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"Italy offers the best benefits," Milan is replacing Dubai as home to the super-rich

2026-04-07 22:24:48Biznes SHKRUAR NGA REDAKSIA VOX
The Galleria Vittorio Emanuele II shopping mall in Milan. Italy's flat tax regime is attracting foreign residents.

 

 

Lauren Almeida – The Guardian 

Just over a month ago, Dubai was considered the top destination for wealthy Britons looking for a new home. Few cities offer the opportunity to earn large tax-free income and spend it on a wide range of luxury hotels, restaurants and shops.

However, as the United Arab Emirates faces attacks from Iran, Dubai's reputation, built in part by expatriate influencers as a haven for the global elite, is fading. Wealthy Britons are reportedly looking to return to Europe, with Milan, Italy's financial hub, rising to the top of their list.

"Italy offers the best benefits: a flat tax rate and a high quality of life," says Armand Arton, a consultant for the relocation of multimillionaire and billionaire families through citizenship-by-investment schemes.

According to him, people leaving the United Arab Emirates easily find themselves living in cities like Rome or Milan, thanks to their international and metropolitan character.

 

"Italy offers the best benefits," Milan is replacing Dubai as home to
La Scala

 

La dolce vita – at a price

Milan, already home to Europe's wealthiest bankers, lawyers and investors, is becoming increasingly attractive. Under Italy's flat-rate tax regime, foreign residents can pay 300,000 euros a year on their foreign income, a relatively small amount for the world's richest.

"Italy has had this regime since 2017, but interest increased significantly after Britain removed the 'non-dom' status," says Diletta Giorgolo, head of Sotheby's real estate office in Italy.

Meanwhile, the Gulf War has prompted a wave of departures by wealthy British citizens, not all of whom are willing to return to their home country. For many Europeans, Italy is seen as a more strategic alternative, due to its more favorable fiscal rules.

Marc Acheson, of financial planning firm Utmost Wealth Solutions, says Italy's appeal has grown as the UK's appeal to the super-rich has declined. In Milan, the regime has even been dubbed "svuota Londra" ("empty London").

Rising prices and urban transformation

According to data from real estate agencies, the increase in demand from the wealthy is directly affecting the real estate market. Prices in Milan have increased by 38% over the past five years.

The city has overtaken Venice as the most expensive in Italy, with an average price of 5,171 euros per square meter at the end of 2025. The most sought-after areas include Sant'Ambrogio, Brera and the area near the Duomo.

The change is not limited to prices. International buyers, who previously sought mainly second homes, now aim to settle permanently in Italy, seeking proximity to international schools and major airports.

Fiscal policy and international competition

Around 5,000 people have so far benefited from the Italian flat-rate tax scheme. Initially, most were Italians returning from London, but after the pandemic and fiscal changes in other countries, interest has expanded significantly.

Another incentive is the "Brain Recovery" program, which allows young or returning professionals to pay taxes on only 50% of their income for five years.

However, questions remain about the limits of this policy. The flat tax has increased from 100,000 euros in 2017 to 300,000 euros in 2026. There has been no shortage of criticism: former French Prime Minister François Bayrou has accused Italy of “fiscal dumping,” accusations that have been rejected by Prime Minister Giorgia Meloni.

 

"Italy offers the best benefits," Milan is replacing Dubai as home to
Cinque Vie, near Milan's famous Duomo, is among the most sought-after areas of the city.

 

Milan and Rome in transformation

The influence of wealthy foreigners is increasingly felt in urban life. Art galleries, private clubs and luxury hotels are rapidly increasing. The reduction of VAT on works of art to 5% has encouraged the expansion of international galleries.

In 2024, Via Monte Napoleone was ranked as one of the most expensive streets in the world for luxury shopping. Meanwhile, prestigious brands and clubs such as Casa Cipriani and Soho House are opening new branches in the city.

Similar developments are taking place in Rome, where luxury hotels such as Rosewood and Four Seasons are expected to open in 2026 and 2027.

"Italy offers the best benefits," Milan is replacing Dubai as home to
Milan's Via Monte Napoleone has surpassed New York's Upper Fifth Avenue as the world's most expensive shopping street.

The future: Milan vs. Dubai

Despite its rapid growth, it remains unclear whether Milan will succeed in replacing Dubai as the center of the global elite.

“Dubai is expected to recover,” says Arton. “It may no longer be the first choice for everyone, but it will remain attractive to certain groups, as few places in the world offer the same combination of opportunities and quality of life.”

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