*From Bloomberg News reporters Donato Paolo Mancini and Sonia Sirletti*
Italy plans to increase by 50% a flat levy on foreign income for wealthy new residents who’ve flocked to the country to take advantage of the tax break.
The €200,000 ($233,570) a year payment — which exempts people moving to the country from taxes on overseas earnings, gifts and inheritance for 15 years — may rise to €300,000, according to people familiar with the matter.
The measure is part of Italy’s budget plan for 2026 that the cabinet is called to approve as soon as Friday, the people said asking to not be named as the plan isn’t public.
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TheReservedList on
Well, that’s a great way to have no wealthy new residents. Whether that’s a good or bad thing remains to be seen.
live-the-future on
Good for them, because it’s not like there’s anywhere else in the world with favorable tax climates that rich people can move to. 🙄
Nebulonite on
but free residence and money for those fake „refugees“
GushingGranny42069 on
Italy would be a third-world country if it wasn’t for Rome. Talk about generational wealth.
Coolerwookie on
Used to be higher in a lot of places. We are realising now, again, taxes should be proportional. By reducing the tax for the rich, the majority suffer, and money trickles up…the rich get richer, the poor get poorer.
The wealthy will still want to do business in Italy, just have to pay their fair share of the taxes.
GuidoDaPolenta on
Apparently nobody here reads the article anymore. They are keeping the very generous tax exemption in place, just adjusting the dial a little bit to get a somewhat fewer rich expats.
Dismal_Buy3580 on
And here I thought all of the wealthy New Yorkers wanted to move to Rome because of Zohran…
TomatoesB4Potatoes on
Like others, I totally read the article and agree with the 50% tax on everyone making over $2000🙂
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*From Bloomberg News reporters Donato Paolo Mancini and Sonia Sirletti*
Italy plans to increase by 50% a flat levy on foreign income for wealthy new residents who’ve flocked to the country to take advantage of the tax break.
The €200,000 ($233,570) a year payment — which exempts people moving to the country from taxes on overseas earnings, gifts and inheritance for 15 years — may rise to €300,000, according to people familiar with the matter.
The measure is part of Italy’s budget plan for 2026 that the cabinet is called to approve as soon as Friday, the people said asking to not be named as the plan isn’t public.
[removed]
Well, that’s a great way to have no wealthy new residents. Whether that’s a good or bad thing remains to be seen.
Good for them, because it’s not like there’s anywhere else in the world with favorable tax climates that rich people can move to. 🙄
but free residence and money for those fake „refugees“
Italy would be a third-world country if it wasn’t for Rome. Talk about generational wealth.
Used to be higher in a lot of places. We are realising now, again, taxes should be proportional. By reducing the tax for the rich, the majority suffer, and money trickles up…the rich get richer, the poor get poorer.
The wealthy will still want to do business in Italy, just have to pay their fair share of the taxes.
Apparently nobody here reads the article anymore. They are keeping the very generous tax exemption in place, just adjusting the dial a little bit to get a somewhat fewer rich expats.
And here I thought all of the wealthy New Yorkers wanted to move to Rome because of Zohran…
Like others, I totally read the article and agree with the 50% tax on everyone making over $2000🙂