Economic recovery and the results yielded by a package of reforms are leading to renewed interest in Italy and its business opportunities, both among industrial and financial investors and among talented individuals.
In response to this scenario, the Embassy of Italy in London, in collaboration with the Ministry of Economic Development and the law firm Cleary Gottlieb, yesterday hosted a round table dedicated to the tax regime introduced at the end of 2016 as an incentive for physical persons, of any nationality, wishing to transfer their tax residence to Italy (so-called non-dom residents), entailing a flat-rate tax on income obtained abroad. The event provided an opportunity for a highly select group of investors, family offices and wealth managers to talk directly to Stefano Firpo, the director general for industrial policy at the Ministry of Economic Development, and Vania Petrella, a partner at Cleary Gottlieb and formerly a member of the committee of experts appointed by the Presidency of the Council of Ministers that helped draw up the regulations.
Nearly a year after the new regulations came into force, the event provided important updates on cross-border legal and tax regulations between the UK and Italy, building on an event held in March for a wider audience.
As Ambassador Terracciano observed in his opening speech, the new regime, which fully conforms to internationally recognised standards, is in line with the policies promoted by Italian governments in recent years with the aim of attracting capital and talent to the country.
