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Global super-rich head to Italy for tax breaks and dolce vita

Global super-rich head to Italy for tax breaks and dolce vita

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Angela Giuffrida sul Guardian parla degli effetti del regime fiscale italiano per gli “ultra ricchi”.

Italy rolled out the little-known incentive, which applies to the super-rich of all nationalities, in 2017. In exchange for paying an annual fee of €100,000 (£87,000), those who take up residency in the country are entirely exempt from paying tax on income generated overseas. The initiative also extends to family members for a yearly payment of €25,000 per person.

The measure, which was intended to boost big spending in Italy, whether it be on property or luxury brands, enticed 98 people in its first year before jumping to 549 by 2020 and more than doubling to 1,339 in 2021.

Their arrival has revitalised the market for luxury homes – buyers rarely put down less than €10m – and spurred the redevelopment of long-neglected historic landmarks in city centres.

Nineteen of the 29 opulent apartments under development in the swish Palazzo Raggi have been snapped up since going on sale less than a year ago, and several have been bought by those exploiting the flat-tax.

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