economy
'Italy has the best benefits': Milan takes on Dubai as home for the super-rich
With the UAE under fire from Iranian missiles, wealthy investors are turning to Italy’s flat-tax haven
TL;DR
- Wealthy Britons are shifting their interest from Dubai to Milan, Italy, due to geopolitical concerns and attractive tax benefits.
- Italy offers a flat-tax regime where foreign residents can pay €300,000 annually on all overseas income, provided they haven't paid taxes in Italy for at least nine out of the last 10 years.
- The abolition of the UK's non-dom tax status and Portugal tightening its rules have further increased Milan's appeal.
- Property prices in Milan have risen by 38% in the last five years, with international buyers now seeking residency rather than just second homes.
- Milan is experiencing a proliferation of galleries, members' clubs, and hotels, with brands like Casa Cipriani and Soho House establishing new outposts.
- Other tax incentives, such as 'Il rientro dei cervelli' (Return of the brains), offer further benefits for new or returning residents.