According to persons that have knowledge of the carmaker’s strategy, now Ferrari SpA is mulling the idea of changing its fiscal residence in order to avoid Italy’s corporate taxes.
The iconic luxury sports car manufacturer has long been one of the biggest assets for both Italy and its parent company – Fiat SpA, but today the supercar maker might deliver yet another blow to its home country – which has been fighting a string of recessions lately. Even though the automaker adorns on its logo the colors of the Italian flag, it seems the company is prepared to follow in the footsteps of its parent company – the recently merged Fiat Chrysler Automobiles NV. When Italy’s Fiat SpA and its wholly-owned US subsidiary Chrysler Group LLC united, the new FCA venture moved its registration to the Netherlands, listed its shares on the New York Stock Exchange and based in London for tax reasons.
The sources, who talked to Bloomberg under condition of anonymity because the plans are still private, said the final decision has not been taken yet and that other options – including the Italian residency are weighed. They also added that changing the fiscal home of the supercar manufacturer would have no effect on the company’s manufacturing and engineering operations in the home town of Maranello, which is located around 190 kilometers (118 miles) south of Milan.