Wealthy Britons shift residence to Milan amid Middle East tensions
In recent years, affluent British citizens have been relocating en masse from Dubai to Milan due to escalating military conflicts involving Iran, raising safety concerns about the United Arab Emirates as a global elite haven.
On 28 February, the United States and Israel launched a military operation against Iran, prompting retaliatory strikes by Tehran targeting locations in the UAE, including Dubai and Abu Dhabi. Drone and missile attacks hit residential areas and critical infrastructure, damaging the Emirates’ reputation as a secure refuge for the global elite.
Since 2017, Italy has offered a fixed tax regime to new residents who have not paid domestic taxes for at least nine of the previous ten years. This programme requires a flat annual tax payment of 30,000 euros, covering global income, while only Italian income and capital gains from foreign assets are subject to normal taxation for five years, making Milan an attractive alternative for expatriates and wealthy individuals seeking new homes.
Legal firm Maisto e Associati estimates that this trend will lead to a significant increase in wealthy British and other foreign nationals settling in northern Italy, affecting local economies and social dynamics.
Thus, the combination of geopolitical conflict and Italy’s tax incentives is reshaping migration patterns among the global elite, altering traditional relocation routes.
This trend is expected to continue as geopolitical instability in the Persian Gulf region persists, and Italy is likely to expand initiatives encouraging investment and immigration from affluent foreigners.
