The Trust Company (Società Fiduciaria) provided for in Italy by Law no. 1966/1939 carries out the administration of the assets entrusted by the Settlor. Better qualified as e delegating person. The Trust Company does not become substantial owners of the assets entrusted to them (i.e. company shares). There is a clear separation between the assets under management, owned by the Settlor. And those of the “Società Fiduciaria”.
Trust Company (Società Fiduciaria) and Italian Substantive Law
The Court of Cassation, Italy’s highest judge, has stated several times that “the ownership of the trust company, although it cannot be said to be fictitious, nevertheless assumes a merely “formal” connotation. While the Settlor, despite the formal registration of the asset to the “Fiduciaria”, retains its “substantial” ownership” and is, therefore, able to dispose of directly, without the need for any formal retransfer of securities by the companies” (Cass. 10031 of 14 October 1997) and again that “in the “Società Fiduciaria”, the delegators … must be identified as the actual owners of the assets entrusted by them to the companies and instrumentally registered in their names” (see also “Corte di Cassazione”, SSUU, 21 May 1999, no. 4943).
The assets and rights transferred to the “Società Fiduciarie” are therefore subtracted from the actions of the creditors of the “Società Fiduciaria” and remain subject to the actions of the creditors of the delegator through the form of “Pignoramento (seizure) presso terzi”.
Trust Mandate and Italian Tax Law
Furthermore, The application of the principle of the prevalence of the “substance” (delegator) over the “form” (fiduciary company holder). For direct taxation implies that dividends (and any other distribution of corporate profits) are subject to the declaratory rules provided for by Articles 44-47 of the “TUIR”. I.e. “Consolidated Income Tax Act”) in the hands of the Settlor. For this reason, Italian law imposes a series of obligations on “Società fiduciarie”, also concerning the communication to the Tax Office of the personal details of the beneficial owners of the shares (Article 9 of Law no. 1745 of 29/12/1962).
Trust Company (Società Fiduciaria) is also subject to a stringent and penetrating regime of control and monitoring. By the public supervisory authorities. Also for the fight against terrorism and money laundering. Finally, under Article 3, paragraph 6, of Decree no. 55 of the Ministry of Economy and Finance of 11 March 2022, there is an obligation to notify the Ultimate Beneficial Owner (UBO) of Companies, even if held through a Trust Company (Società Fiduciaria).
In conclusion, the fiduciary mandate is characterized only by the recognition of the Trust Company (Società Fiduciaria)’s legitimacy to exercise administrative powers. Given from time to time by the settlor based on specific instructions. So that it has no affinity with the Common Law “Trust”, in which there is also the transfer of substantial ownership.
Read our guide on inheritance under Italian law (link)
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