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The Rich are moving to Italy


Pitcher
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The world's ultra-rich have flocked to Italy after the country revealed new low tax rates for top-tier earners last year.

Millionaires from Russia, Norway and the US have upped sticks looking to take advantage of the nation’s flat-rate tax of €100,000 a year.

The measure lets wealthy individuals taking up residency pay a flat tax regardless of their incomeMillionaires have moved to the glamourous Italian cities of Milan (pictured) 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

The bid appears to have worked with around 150 people, including some with wealth in the 'hundreds of millions,' inquiring about the measure.

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 country has also seen an influx of millionaires from Norway and Holland as well as from the UK, Switzerland, Russia and the US.  ‘We are talking about very, very rich people,' Pagani said.

Countries such as Portugal have already used similar tactics to lure high-net-worth individuals from abroad, offering tax benefits.

However, under the tax measure, individuals are expected to move their residencies to Italy.

The influx was revealed by Fabrizio Pagani, head of the office of the Minister of Economy and Finance (pictured with his wife, Katharina Eikenberg)

Many millionaires have reportedly chosen to settle in Milan, Venice and small towns around the base of the Alps, Pagani added.

The number expected to take up the offer will grow 'exponentially' as was the case in Portugal, he added.

The figure of '150 is a very good number for the first year,' he concluded.

The scheme is part of a plan to boost the economy with investments, consumption and fresh capital and it comes as Italy struggles to accelerate its economic recovery after years of recession.



 

Edited by Markinsa
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3 minutes ago, ChuckFinley said:

Would love Italy. Been Checking  it out for a few years now. Great if your retired military.  

 

Definitely DO GO. Spent 2 week honeymoon there. Amazing country. Rented a car and wandered, no set plan. Can't wait to go back....with RV money soon, I hope.:twothumbs:

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Italy is broke and filled to the brim with Islamist immigrants who are there illegally......(and who can blame them for wanting to escape ISIS.)

 

Italy has become a welfare state.....IMO  

 

Italy is likely to be the next domino to fall in the EU/Europe failed financial experiment.....

 

No doubt there are probably some great real estate values right now.......

 

The intrigue and romance that was once Italy is no longer........JMO........

 

CL

 

You might look at Malta.......

 

 

 

Edited by coorslite21
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CR is a beautiful country with friendly people.  If I had to move out of the US, CR would be on my short list. 

As more and more expats discover this country housing has really jumped in price over the last 5 years!!

I like it because you can fish in the Atlantic or the Pacific on the same day if it’s your desires.

 

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11 hours ago, jmartin1145 said:

Food sucks in Italy. Believe me, I was there.

 

Sorry to respectfully disagree. We tired back street restaurants nearly every night. No tourist traps, no hotel food. Some amazing, hand made pasta and fresh caught seafood from people who live to cook and share. Post RV, we'll spending a month there in the fall. Grape harvest and wine festivals.

                                                                                                                                                    :eat:

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13 hours ago, new york kevin said:

How about Costa Rica folks. 

 

Definitely on 'the list'. I have heard and read many things good about ex-pats living there. At the first hint of a snow flake here, we'd be packed and headed to our tropical hideaway. Maybe see you there, Kevin.

                                              :crossedfingers:

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6 hours ago, King Bean said:

 

Sorry to respectfully disagree. We tired back street restaurants nearly every night. No tourist traps, no hotel food. Some amazing, hand made pasta and fresh caught seafood from people who live to cook and share. Post RV, we'll spending a month there in the fall. Grape harvest and wine festivals.

                                                                                                                                                    :eat:

When I was there

loved the barn sort of restaurants

barns converted 

fresh food

great wine

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1 minute ago, Rmc10 said:

I've always wanted to visit Italy. I don't know if I will ever be able to unless an RV happens. Here's to hoping it does. 

 

Same here Rmc10.........I read about a summer course for mable sculpting that was located near a major quarry that sounded like a lot of fun.....here's hoping as well !!!

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