Trust Laws in Italy

Italy is a unique jurisdiction when it comes to trusts. Indeed, despite the fact that a trust cannot be governed by Italian law since the Italian civil law system does not provide for the trust institution, trusts have been recognised in Italy since the Italian ratification of the Hague Convention on the Law Applicable to Trusts and on their Recognition in 1989 and have been extensively used in the Italian context. Specific tax rules on trusts have been in force for many years, and extensiv...