Rossi and his tax bill

[edlalu]

MotoGP.com has a blurb about Rossi paying off the Italian tax board $35 M Euro (which i think is $50.7 million US). This will apparently allow him to request residency in Italy again. So I want to know....

Whats the background on this story?

If Rossi is dishing out over $50 million to buy citizenship, how much does he make a year?

What would it cost for me to become an Italian citizen?

[jim mcglinchey]

I thought that he lived in London to avoid being mobbed wherever he went in Italy. I didnt know it was a tax dodge.

[maxu05]

I don't think that $50 mil will make too much of a dent in the Rossi estate. I think he would be making quite a lot of cash to cover all this. When you think of the cash he makes from his contract, then his personal sponsors, as well as endorsements and appearance fees and merchandising, I think he will be doing OK.

[Roby44]

I thought that he lived in London to avoid being mobbed wherever he went in Italy. I didnt know it was a tax dodge.
Thats what I thought too..

[maxu05]

He should have moved to Monacco if he wanted to not pay tax.

[ChrisS]

He should have moved to Monacco if he wanted to not pay tax.

He didnt pay tax in the UK either, if I understand correctly UK residents who spend more than half the year outside the country are only taxed on UK income (income from UK companies etc...) not international income. Since Rossi's travels for so many months and his pay cheques were from Honda and Yamaha he didn't pay tax

Alonso was also doing the same, when he was with Renault he didnt have to pay tax so he lived in the UK, last year when he joined McLaren he had to pay tax since McLaren is a British company so Alonso moved to Switzerland

[maxu05]

That's why I like my job here in China, my company pays my tax for me. :D

[leopard]

You might receive net amount, your company took it from your salary. ;)

[maxu05]

No, I have a fixed contract when I started. I get X amount of dollars, (agreed to be my salary), and any tax is paid for by the company. Nothing comes out of my pay, except my wife tax, (she is worse than the tax man) :laugh:

[leopard]

My experience, unofficial wife is worst. :s

[JETFX...]

He didnt pay tax in the UK either, if I understand correctly UK residents who spend more than half the year outside the country are only taxed on UK income (income from UK companies etc...) not international income. Since Rossi's travels for so many months and his pay cheques were from Honda and Yamaha he didn't pay tax

Alonso was also doing the same, when he was with Renault he didnt have to pay tax so he lived in the UK, last year when he joined McLaren he had to pay tax since McLaren is a British company so Alonso moved to Switzerland

Jeeezus Iam going to become a UK resident, no worries with spending more than 1/2 the year outside the country either ;)

[leopard]

ahem, you won't be able to be resident of a country of which you live less than half of year.

[MrJan]

According to the Times today he doesn't really spend a lot of time in his UK house but uses it to dodge Italian taxes. They sussed it when he ordered broadband for his Italian and house and when they dug deeper found out he had 8 cars registered on insurance. In other words he was living in Italy but not telling people :D

[JETFX...]

8 Cars!!! I can relate to 7.... one for each day of the week, but what do you need 8 for. Gotta wonder how many cars he has then in the UK (where he lives?) :p

[maxu05]

As many as he likes I would imagine ;)