Chemical X
Footballguy
have acquired the services of a CPA and will discuss visa tax ramifications Monday.
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My impending Italian Ex-Pat adventure is ***Official*** 2024-25 v3.1 (1 Viewer)
- Thread starter Chemical X
- Start date
ConstruxBoy
Kate's Daddy
In Bellagio now. Staying at a little villa above the town with a nice view. Town is too crowded though. Just too many people for the space. Sort of like Venice can be. Too bad, would be nice with fewer people.
Chemical X
Footballguy
the cpa was all over the effin place and i am beyond annoyed.
at this point, i think my next conversation with my wife is that we do the 6/6 thing. 3mos. italy, 3 mos. US. problem is, i will need to resign my job, as my employer allows remote work, but not outside the US….unless i can get an exception. i work for a bank and its a security thing. the visa aspect is becoming way too complex from a tax angle and, if i need to quit my job anyway, we can just do the back and forth. wife only gonna work another 3-5 yrs max. i’ll need to keep a place to live in the US, but in 2019 we bought a beach condo. i think i sell my main house and bank the cash and then do the 6 mos at the beach. i think june-aug and dec-feb in italy and mar-may sep-nov US. we miss most of the beach tourist crowd. we get to keep our doctors and US taxation. i suppose i can get one of those online TEFL teaching jobs to get some personal play around cash. wife earns more than me anyway. at the end of the day with a visa or in my above 6/6 scenario, i wouldn’t have my job. simplify
DA RAIDERS
Footballguy
Wow. Complicated. But so cool
Chemical X
Footballguy
and my irrigation pump apparently has no electricity. it was working in may, but not now. unless these guys that went to use it are morons. which is always a high possibility.
Chemical X
Footballguy
bit of an update on the visa process. today o think we have given up pursuing an ICT visa for the mrs. her company wants her to be paid by the italian entity and that is creating waaaaaaay too much confusion. we have met and discussed scenarios with multiple CPAs and we keep getting varying answers and vague info. it is one thing to be paid by the u.s,, but being paid by the italian entity opens up social security tax issues, other taxation issues, benefits, way too many things to get us comfortable. wife says she only may work another 2 years and this process just isn’t beneficial enough. seems like we are gonna do the 90/180 day thing. in nc we have a main house and beach condo, we will likely sell the big house and hit the beach condo when we are state side. just easier to maintain when not here. the big thing though is that i won’t have a job. not worst thing in the world, but my employer won’t allow me to work abroad for extended periods. i haven’t specifically asked, but it is a bank and they barely let me take my laptop when i travel. pity, cause i don’t mind what i do, so i’ll have to scrape around for some income. maybe my tefl certificate will get dusted off. target, 6/2024.
next trip over is 12/14-1/8 if anyone is in the area.
next trip over is 12/14-1/8 if anyone is in the area.
DA RAIDERS
Footballguy
User name checks out
Chemical X
Footballguy
also, i’ll prolly be doing another overnight in florence during this time. wife has a colleague in milan and we might use florence as a central point. stayed at the westin last time, right on the arno. looking to see what my freebies are this time. maybe some work points. wondering who my first FFA italy spoon will be with. 2024 i might be there june, july, august for the pre planners.
Chemical X
Footballguy
and if you pass thru next summer, i could use a job that lets me travel and maybe some free day laborers.
beginning the process to explore a pool installation. found a company near us that was recommended.
beginning the process to explore a pool installation. found a company near us that was recommended.
Chemical X
Footballguy
lastly, if my wife’s job didn’t require her be paid by an italian entity we’d prolly have a visa already. the tax ramifications are crazy.
think i mentioned this but no matter what and where, US citizens must always file a US tax return. 1 of only a couple of nations that do this.
think i mentioned this but no matter what and where, US citizens must always file a US tax return. 1 of only a couple of nations that do this.
Chemical X
Footballguy
if you visit me dressed as kanye and his ho du jour, you win a bottle of wine. pants up only.
ConstruxBoy
Kate's Daddy
Bumping this in case a mod sees my post in the Jayrod's thread and doesn't get the joke.
Chemical X
Footballguy
reported
Chemical X
Footballguy
since this is here, monday we have a virtual call with a pool company to take a look at my site and give me some options. a pool for 2 middle agers without children is the stupidest thing to do, but we are thinking…..the space is just too good to not check costs. no waterfalls, no hot tub. just a simple in ground. i am saying 25k, i could budget that, but who knows over there. if it is a no go, so be it. of course a simple hand rail on my internal stairs is much more important, it is actually harder to find a carpenter than a pool company. god, i love that country!
beer 30
Footballguy
I'll take the over on that for 20 credits
Chemical X
Footballguy
yeah, that is my fear. but size matters, right?
i don’t know if i can go fiberglass, cement, etc.
i would hate to do above ground and ruin land and views, which is why we thinking in ground. gonna try the KISS method and go from there.
Ron Swanson
Footballguy
beer 30
Footballguy
I don't have a pool but I know 3 people who have had one installed in the last few years. Sadly Ron is spot on but I'm not familiar with Italy so who knows? Maybe it's cheaper. Everyone here ranged from $85k to $100k. One guy did a lot of the work himself, that's the low number, one guy contracted it all out, that's the high number. The other guy had a pool but didn't want one deeper than 4' so he had it ripped out and poured a new one
Chemical X
Footballguy
if those are the prices, no way.I don't have a pool but I know 3 people who have had one installed in the last few years. Sadly Ron is spot on but I'm not familiar with Italy so who knows? Maybe it's cheaper. Everyone here ranged from $85k to $100k. One guy did a lot of the work himself, that's the low number, one guy contracted it all out, that's the high number. The other guy had a pool but didn't want one deeper than 4' so he had it ripped out and poured a new one
DA RAIDERS
Footballguy
When I was in Majorca as a kid, we helped the property owner of where we stayed dig out an ancient holding pool that was on the property. The property was an old farm and it was part of the aquifer system. It was back breaking work but it made a nice 10x10x8 dipping pool. The coolest part was the water system was still intact and the w@ter came straight from the torrente that ran next to the property. There was a little stone channel that fed the pool. They knew how to build things back in the day. It was over 300 years old.
DA RAIDERS
Footballguy
You can. There’s people our here that rent their pool/backyard out for parties.Makes me wish I could sell my inground pool. Maybe I can rent it out...
Chemical X
Footballguy
i’ve seen some small pool installs in my neighborhood here. i guess i have a hard time believing all these people are dropping 50k on mini swimming pools. but, i know everyone stole PPP funds and became gubmint rich, so maybe it is true.
Chemical X
Footballguy
just saw this post but yeah, it’s all red tape and who know. luckily, the italians are just as confused as me.
Chemical X
Footballguy
so, a small update. we decided to pivot to the ERV for italy and had a talk with our lawyer. our consulate is philadelphia. essentially, my attorney stated that satisfying the passive income hurdle is the biggest obstacle. italy changes its mind every day. my attorney states that California consulates and even Miami have decided that rental income and trust income can no longer be considered passive. those locations want an annuity, unless you have other means to satisfy. this is a change, since our path was a trust, as we are not yet retirement age. our attorney and firm have philly contacts and she will ask and provide specific requirements, so hopefully i know shortly. issue is, i am not buying an annuity.
i have IRÀ money to satisfy the requirement of showing €31k per year per person, but i don’t want to draw if i don’t have to. we need to show at least 6 months of withdrawals. so, waiting on attorney, but my plan might be 6k IRÀ withdrawals starting at age 59.5. luckily, i have a roth, so i won’t be taxed. at 60 i have some pension funds kick in and then i can show at 62 my SSA letter. but this window is becoming tighter to satisfy. if we can’t get a visa at 60 or 61, we might just sell the property and give it up. doing 3-3-3-3 months is untenable. let’s see what avvocato says.
i have IRÀ money to satisfy the requirement of showing €31k per year per person, but i don’t want to draw if i don’t have to. we need to show at least 6 months of withdrawals. so, waiting on attorney, but my plan might be 6k IRÀ withdrawals starting at age 59.5. luckily, i have a roth, so i won’t be taxed. at 60 i have some pension funds kick in and then i can show at 62 my SSA letter. but this window is becoming tighter to satisfy. if we can’t get a visa at 60 or 61, we might just sell the property and give it up. doing 3-3-3-3 months is untenable. let’s see what avvocato says.
The Z Machine
Footballguy
Might have to do the Golden visa in Portugal instead.
Chemical X
Footballguy
lots o scrilla, no?
New Binky the Doormat
Footballguy
Chem X - would love to get some advice/guidance from you if you would ...
our daughter is going to spend her next semester in Arezzo and we're going to visit her for a few days and then would like to spend some time in Italy - probably focused mostly around Rome, but open to any/all suggestions
we typically like to go to a place and explore non-rushed as opposed to a city-a-day type group tour
we have never been to Europe before so we'll be way out of our element - and I have a ton of questions ...so before I start unloading with them - I figured I'd better ask you if you're good with offering some experienced advice
TIA
our daughter is going to spend her next semester in Arezzo and we're going to visit her for a few days and then would like to spend some time in Italy - probably focused mostly around Rome, but open to any/all suggestions
we typically like to go to a place and explore non-rushed as opposed to a city-a-day type group tour
we have never been to Europe before so we'll be way out of our element - and I have a ton of questions ...so before I start unloading with them - I figured I'd better ask you if you're good with offering some experienced advice
TIA
Chemical X
Footballguy
i missed this post…..by all means, ask away. arezzo is a nice smaller city and has a famous open air antiques market. in my neck of the woods.
Chemical X
Footballguy
so, we continue to pursue the visa, but the passive income requirement is a moving target for us right now. we have had past discussions about bailing on the u.s. in favor of Malta and doing the schengen shuffle from a closer venue. then, in 2-3 years, once we can freely access 401k and IRA funds, setting up a passive stream to supplement SSI to cover the requirement. I would have to rent an apartment in Malta, but this is becoming a stronger possibility.
tonysmiles
Footballguy
Chem X have you not looked into getting Italian Citizenship. Talked to my sister we may get the ball rolling and split the 7K cost because then with dual citizenship I believe I am not susceptible to the 6 month limitation of staying in Italy and can stay year round. That is my end goal to buy a place in Campagnia region and live there year round and come back to the states for small periods of time.
Chemical X
Footballguy
no ties to allow for that. we have no path, we are not italian.
The Z Machine
Footballguy
Interesting on the Malta angle.
BTW, my wife applied for another job in Geneva this last week. She got shortlisted last time and then turned it down once she had more interviews. She didn't like the managing director, who has since left and been replaced by a guy she likes a lot better.
Anyone know anything about Geneva? I've never been.
Chemical X
Footballguy
isn't switzerland hyper clean and expensive?
The Z Machine
Footballguy
I know, not my jam really, but if the adventure presents itself...
Chemical X
Footballguy
i would do anything international, especially if the visa is being sponsored. i am sure the pay is reflective of the economy. so close to france and italy you can probably smell it too.
massraider
Footballguy
Pretty, safe, lot of expats. Expensive.
Had a friend in London who flew there every other week, and he hated it, but he was a young banking guy, and wanted to be out in his tailored suit knocking down the ladies.
Geneva is not that, and there are so many expats there that the locals and expats have their own different worlds there. So most locals are in no rush to make friends with expats. They don't hate them, but expats come and go.
The Z Machine
Footballguy
Yeah, I'd be there with a wife and 2x 11 year olds (and maybe my mother in law, but that's another story).
New Binky the Doormat
Footballguy
PM incoming ...tks!
Chemical X
Footballguy
So, a positive development. While we believe we have scrubbed our finances and come up with a way to show passive income to support an ERV (visa), it would still be a crap shoot based on consular review. Our attorney previously mentioned pursuing a study visa and this is our new plan. We meet the requirements and have begun the process of gathering documents to support and file this request, with the help of our attorney. We will need an accredited school to accept us into a program to study for at least 20 hours a week. A plethora of schools offer this long term program and our attorney has done this visa for numerous clients over the age of 45. This process should be pretty simple. It especially helps that we have already passed an A2 CILS test for Italian language, which shows our commitment to learning. The visa does not care about age and it allows continue employment outside Italy. It also allows us to work up to 20 hours in Italy. My wife will keep her job in the US and i could always hack around if I want in Italy (unlikely). We travel in December and expect to make application sometime in February 2024. Goal is to get there in 2024 summertime. Our attorney is supremely confident based on our needs and the success rate. Only issue is that it is a max of 3 years...........but we will worry about that when the time comes. It allows us to better prepare passive income for the ERV, maybe in 2027.
Here we go.........
Here we go.........
The Z Machine
Footballguy
GLLLLLLLLLLLL being a student again. Maybe you can go to some frat parties.
ConstruxBoy
Kate's Daddy
I assume the frat parties there have barrels of wine instead of beer?
Chemical X
Footballguy
it is a 20 hour a week requirement, so 4 hoors a day doesn’t seem difficult. i am also sure this isn’t 20 hoors a week for 52 weeks. i would believe and am confirming with our attorney that we need to sign up for a 1 year class, that meets 20 hours a week to satisfy the visa. if it’s 20 hours a week for 52 weeks, well……i am sure it’s an on again off again program over the 1 year.
DA RAIDERS
Footballguy
It’s online, correct?
Ilov80s
Footballguy
At that pace sir I am worried about your health
