Rich Brits pick pasta over tea as tax changes push them to sunny Italy
Over 6000 UK millionaires plan to relocate before years end due to expected tax changes. Italy becomes top choice with its simple flat-tax system and Mediterranean lifestyle benefits
UKʼs wealthy folks are packing their bags before the upcoming budget announcement (which happens in early nov). Research by Henley and Partners shows more than 6000 rich people will move to EU countries by decemberʼs end
The biggest winner in this money-move game is Giorgia Meloni‚ Italyʼs leader‚ whose country gets €200‚000 per year from each well-off newcomer; this flat-tax deal works for up to 15 years no matter how much these folks earn
- Monaco: zero tax but high living costs
- Italy: reasonable flat-tax with lower expenses
- Greece: similar program but farther location
- Switzerland: traditional wealth-friendly spot
The Italian option is getting extra-popular cause its not just about money-saving: its got great food nice weather and quick flights to UK. Peter Ferrigno from Henley and Partners says “the government will earn money from that – not just through the flat rate of tax but also things like VAT“
Tax expert Nicola Saccardo points out that twice as many people asked about moving to Italy this year compared to last. Milanʼs becoming a hot-spot for finance pros whoʼre leaving London (cause UK plans to change its non-dom rules by april 2025)
Carol Katz from Mishcon de Reya explains how its not just about taxes – people look at schools culture and lifestyle too. With Italy being just 45-mins from Monaco and way cheaper to live in many rich folks are doing the math and picking the boot-shaped country
