Italy has doubled a flat tax on the foreign income of new residents, in a blow to rich expats seeking to flee the prospect of higher levies elsewhere in Europe.
Prime Minister Giorgia Meloni’s cabinet on Wednesday approved a rise in the annual levy on overseas income for new tax residents in Italy to €200,000.
The current €100,000 tax incentive, while popular with wealthy individuals, has been controversial among Italians, especially in the business capital Milan, where the recent influx of the super-rich has been blamed for a sharp increase in real estate prices and other rises in living costs.
Finance minister Giancarlo Giorgetti, who on Wednesday referred to the levy as the “so-called flat tax for the billionaires”, said at a press conference that the increased levy was still set at a level that would remain “interesting” to wealthy foreigners.
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