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Wealthy elite flock to Italy after flat-rate tax of €100,000 a year

Altre News JIACC

The world’s wealthy have flocked to Italy after the country revealed new low tax rates for top-tier earners last year. Millionaires have moved to the glamourous Italian cities of Milan and Venice looking to take advantage of the nation’s flat-rate tax of €100,000 a year, which top-tier earners pay regardless of income

Source: Daily Mail – This was revealed by Fabrizio Pagani, head of the office of the Minister of Economy and Finance, during an interview in London, Bloomberg reports. The measure lets wealthy individuals taking up residency pay a flat tax regardless of their income. The country has also seen an influx of millionaires from Norway and Holland as well as from the UK, Switzerland, Russia and US. Many millionaires have reportedly chosen to settle in Milan, Venice and small towns around the base of the Alps, Pagani added

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