# Foreign Bank Account in Italy



## sardoc (Mar 28, 2016)

I am a US Citizen living in Italy. I closed my US bank account and moved all our savings to Italy last year because of Re-entro Capitale and Voluntary Disclosure Laws here. Now that Tax time has come around I am regretting closing the bank account and would like to reopen it. My Commercialista said I had to close it when I moved our savings. Does anyone know if it is legal in Italy to have a foreign account and if so, are there any requirements in addition to the form RW submission? Thank you in advance for your help.


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## Bevdeforges (Nov 16, 2007)

I'm pretty sure it's legal to have foreign accounts as an Italian resident. But what you might have trouble with is opening a new account in the US now that you are no longer resident there. Many banks are hesitant to take on non-resident customers. Probably safest to check with your old bank and see if they'd consider taking you back on.
Cheers,
Bev


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## sardoc (Mar 28, 2016)

Thank you Bev, 
I am going to try to set it up right now. In fact; I asked in the states before closing the account and sad they would take me back. Have a Nice day.


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## sardoc (Mar 28, 2016)

forgot to sign sardoc


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## BBCWatcher (Dec 28, 2012)

It's perfectly legal as long as you declare it annually (Form RW) and pay any wealth tax due, unless the U.S.-Italy tax treaty says otherwise.


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## NickZ (Jun 26, 2009)

One issue is many EU banks won't offer offshore accounts to US citizens anymore. Dealing with the US government isn't worth the risk.

I can't imagine why you took advantage of the capital reentry offer. It's not something likely to matter to expats. 

You mention " Now that Tax time has come around I am regretting closing the bank account" I also don't understand this. The location of the account doesn't change your tax status really. You risk paying a withholding in the location of the account but that just offsets any Italian taxes.


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## sardoc (Mar 28, 2016)

Never filled in quad RW or RM, my ex commercialista declared US Int & Divs in Quad RC along with SS. He started making mistakes (probably intentionally) and after changing learned of RW and sanctions. We finished off paying 2 wife and 3 years me (another goof up Integrative RW for me not submitted) at 0.5% rather 15% and some additional interest (tax rate different for RC & Rm). Well done is done. Can I ask you another question on this? I having a problem understanding this "Intermediare" i.e. middleman for foreign accounts. Thanks for the help.
Sardoc


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## Amblepup (May 3, 2016)

You can have any worldwide account you like, just make sure your card works in the ATMs all ATMs have an international account facility and most now you can choose English language. Transferring money to an Italian account may be expensive. Italian banks charge, I have one and thinking of closing it as not needed since buying my home. Some Italian banks have been struggling recently, so your money may be safer in an international account.


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