Wealth
Ultra Wealthy Are Being Lured to Italy by Low Tax Rates
- Finance Ministry’s Pagani says 150 people show interest
- Super rich expected to pay a flat tax rate of $123,000
Italy Woos the Wealthy With a Tuscan Tax Break
Millionaires from Russia to Norway and the U.S. are seeking to take advantage of Italy’s low tax rates for the super-rich.
In an effort to attract capital, Italy unveiled a measure last year allowing ultra-wealthy individuals taking up residency to pay a flat tax of 100,000 euros ($123,000) a year, regardless of their income. Around 150 people, including some with wealth of above the “hundreds of millions,” inquired about the measure, Fabrizio Pagani, head of the office of the Minister of Economy and Finance said in an interview in London.