In March 2017, a new Flat Tax regime was introduced in Italy to attract wealthy foreigners, which allows you to pay an amount of 100,000 Euros per year in taxes on income produced abroad and 25,000 Euros per year for each family member who wishes to become a tax resident of Italy.
The scheme is beneficial to those whose annual income exceeds 800,000 Euros.
In order to take advantage of this opportunity, you must have been a resident of another country for 9 of the last 10 years, but it does not apply to those who have already been a resident of Italy for more than 1 year.
Flat tax regime has a maximum term of 15 years. Membership in the program is renewed automatically. For each tax period, the specified amount is paid in full at a time.
This tax regime applies only to income earned abroad. Income received from business in Italy is calculated on the usual progressive scale.
In Asia, South America, Eastern Europe, there are now millions of people who want to move their families to Europe for permanent residence. Italy ranks 3rd in Europe as the ideal place to live.
The idea to attract wealthy foreigners to Italy became especially relevant after the Brexit referendum.