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Expat Campione d'Italia

Nestled in the Alps near the Swiss/Italian border in the Canton of Ticino, Campione d'Italia plays host to approximately 3,000 inhabitants out of which about a thousand are foreigners. One of Europe's best known tax havens, the town was privately owned by Totone Campione until his death in 777 CE. It has since been Swiss, French, Italian, and Austrian. In 1861, Campione d'Italia was formally awarded to the Kingdom of Italy.

Not surprisingly, Campione was considerably impacted by its diverse history. A popular casino destination, the official currency is the Swiss Franc or the Euro. License plates, drivers licenses, cable television, local telephone and postal services are Swiss, visas are granted by the Swiss authorities, but the city itself is technically Italian, and thus subject to Italian taxation... but not entirely.

Climate

Located in the Alps on the shores of Lake Lugano approximately 300m above sea level, Campione boasts a mild sub-alpine almost Mediterranean climate. The average temperature ranges from approximately 25F in the coldest months (December/January) to approximately 85F in the warmest month (July).

Government

Politically, Campione is governed by Italian law. Italy is a republic and is currently being lead by the new centre-left coalition. It is a founding member of the European Union, European Community, Council of Europe, and NATO. The government has long has a history of instability.

Tax System

Those who can afford property in Campione are in for a treat. Residents are responsible only for partial taxation. They are exempt from the Italian Value Added Tax (VAT) and do not play full Italian income tax. The first 200,000 Swiss Francs reported may be converted into Euro's under a special exchange rate. The result is a lower tax rate and subsequently a tax break. In addition Campione does not tax gifts or inheritance.

Any income obtained from interest on foreign bonds paid through Italian banks is taxed at a reduced rate of 12.5%.

All tax breaks in this town are residential only. Corporations are taxed at the typical Italian rates.

Medical Care

Adequate medical care may be found in the nearby city of Lugano. For excellent medical care, residents may choose to drive to Zurich (2 hours) or Geneva (6 Hours).

Real Estate

Although visas are regulated by the Swiss authorities, would be residents must apply for permits from the Italian authorities. Take note, however, the price of real estate in Campione is extremely high. It is advisable to obtain a lawyer when shopping for real estate as some agents operate without licenses and a buyer could find themselves in a sticky predicament. The typical real estate fee is between 3-5%. The average going rate on a small two bedroom apartment is about 450,000 CHF. Houses begin in the low millions.

Shopping

Campione is a small town so diversity in commerce may be a tad sparse. This does not however, deter its residents. Excellent shopping may be found less than 10 minutes away in the larger city of Lugano. Fashionistas may opt to drive the hour to the fashion capital of the world, Milan. Although the majority of the residents of Campione are Italian citizens, the borders are also open to them should they wish to drive the two hours to Zurich.

Cost of Living

Moderate to expensive if you can afford the property.