The Wall Street Journal quotes Dominic Lawrance on the trend of high-net-worth individuals relocating from the UK to Milan following changes to the non-dom regime
min readMilan has undergone a remarkable transformation into a vibrant, cosmopolitan city, attracting high-net-worth individuals from around the world, especially from London, due to enticing tax breaks.
Italy's tax policies, including the "CR7 rule" and "Rientro dei cervelli," offer significant tax advantages, drawing wealthy individuals and skilled professionals.
The city combines elements of London, Paris, and New York, without the chaos, and has established itself as a hub for finance, fashion, and business. Urban renewal, spurred by events like the 2015 World Expo and the upcoming Winter Olympic Games, has led to the development of luxury real estate, high-end restaurants, private clubs, and art galleries.
Dominic Lawrance, Private Client Partner, says that more than a quarter of his active “non-dom” clients have left the U.K. due to the tax changes. Italy has come up in most conversations about where to go:
It’s just doing everything right to attract and keep wealthy people in the country.
Read the full piece in The Wall Street Journal here (subscription required).
