Quadro RW: declaring foreign assets in Italy
If you are tax resident in Italy and hold a bank account, investments, property or crypto anywhere else, you almost certainly need to file Quadro RW. It is the part of the Italian return foreigners miss most often. We include it for up to 10 assets in a flat €900 return.
What Quadro RW is
Quadro RW is a section of the Modello Redditi Persone Fisiche, Italy’s main personal tax return. Italian tax residents use it to report what they hold outside Italy. This is called monitoraggio fiscale. You file it even when the asset produced no income and no tax is due on it.
What has to be declared
- Bank and savings accounts abroad. Accounts whose combined maximum value never exceeded €15,000 during the year are exempt from the reporting.
- Shares, funds, ETFs and bonds held with foreign banks or brokers.
- Property outside Italy, including a home you used to live in.
- Crypto-assets, wherever they are held.
- Foreign life insurance and some pension products.
The taxes that come with it
- IVAFE: 0.2% a year on the value of foreign financial assets. Bank current and savings accounts pay a fixed €34.20 instead, and nothing if the average balance stayed under €5,000.
- IVIE: 1.06% a year on the value of property abroad (0.76% before 2024). It isn’t due if the amount is €200 or less.
- Crypto: a 0.2% annual tax on the value of crypto-assets.
What happens if it’s missed
The penalty for not reporting is 3% to 15% of the undeclared value for each year. It doubles to 6% to 30% for assets in countries on Italy’s tax blacklist. Unpaid IVAFE and IVIE are due on top, with interest and their own penalties. Correcting voluntarily, before you receive a notice, reduces all of this considerably.
What our €900 covers
A complete Italian return including Quadro RW for up to 10 foreign assets, the IVAFE and IVIE calculations, the F24 payment forms, a plain-English explanation of every figure, and one round of questions. Past years and more than 10 assets are quoted separately, before we start.
Questions
I didn’t know about Quadro RW and haven’t filed it before. What now?
It’s fixable. Missed years can be corrected through ravvedimento operoso, which reduces the penalties, and the reduction is larger the sooner you act. We quote past years case by case.
My foreign account has very little money in it. Do I still declare it?
Bank and savings accounts whose combined maximum value stayed at or below €15,000 during the year are exempt from the reporting itself. IVAFE can still apply. Investments, property and crypto have no such threshold.
I already pay wealth tax on my property abroad. Do I pay IVIE as well?
Similar property taxes paid in the country where the property is located can generally be credited against IVIE, so you don’t pay twice in full.
I have more than 10 foreign assets.
Our €900 return includes up to 10. If you have more, we quote the excess before we start work.
This page is general information, not advice for your situation. Tax rules change; we check your case against the rules for your tax year before quoting.