Depending on whether you are a tax resident of a country that provides for information exchange, your approach will vary. If you open an account as an Italian resident or resident of any other European country, you must always indicate ownership of the offshore account and its balances in the appropriate section of your tax return every year when they exceed €10,000. If you are a resident of a country with a preferential tax regime, such as
Panama, you do not need to declare anything.