Islands of Change

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Frequently Asked Questions

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    taxation

    In many countries, the Gift of money is not considered taxable income, therefore it is not even to be included in your tax return. However, each participant is required to consult their own Tax Advisor, who can give the right rules to follow in their National Territory.

    In Italy, for example, once a certain amount of money gift proceeds has been exceeded, there is a tax rate of 8%. In Spain, there is a rate of 6%, which could rise to 18% (based on the cumulative).

    In other countries, it goes from 15 to 28% (always based on the cumulative) and in others there is no taxation on the Gift of money (in the States where they let their citizens live). But the laws change from day to day, for this reason it is advisable to contact your own territorial Tax Advisor, who can advise on the best procedure to manage the income from the gifts received, from this Solidarity Economy.