Italy-which is a preferred preferred for the wealthy and celebrities-attracts a new wave of wealthy expatriates who look forward to benefiting from its friendly environment for investors, flourishing real estate market and low tax system.
Since many other countries are lacking on the wealthy, Italy offers the trend; The arriving flat tax system has closed the hordes of the big tunnels who are attracted to luxurious living and an increasingly the scene of Milan’s loud work.
Despite the double -time fees that individuals of high value on their foreign income paid to 200,000 euros (233,000 dollars) in 2024, this did not do much to discover the demand for La Dolce Vita.
“They are working at the level of wealth, which still exceeds 200,000 in the flat tax year.”
“It is like saying: Oh, you pay for your coffee now. Today, euro, tomorrow it will be four euros. You will not give up your coffee.”
Italy has become a better transfer destination for wealthy people in Europe this year, according to Henley & Partners, who markets citizenship and investment plans.
Although the migrant migration numbers for it RaisesAnd global wealth flows are famous, as a number of prominent figures have made the move to Italy in recent months. These include the richest man in Egypt and a co -owner of Aston Villa Football Club, Saris, and Vice President of Goldman Sachs, Richard Ghanouddi.
The number of the total number of new arrivals in Italy so far can reach 3,600, according to Henley & Partners.
Milan Milan mill
The flat tax system in Italy was introduced in 2017 as part of a wider batch by the then the central government to attract foreign investors while encouraging local talents to return to the country after the eurozone debt crisis.
This, in turn, sparked a new wave of companies looking to meet the flow of fresh wealth, especially in the country’s financial fashion center, Milan. Among the newly opened members of Wilde, and before that, CASA CIPRIANI.
Shoppers are going through the Galleria Vittorio Emanuele II Shopping Show.
Photo alliance Gety pictures
“We really thought it was the appropriate time to return to Italy,” CASA CIPRINI MINO said to CNBC.
“Milan has developed a lot over the years,” she said. “Before, it was more known for its industrial character, and of course, the role of fashion, while over the past few years it has become more and more attractive to creators, investors and international crowds (AN).”
Meanwhile, the wealthy expatriates in Italy have increased real estate prices in some of the most desirable locations in the country, from Tuscany and Italian Riviera to cities such as Rome, Venice and Florence. However, Milan and the surrounding lake area emerged as a favorite company.
“We are at all prices at the present time,” said Bella, who is based in the BHHS ‘Lake Como office.
“Within five years, we got an increase (from) percentage percentage of two numbers. For the coming years, we are likely to look at a type of fixed increase from 3 % to 4 % here in Lake Como.”
Real estate prices in Milan increased by 49 % since the country’s flat tax system was introduced in 2017, compared to 10.9 % in the rest of the major cities of Italy, according to the real estate group TecnoCasa. Knight Frank Consultance Global Property Knight Frank is now expected that the city’s real estate market will record 3.5 % in 2025.
“It is about those who can withstand the costs of this, because the prices do not necessarily decline to the logic of the street market as an investment,” Bella said.
“They love a property with their stones. Then they do some mathematics, of course, but they are ready to spend and sometimes spending only to secure a unique view or a unique position.”
UHNW migration
Millionaires have been deported in large numbers to new housing, where more judicial states provide options for those who want to pay.
Over the past decade, the number of high -value individuals who move abroad is estimated at approximately three times, and they reach Standard records In 2024.
This trend appears to be scheduled to continue in 2025 and 2026, with the deepening of the gap between countries that seek to attract wealthy people and those who move in an attempt to combat perceived inequality.
France has traded to expand the wealth tax, while Switzerland weighs new changes to the inheritance tax.
The view of Lake Komo, the third largest lake in Italy, is located in the northern Lombardy region.
Anadolu Gety pictures
Meanwhile, the United Kingdom was canceled in April A 200 -year -old tax systemThe wealthy foreigners who live in Britain have exempted from paying the UK tax on their income abroad and their gains. It follows an external flow of banks and financiers in London to other European capitals, such as Milan, after a 2016 British Union’s exit from the European Union.
This has left other countries looking to fill the gap.
“There are countries around the world that come to us and say:” We want the owners of millions and billionaires in the United Kingdom, “said Stewart Wakeng, an administrative partner at Henley & Partners UK. What can we do? How can we bring them to our country? “
Although these citizenship and residence systems differ greatly, and it can include strict investment requirements, part of the attractiveness of the Italy system is its simplicity. One -time payment provides foreign individuals, or citizens who lived abroad for at least nine years, and exempting wider taxes and assets for up to 15 years.
The wealth that is divided
However, the new boom of Italy arrivals raised questions about the influence on the wider economy.
Some have warned against exacerbation of wealth, while picking up the total tax of the minimum system compared to the total deficit of the country, and a lot of newly created wealth concentrated in specific areas.
Meanwhile, critics suggest that attempts to do so Simulation of the scheme Elsewhere it can lead to a race to the bottom and erosion of the tax base.
However, companies say they hope that the growing activity and the creation of new job opportunities in industries from financing and private shares to hospitality and services will eventually reap benefits throughout Milan and the wider country.
“It is a kind of wheel, as you know, they continue.
“When you have a lot of investments in the city, the economy also creates more job opportunities for people.”
– Gaelle Legrand of CNBC contributed to this report.
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