Italian Yankee Bonds – Changes to the Italian White List

The Ministerial Decree of March 23, 2017 published in the Official Gazette of April 3, 2017 increased the number of countries on the Italian White List adding the following jurisdictions:

• Andorra, Principality of

• Barbados, The Island of

• Chile

• Holy See (Vatican City State)

• Monaco, Principality of

• Nauru, Republic of

• Niue

• Saint Kitts and Nevis

• Saint Vincent and the Grenadines

• Samoa

• Uruguay

The regulatory change will take effect as of April 18, 2017 and opens new tax exempt investment opportunities for investors in Italian bonds who are located in countries that were previously excluded from the Italian White List. Investors in these jurisdictions will now qualify as eligible to receive interest free from Italian substitute tax under Italian Legislative Decree 239 of 1996.

Eligible holders of the Acupay / Monte Titoli serviced Yankee bonds may receive their coupons gross of tax if they follow the tax relief procedures contained in the ‘DTCC Important Notice’ published per bond issue on the Acupay website.

If you have any questions, please don’t hesitate to contact Acupay’s A-Team.