Overview

• Richard Gnodde, Goldman Sachs vice-chairman, has confirmed his relocation to Milan, citing Labour's tax reforms as a key factor.
• Billionaire property investors Ian and Richard Livingstone have shifted their residency to Monaco, joining a growing list of wealthy individuals leaving the UK.
• Labour's tax changes include abolishing non-dom status, raising capital gains tax, and removing inheritance tax breaks for overseas trusts, aiming to broaden the tax base.
• Italy and Monaco are leveraging flat-tax incentives to attract high-net-worth individuals, with Italy offering a €200,000 annual flat tax on overseas income for new residents.
• Henley & Partners report over 11,300 dollar-millionaires have left London in the past year, raising concerns about the economic impact on London's financial and property sectors.