The British Labour government is contemplating measures to increase the capital income levy, tax inheritances and golden pensions, tighten the net on non-doms (wealthy residents but not domiciled) and investment fund managers, and impose taxes on private schools. Rachel Reeves, the Chancellor of the Exchequer, is currently investigating potential solutions to extract additional revenue from the wealthiest taxpayers. However, the British scrooges have chosen to advance their strategies by relocating to countries with more favorable tax systems. The Emirates are ahead, but Italy stands out in Europe, thanks to a simplified system implemented as early as 2017 for wealthy foreigners who relocate to Italy: you pay a flat tax of 200 thousand euros, crumbs for those with millionaire income. Italy is actively pursuing the nabobs from across the Channel in order to persuade them to migrate to us: it is no coincidence that last Tuesday in the London embassy, lawyers from the Belluzzo, Maisto, and Legance firms demonstrated to a packed and attentive audience the steps to take to transfer arms, luggage, and pounds south of the Alps. So far, over 5,000 people from all over the world have taken advantage of the Italian flat tax, with a sizable proportion hailing from the United Kingdom: these are primarily bankers and finance managers who have relocated from the City to Milan. Now that Labour is in power, interest in Italy has increased dramatically.
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