renounces, there will be no refund; if you wish to continue, the amount paid will be considered as a down payment on the service
Step 5. Execution
The customer is invited to pay a further deposit; all the necessary information is collected in order to prepare the declaration; once we have gathered the necessary information, we prepare the application; Send to the customer the prepared material for final approval; at that point the balance of the supply including the countervalue of the inheritance taxes will be required at least that the customer does not have an account on the European circuit through which to request the debit; otherwise we provide us for the account of the customer
STEP 6 RECEIPT AND CLOSURE
The customer will be sent the certificate of presentation and the corresponding declaration.
The topic of greatest interest: the taxes to be paid
Here things are much more interesting for the heirs; as inheritance taxes in Italy are among the lowest in Western countries; however, the amount is not easily determined as several variables come into play:
- the relationship between the heirs and the cujus (son, grandson, etc.)
- the degree of kinship
- if there are properties and if on these properties at least one heir resides there as a first home
- The value of the movable property (money, shares, jewelry, artwork, company shares, etc.)
Furthermore, in Italy the legislation provides for exemptions or minimum thresholds under which nothing is due or a fixed tax is due and these exemptions change significantly the degree of kinship with the cujus ; In addition to inheritance taxes there are some particular taxes to pay such as the cadastral registration but these are modest amounts of a few tens of euros.
It should be noted that the payment of taxes in the declaration of succession does not exclude any further request from the financial administration; in the sense that the Revenue Agency, after the appropriate checks, could request clarifications or additions or in any case raise objections; this can happen above all in the case of hereditary assets whose value cannot be estimated at the stage of presentation of the succession or the estimate made is not considered correct by the tax authorities. This includes, for example, agricultural land that can be built on, jewels, works of art, and vintage cars; the shares and quotas of a company; in this case, it would be advisable to first use an appraisal by a qualified technician
What are the timelines?
12 months from the date of the opening of the succession which, except in special cases, corresponds to the date of death; beyond this date, a fine is incurred which however cannot be imposed if more than 5 years have elapsed.
I haven't got the fiscal code, must get it
Foreign person that haven’t italian fiscal code mustn’t get it to become heir, anyway we suggest to require it because it’s necessary, essential for many other thing, especially if there’re properties to manage; the cost to get it is not very significant respect with the its value and problems you can avoid in the future
What's them cost for BBSPRATICHE support?
As far as the costs are concerned it is good to be clear from the beginning: the practice of succession from death is not something that can be produced in series like a recipe for a dish; just know the ingredients, how to work them and cooking times and a little passion and the dish is ready!
Unfortunately it does not work like this, also because the subject is very complex both in legal and fiscal terms.
In essence, each situation has its own specificities which must be analysed on a case-by-case basis; in this light it is impossible to give precise and substantiated information on costs and timing without gathering the correct information; Time-consuming procedure that cannot be provided free of charge.
For this reason, we have provided a dynamic economic valuation system as described in the above paragraph on methodology
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