Italy - and Milan in particular - is aiming to welcome so-called foreign high net worth individuals who, after the UK's crackdown on non-domiciled residents, may decide to pack up and move abroad. From April 2025, albeit gradually, Britain will say goodbye to the favorable foreign income taxation regime, adopted since 1799 and aimed at resident but non-domiciled individuals. This is a novelty that is being watched with interest by Italy, where since 2017 a favorable tax regime has been in place for new residents, for whom there is a flat rate taxation on foreign source income of 100,000 euros annually, for a maximum of 15 years. In 2018, when he came to play in Italy by moving from Real Madrid to Juventus, soccer player Cristiano Ronaldo (now a striker for Al-Nassr) also took advantage of this opportunity, as he could count on a wide range of international sponsorships that guaranteed him lavish earnings abroad. The so-called 100-thousand-euro "Flat Tax" is in addition to another favorable tax regime: the one provided by the 2019 Growth Decree, which offers a 50% tax break on income produced in Italy. Now a few thousand London "moneybags" are expected to flee for tax reasons.
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