Italy plans to impose a 33% exit tax on crypto asset holders relocating overseas, with unrealized gains also subject to taxation.

on Nov. 1, according to Italian crypto publication Criptovaluta.it, Italy is considering incorporating an Exit Tax into its new annual budget bill. The measure would impose a tax of up to 33% on unrealized capital gains for crypto holders relocating abroad, triggering a tax liability even if the associated Bitcoin or other crypto assets remain unsold.

Under the disclosed draft, the rule applies to individuals who maintained Italian tax residency for at least six of the previous ten tax years and hold relevant assets worth at least €800,000. The taxable amount will be calculated as the positive difference between the asset's market value at the close of the tax year prior to the loss of tax residency and its original acquisition cost.

The exit tax is not exclusive to cryptocurrencies but also encompasses other asset classes, with government bonds expected to qualify for tax incentives. The relevant clauses remain in the drafting phase and have yet to receive formal approval.