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Billionaires go to Italy for tax benefits and "dolce vita"

2023-05-10 21:33:27Kosova&Bota SHKRUAR NGA REDAKSIA VOX
Billionaires go to Italy for tax benefits and "dolce vita"
Billionaires go to Italy for tax benefits and "dolce vita"

In the spacious rooms of the Palazzo Raggi, an 18th-century architectural treasure, once lived noble families and a host of cardinals and other historical figures, descended from the Italian aristocracy.

Now the six-story building, which has been abandoned for years, is being revived as it prepares to welcome a new class of residents: foreign billionaires, who are turning their backs on countries like Switzerland, Dubai or the Cayman Islands and moving to Italy, for enjoying the financial benefits of a very attractive new tax regime, but also the "dolce vita", a lifestyle with a mix of family pleasures, food, nature, art, luxury and entertainment.

Italy began implementing an initiative, which applies to the wealthy of all nationalities, in 2017. In exchange for paying an annual fee of 100,000 euros, those who take up residence in the country are completely exempt from paying income tax. created abroad. The initiative also extends to family members, for an annual payment of 25,000 euros per person.

The move, which was aimed at boosting shopping spending in Italy, on luxury properties or brands, attracted 98 people in the first year, before rising to 549 by 2020, and 1,339 in 2021.

Their arrival has revitalized the luxury home market – buyers rarely spend less than €10m – and spurred the development of long-neglected historic landmarks in city centres.

Nineteen of the 29 luxury apartments at Palazzo Raggi have been bought since it went on sale less than a year ago, and some have been bought by flat tax takers.

"We have never sold so quickly in Rome," said Diletta Giorgolo, head of residential properties at Italy Sotheby's International Realty. "People want a piece of an 18th-century house, but completely modernized inside."

The influx of billionaires began in earnest in 2019 and was fueled in part by people in the UK with non-resident status – a regime similar to Italy's where they are exempt from paying tax on income or capital gains earned overseas – leaving as a result of Brexit. Then came the coronavirus pandemic, an experience that made many people reconsider their lifestyle choices.

Giorgolo has sold a property on the island of Capri to a French couple, who converted it into a boutique hotel; a €20 million mansion in Venice for a Chinese buyer; and a €10 million mansion in Laglio, Como, for a couple from Switzerland, where George Clooney also has a home.

Marco Cerrato, a tax lawyer and partner at Maisto e Associati in Milan, has handled the financial affairs of several young billionaire residents in Italy.

He said foreign nationals, who once had non-resident status in the UK, were at the top of the list of arrivals. "Brexit is one aspect, as the UK, particularly London, started to be less welcoming," he said. "But a big factor is the fear that a possible Labor Party victory in the next election could lead to the removal of such tax incentives."

In the super-rich contingent, there are those who have moved from Switzerland, which also has a favorable tax regime, as they are attracted by Italy's cheaper living costs, as well as its beauty and warmer climate. Others have come from Asia or South America.

They are investment bankers, asset managers, entrepreneurs, people who work in technology, or those who have income generated through dividends or inheritance.

"In the beginning, the flat tax regime was aimed at individuals with passive income," Cerrato said. "But then came those who were actively working - they have to pay tax on the income earned in Italy - but still found the tax regime attractive."

Italy's tax authority received 108 million euros from the initiative in 2021, while luxury brands are investing more in the areas where the wealthy live, which are mainly in Rome, Milan, Florence and Venice and the areas of Tuscany, Lombardy and Liguria. but also in the south, including Sicily. / The Guardian


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