The Daily Telegraph quotes Nicola Saccardo on our Italian practice and wealthy individuals relocating to Italy
The Daily Telegraph explores Italy and Milan in the latest instalment of its War on Wealth series, which explores Labour's policies and their effect on high-net-worth individuals, the consequences so far, and how the Government might introduce further policies and legislation affecting them in the Autumn Budget of November 2025.
The article notes that "Milan has always been one of the global capitals of fashion. But the city itself has never been as fashionable as it is right now."
It continues to explain that Italy’s generous tax perk for foreigners - which eight years ago swept aside complex rules on taxing foreign income, in favour of a flat annual payment of €200,000 (£174,000) - had already been attracting a large number of financiers, family offices and fund managers to Milan. But now, it reports, the policies of the Starmer government could push this trend of relocation even further. It notes that Milan is quickly becoming "Europe’s go-to home for the footloose cosmopolitan elite".
Property prices are shooting up, private schools are expanding, hotels and luxurious serviced residences are sprouting and members’ clubs are opening their doors, the piece reports. The article also covers our Milan office and Italian practice. It explains:
Charles Russell Speechlys opened a Milan office last November, right by the Duomo cathedral in the heart of town. This month, it recruited a team of lawyers with expertise in corporate transactions, intellectual property and art dealing.
Nicola Saccardo, Partner and head of our Italian practice, is also quoted in the article:
Initially we were focused on tax. Opening in Milan allowed us not only to follow the movement of clients, to be closer to clients that relocate, but at the same time, to broaden our practice,” says Nicola Saccardo, head of the firm’s Italian practice.
Read the full article in The Daily Telegraph here (subscription required).
