Italy Doubles Flat Tax for Wealthy New Residents

The revised tax policy aims to curb the influx of affluent expats and address rising property prices in major cities.

Prime Minister Giorgia Meloni's government has increased the flat tax on foreign income from €100,000 to €200,000 annually.
The tax hike applies only to new residents and does not affect those already benefiting from the previous rate.
Since 2017, the tax incentive has attracted approximately 4,000 high-net-worth individuals to Italy.
Critics argue that wealthy expats have driven up real estate prices, particularly in cities like Milan and Rome.
Finance Minister Giancarlo Giorgetti stated that Italy cannot compete with countries offering more favorable tax conditions.