Italy Proposes 33% Exit Tax on Crypto Holders Leaving the Country

ME News reported on November 1 (UTC+8) that Italy is weighing an exit tax in its upcoming annual budget bill. The measure would impose a tax of up to 33% on unrealized capital gains for individuals who move abroad while holding cryptocurrency assets, even if the Bitcoin or other crypto assets have not been sold. According to a disclosed draft, the rule would apply to people who have been Italian tax residents for at least six of the past ten tax years and whose relevant assets total at least €800,000. Taxable gains would be calculated as the positive difference between the market value of the assets at the end of the tax year immediately before tax residency ends and their acquisition cost. The exit tax would cover not only cryptocurrencies but also other asset classes, with government bonds expected to benefit from tax incentives. The provisions remain in draft discussion and have not been formally approved. (Source: ChainCatcher)