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On leaving the Council of Ministers, Economy Minister Giancarlo Giorgetti<\/strong><\/b> hailed the Italian government’s approval of\u201ca regulation that has caused quite a stir: the doubling of the flat-rate tax for billionaires\u201d.<\/strong><\/b><\/p>\n <\/p>\n This measure applies to very wealthy foreigners who wish to transfer their tax residence to Italy<\/strong><\/b>. Under the terms of the decree signed on August 7<\/strong><\/b>, this annual flat-rate income tax<\/strong><\/b> will rise from \u20ac100,000 to \u20ac200,000<\/strong><\/b>.<\/p>\n <\/p>\n <\/p>\n This flat-rate tax on income earned abroad<\/strong><\/b> has not always been a punitive instrument for wealthy individuals wishing to settle in Italy’s charming climate.<\/p>\n <\/p>\n In fact, it was quite the opposite that presided over the creation of this \u201cflat tax des Picsous\u201d (flat tax dei paperoni, in VO) in 2017<\/strong><\/b>. The aim was toencourage foreign individuals to settle in Italy,<\/strong><\/b> and in particular to bring back expatriate professionals and employees, as well as retirees and the newly rich. The other objective was to redirect capital to Italy<\/strong><\/b>.<\/p>\n <\/p>\n In each case, the aim was to compete with countries such as Spain and the UK<\/strong><\/b> (now affected by the Brexit), which have succeeded in attracting emirs, footballers and artists.<\/p>\n <\/p>\n This generous special tax regime was designed to be valid for 15 years<\/strong><\/b>, and could be extended to other family members in return for an additional \u201ctoken\u201d of 25,000 euros<\/strong><\/b> to the tax authorities.<\/p>\n <\/p>\nAn initially generous tax regime<\/h2>\n