The Trust in Italy

As known, Italy, even if it is a civil law country, since 1992 recognized the common law Trust with the ratification of the Hague convention of July 1985, but until now Italian civil law code does not contain any provision concerning the Trust. So it is possible to set up a Trust with foreign law subject to Hague Convention and according with public policy. In Italy are considered as domestic Trusts those that have as only foreign element their proper law.

At the beginning Trust has been harshly criticized as an alien element in Italian traditional civil law order, but many sentences confirmed its presence in Italy, admitting the legitimacy of Trust remain valid even if it is possible to use  an act that serves at the same purposes. Now there is a strong tradition of sentences about Trust and since 2007 a law  in Italian tax code regulate it.

From its introduction the Trust discipline did enormous strides, besides not having more doubts about the presence of Trust, has been created in a few year an original culture replica watches and competence that leads Italians practitioners to draft innovative instruments facing several problems linked with Italians rules. Thanks to the work of this practitioners today Italian Trust is not only a merely translation of foreign Trust, now definitely has a life of its own.