Milan offer a tax-friendly home
Italy’s financial capital Milan is proving an early winner in the race to attract wealthy investors after the UK’s non-dom program ended last month.
Milan — once seen as a second-tier financial center — is building on its success as a post-Brexit banking hub to offer a tax-friendly home to former non-doms and other monied UK residents seeking an alternative foothold in Europe.
They can opt to pay a flat tax rate of €200,000 (bara 2 miljoner kr) to avoid Italian levies on overseas earnings under a system similar to what the UK had offered for more than two centuries.
That fiscal perk, along with proximity to London and a sunnier, easier-going family lifestyle, are all adding to Milan’s allure.
“It’s never tax alone that drives these changes but also whether the spouse and children are happy too.”
Italy introduced its own non-dom regime in 2017 and had already attracted partners at private equity and investment firms and other wealthy individuals.
Now, there’s fresh impetus after the recent UK tax changes.
“It’s this really vibrant city and you’re just two hours from everywhere,”
“You can be at the beach in two hours or skiing in St. Moritz.”
Bloomberg 14 May 2025
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