Italy: The Trust Interno
THE INTERNATIONAL TRUST, Third Edition, pp. 787-817, D. Hayton, ed., Jordan Publishing, 2011
Posted: 11 Feb 2012 Last revised: 13 Mar 2012
Date Written: February 10, 2012
When in 1989 the Italian Parliament decided to ratify the Hague Convention of 1985 on the Law Applicable to Trusts and on their Recognition, nobody could possibly have predicted the tremendous changes that it would bring to the Italian legal landscape in the years to come. Within the space of only a few years the trust became an institution used in Italian legal practice, and the word ‘trust’ a term familiar to Italian academics, lawyers, notaries and judges alike. This chapter examines the phenomenon of the trust interni, that is to say trusts that are placed in Italy but entirely regulated by foreign law. It analyses the development of the instrument in Italy, its application and main features, as well as the approaches taken by the judiciary, the tax authorities and the legislature.
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