The Telegraph quotes Nicola Saccardo on the ‘uptick in relocations’ amongst HNW individuals to Italy ahead of the UK Budget
The UK Government is set to halt its preferential tax treatment of 'non-doms' – people who live in the UK but are registered abroad for tax purposes – from April 2025.
This, coupled with the uncertainty of the looming Budget, means that many high-net-worth individuals are considering a move.
Research by Henley and Partners found that Italy topped the list of expected European destinations for globally mobile millionaires in 2024.
Nicola Saccardo, Partner and Head of our Italian practice, says that the number of clients approaching him regarding a possible move to Italy has doubled during the past year.
Nicola says:
By changing its non-dom policy and with [all of the speculation around] the Budget, the British Government has given an impression of instability – meanwhile, Italy’s flat-rate tax regime is simple and appealing.
"It’s a shame, because the main group I have noticed relocating are people working in private equities – they tend to go to Milan, Italy’s financial hub. They generate lots of economic activity and business opportunities in the UK, so it’s a pity to lose them.
"There is leverage for the Government to avoid a large number of people leaving. Watering down the rumoured policies would help to keep these people. But increasing the inheritance tax period to 10 years would be incredibly damaging, as would a steep increase in capital gains tax.
Read the full piece in The Telegraph here.
