Italy has become more attractive for new residents following a new flat tax law introduced by the government. By the introduction of 2017 Budget Law, Italy has facilitated the influx of new capital from abroad, thanks to the elimination of two main obstacles: the high level of taxation and the previous regulatory uncertainties.
Today, anyone who transfers their residency to Italy will be subject to an annual fee of €100.000,00 for all income produced abroad; and this option may be extended to family members who also relocate to Italy, which will instead be subject to an annual taxation of €25.000,00 per person. Applicants who choose this tax regime may benefit from such conditions for fifteen years.
The consequences of this newly introduced law, now two months into its implementation, have been significant. At present, one can witness a 17% increase of the demand for luxury properties in Italy.
This is the result of research carried out by Lionard Luxury Real Estate S.p.A., a market leader in the brokerage of luxury properties in Italy. Thanks to this regulatory fast-track, wealthy foreigners are more inclined to move to Italy when seeking their new dream homes.
According to Dimitri Corti, founder and CEO of Lionard S.p.A.: “Living in Italy has always been a dream for many people, now it can be a reality for all of them. In particular, we are receiving many requests from northern European customers, who realise that now is an advantageous moment to move to Italy. Our task is to help them to buy the right house and to assist them in the after-sale, particularly in the renovation and home improvements”.
To help its clients, Lionard S.p.A. has opened two new prestigious headquarters, one in Florence in Via dé Tornabuoni 1, and the other in Milan in Via Borgonuovo 20, with twenty new employees.
