Italy to Double Flat Tax for Wealthy New Residents
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Italy will double a flat levy on foreign income for wealthy new residents who’ve been flocking to the country to take advantage of it.
The €100,000 ($109,000) a year payment — which exempts people moving to the country from taxes on overseas earnings, gifts and inheritance for 15 years — will rise to €200,000, Finance Minister Giancarlo Giorgetti said Wednesday.