Why London's wealth is moving to Milan

In 2025, more than 3,700 very high earners moved their tax residence to Italy. 52% chose Milan, and around four in ten came from the UK, according to Tgcom24.

Not Brexit: the end of non-dom status

The real trigger was the end of the UK's non-dom regime. Since 6 April 2025 the remittance basis is gone (GOV.UK), and long-standing non-doms now pay UK tax on their worldwide income. Italy offers the opposite deal: one fixed annual tax on all foreign income, whatever the amount. Since January 2026 it is €300,000, plus €50,000 per family member, for up to 15 years (Forbes Italia). On €5M of foreign income, ordinary Italian tax would exceed €2M. And while the regime runs, Italian inheritance tax applies only to assets in Italy.

Why Milan, and not Rome or Florence

Rome and Florence win on beauty; Milan wins on how life actually works.

Rome is the political capital, but the banks, family offices and advisers who handle these moves are in Milan. Florence is smaller and shaped by tourism, with fewer international schools and flights. Milan adds three airports, London about two hours away, and Lake Como and Lake Garda around an hour by train, ideal for a second home.

Not only the super-rich

The larger flow is professionals. Under the impatriati regime, qualified workers who move to Italy are taxed on only half their salary for five years, and Milan is expected to take about half of these arrivals in 2026. They want a well-run family apartment near the right school, not a palazzo.

What it means for property

Milan stays Italy's most expensive city, with prices forecast up 2% in 2026 and the centre averaging around €11,500 per square metre (Il Giorno). The pressure comes more from scarce supply than from new arrivals, so the best homes often sell before they reach the portals.

A general overview, not tax or legal advice. For your own situation, I work alongside qualified tax and legal advisers.

Martina Lo Magno

Founder, Martina ML Properties · Italian Buying Agent

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