Milan emerges as new magnet for ultra-wealthy Britons

Just over a month ago, Dubai stood out as the premier destination for wealthy Britons seeking a new home, offering tax-free earnings alongside a lavish lifestyle of luxury hotels, fine dining, and high-end shopping.

However, as the United Arab Emirates faces growing regional instability, including tensions involving Iran, Dubai’s reputation as a safe haven for the global elite appears to be weakening. Increasingly, affluent UK nationals are reconsidering Europe—and Milan is rapidly rising to the top of their list, the Guardian reports. 

“Italy has the best benefits: a flat tax and good quality of life,” says Armand Arton, a consultant who helps multimillionaire and billionaire families relocate through investment citizenship schemes. “People leaving the UAE can see themselves living in Rome or Milan quite easily as international, metropolitan centres.”

Milan’s growing appeal is underpinned by Italy’s favorable tax policies. Under the country’s flat-tax regime, foreign residents can pay €300,000 annually on all overseas income—an attractive proposition for the world’s wealthiest individuals.

“It is not hard to see why Milan, which is already home to some of the richest bankers, lawyers and investors in Europe, has become such a popular choice,” said Diletta Giorgolo, head of residential real estate at Sotheby’s in Italy’s financial and fashion capital.

According to estimates from Italian tax law firm Maisto e Associati, around 5,000 individuals have enrolled in Italy’s flat-tax scheme so far. Initially, many were Italians returning from London, says partner Marco Cerrato.

Now, a broader international influx is underway. Giorgolo estimates that international buyers have increased by 30% to 40% in just two years.

As demand rises, Milan itself is undergoing rapid transformation. Much like Dubai, the city is seeing a surge in galleries, private members’ clubs, and luxury hotels. Government policy has supported this growth, including a reduction in VAT on art sales and imports from 22% to 5%, among the lowest in Europe. This has encouraged major galleries, including Thaddaeus Ropac, to expand their presence.

By Sabina Mammadli