White Paper

LEGEX White Papers represent the research publications of the Observatory on Wealth & Capital, a reaserch project dedicated to analysing the transformations affecting wealth management, international capital flows and global tax frameworks.

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In an economic environment characterised by increasing capital mobility, evolving tax regulations and growing competition among jurisdictions, understanding the dynamics governing private and institutional wealth has become strategically relevant.

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LEGEX White Papers aim to provide structured analysis and long-term perspectives on key issues in wealth governance and international finance.

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The Observatory’s research is organised around five main pillars:

1. International taxation of capital
Developments in global tax regulation and cross-border wealth planning.

2. Wealth governance
Structures for managing and transmitting wealth, including family offices and long-term governance frameworks.

3. Geography of capital
Investment flows and competition among financial jurisdictions.

4. Institutional economics
The role of legal stability, institutional credibility and the rule of law in attracting capital.

5. Turin and the North-West in the European financial landscape
Opportunities and perspectives for the region in the context of international investment.

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Through these publications, LEGEX aims to contribute to a deeper understanding of the relationship between law, institutions and capital, offering analytical tools for investors, financial professionals and institutional stakeholders.

International capitals and opportunities for Turin

This white paper examines Turin’s strategic potential as a destination for international capital in 2025. It analyzes global wealth migration trends, investment flows, and the factors that position Turin as an attractive location for High Net Worth Individuals (HNWIs), family offices, and investment funds. The paper highlights Italy’s legal and fiscal incentives, the role of local professionals, and Turin’s emergence as a discreet, stable, and culturally rooted hub for global investors.

Comparative Study on International Inheritance Taxation

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This White Paper provides a comparative analysis of the main models of international inheritance taxation, with particular focus on the connecting factors used by jurisdictions to bring transfers mortis causa within their taxing rights. The increasing mobility of high-net-worth families, the geographical dispersion of assets and the use of instruments such as trusts, foundations, holding companies and life insurance policies make it increasingly common for several States to assert taxing rights over the same estate. The study distinguishes between systems based on the position of the deceased, systems based on the heir or beneficiary, territorial models based on the situs of assets, and jurisdictions with no genuine inheritance tax but not necessarily no taxation at death.

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