As the rest of the world is starting to talk more frequently about closing in on the uber-rich and making them pay more tax, Italy has gone the other way.
Two years ago Italy introduced a new ‘flat tax’ regime designed to attract the super rich into the country. Anyone can register under this regime whereby they pay a one-off payment of €100,000 per annum to the tax authorities and become resident in Italy without the requirement to declare any of their other worldwide incomes, gains or assets.
Whilst the uptake for this tax regime was slow, Italy has now started to market it more aggressively overseas and they have seen a 30% increase of requests to register, year on year, mainly from the UK (che sorpresa! The super rich are leaving the country with the threat of Brexit) along with Americans, North Europeans and Russians. They now get to keep their money and live ‘La Dolce Vita’.
Providing a way out for the uber-rich has never been more popular!
The above article was kindly provided by Gareth Horsfall from The Spectrum IFA Group and originally posted at: https://www.spectrum-ifa.com/watch-out-for-your-uber-rich-neighbours/