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Meloni’s exit tax has wealthy British expats ‘spooked’
Initiative likely to move Italy far down the list of destinations for those leaving the UK, finance experts say
Plans to impose a hefty tax on wealthy foreign residents who leave Italy are a damaging own goal and have “spooked” Britons, experts say.
Rich Britons looking to escape taxes introduced by the Labour Government would be “jumping out of the frying pan and into the fire” if they moved to Italy, financial consultants warned.
Giorgia Meloni’s government won international plaudits for a flat-tax regime that lured thousands of wealthy foreigners to settle in Italy.
Milan in particular saw expats buying property, joining private clubs, spending in high-end restaurants and enrolling their children in expensive private schools.
But in a surprise move, the conservative coalition has proposed levying a 26 per cent capital gains tax on expatriates who, having settled in Italy, later decide to relocate.
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