Arrivederci
15.08.2024 – Articles
Following last week’s announcement that Italy has doubled its lump sum tax for non-residents, are potential relocators waving goodbye to their dolce vita dreams?
With large numbers of private markets professionals working in the UK hailing from other counties, the removal of the non-dom tax regime means a potential relocation. This isn’t hugely surprising given these tend to be more mobile professionals. However, for UK residents, the expected hike in capital gains tax on carried interest is also prompting many to look overseas for a new base as well.
Italy, and specifically Milan, had been the relocation front-runner in recent months, thanks to its attractive tax regime; charging a flat rate of €100,000 for non-resident who re-locate there.