Dormant Funds

Under Decree No16/07, funds in Italian bank accounts are transferred to the State if there is no activity on the account for a period of ten years. If you are an Italian emigrant or heir, please read the information below to find out how we can help you recover funds from your Dormant Italian accounts.

You, your parents or one of their relatives may have deposited savings in the bank to grow over time with a modest interest rate. If you have left your account untouched and there has been no movement of the funds, they will be automatically transferred to the State’s Coffers after a period of ten years.

Italian emigrants and their heirs living outside Italy are often unaware of this regulation, and are not informed that their money is about to disappear unless there is some activity on the account. This happens for all types of investment including:

  • Cash deposits made with the intermediary and subject to the duty of refund
  • Deposits of financial instruments worth over €100 Euros in custody and under administration
  • Insurance contracts covered by article 2, clause 1 of Legislative Decree No. 209, dated 7th September 2005, in all cases where the insurer is committed to pay out interest earnings or capital amounts at some predetermined future date.

When these types of investments are not moved for a period of ten years, they become Dormant.

 

What does this mean?

Since 2007 (in accordance with Financial law of 2006) these funds have been collected by the Italian Minister of the Treasury. Since 2010, Consap, has handled repayment applications.

 

Can I recover my savings?

We specialise in recovering Dormant account funds. It is essential to ascertain by means of an accurate due diligence that the bank complies with certain requirements.

If you would like to find out if you or any members of your family are Dormant account holders, or would like any other information or advice, please contact us and we will undertake a complimentary piece of research on your behalf. We would be very happy to assist you in recovering your funds.