There’s a supposed Brexit effect because about one third of the applications came from Great Britain, followed by Switzerland and France. There are 160 people living abroad who intend to move to Italy to take advantage of the so-called Italian Golden Visa or Flat Tax or Non-Dom regime.
It is the flat tax of 100.000 euros a year, fixed and regardless of the level of income, designed to attract in Italy those who have great wealth.
The law was made in 2017 and intercepted in particular the residents in Great Britain, perhaps as a response to the consequences of Brexit, the exit of the United Kingdom from the European Union. According to the elaborations made by the Ministry of Economy, 55 applications are from the UK, about one third. In second place, with 30 questions, there is Switzerland, followed by France with 23. The bulk comes from these three countries. In descending order and with smaller numbers, there are also Belgium, Spain, the United States of America, Germany and Singapore. The names are obviously covered by privacy so it’s impossible to know if they are Italian or foreign citizens.
The advantage for Italy is not in the collection of the tax itself because with 160 applications – not sure that they will all be successful – the additional revenue would be 16 million euro a year. The country count more the extra income generated by expenses of such rich people relocating to Italy, including extra VAT. Italy’s measure is a better response to similar programmes run by other countries such as Portugal, Spain, Malta, etc. People coming to Italy have no obligation to start an economic activity, they can just enjoy life, the sun, the sea, art and food, for which Italy is still a paradise.