Italy is offering tax benefits to high-net-worth individuals to boost the economy with investments, consumption and fresh capital. Under Italy’s new tax measure, ultra-wealthy individuals are expected to move their residence to Italy. These individuals are then required to pay a flat tax of 100,000 euros (123,000) a year regardless of their income.
According to Fabrizio Pagani, Italy’s Finance Minister, around 150 people with a wealth of above the hundreds of millions from U.K., Switzerland, Russia and U.S. have inquired about the measure. Also, he said 150 people taking advantage of this measure is good for the first year, since it will continue to make cities like Milan and Venice even wealthier.