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. The 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

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. The 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.