Italy is reviewing a bill to impose a 26% exit tax on unrealised capital gains
for individuals who transfer tax residency abroad and hold financial assets
exceeding €800,000 (~$900,000); the proposal is under parliamentary review.
measure is aimed at Italian citizens and long-term residents and may not apply
to foreign ultra-high-net-worth individuals who relocated to Italy recently. The
sudden policy turn could undermine perceptions of tax and political stability
that have attracted wealthy investors to Milan. Francesco Guelfi, a partner at a
Milan law firm, said the draft resembles a complex form of wealth tax and gives
the impression Italy is becoming a "golden cage" for the rich.
