Under non-dom plans laid out by the Tories in the Budget, individuals who arrive in the UK will not have to pay any tax on overseas earnings for four years. After this, they will pay ordinary income taxes on their overseas earnings.
However, if Labour clinches power on July 4 it plans to go further.
Fears of a tax clampdown have already led to many well-heeled investors choosing to set up trusts to shelter their non-UK wealth from UK taxes, while others have quit the country altogether.
Peter Ferrigno, director of tax services at Henley & Partners, said the Italian tax regime was “attracting a lot of interest” owing to some of the UK changes.
According to Henley & Partners, which advises high-net-worth individuals, Italy is expected to lure an additional 2,200 millionaires in 2024, making it the wealthy’s most desired country destination in Europe.
Ayesha Vardag, a City lawyer who represents the super-rich in lucrative divorce battles, said she has already seen a flood of clients quitting Britain amid fears of Sir Keir raising taxes.
As well as moving to the likes of Dubai and Monaco, she adds that Italy has emerged as “one of the main beneficiaries”.
Paris too has often been where most billionaires flee when the UK targets their taxes.
However, the political chaos currently engulfing France because of the popularity of the hard-Right National Rally has cast a shadow over the City of Light.
In contrast, Meloni and Italy appear increasingly a safe haven.
Despite fears about her populist allegiances, Meloni has ruled as a Right-wing moderate, toeing the line in Brussels, supporting Nato and keeping markets happy with her economic policies.
And while Italy still has Europe’s largest debt pile at € 2.9 trillion, her pro-growth agenda has kept investors on-side.
Yet it is not all to do with economics, as other, softer considerations are also making Milan the new go-to destination for the super-rich.
While London may boast small pockets of luxury in tiny districts like Mayfair and New Bond Street, Milan oozes luxury brands at every turn, further tempting the high rollers to decamp.
Milan is home to elite fashion brands such as Bulgari, Gucci, Versace and Prada. Sports car manufacturers including Lamborghini and Ferrari also populate the industrial north.
