Under the Conservative Budget plans for non-residents, people who come to the UK would not have to pay tax on their overseas income for four years, after which they would have to pay normal income tax on it.
But Labour plans to go further if it takes power on July 4.
Concerns about a tax crackdown have already led many wealthy investors to choose to set up trusts to shield their overseas assets from UK tax, while others have withdrawn from the UK altogether.
Peter Ferrigno, director of tax services at Henley & Partners, said some changes to UK tax rules have caused Italy’s tax system to “attract a lot of attention”.
Italy is expected to attract an additional 2,200 billionaires in 2024, making it Europe’s most desirable destination for the wealthy, according to Henley & Partners, which advises the wealthy.
Aisha Waldag, a City lawyer who represents the ultra-rich in favourable divorce cases, said she had already seen an influx of clients leaving the UK over concerns about Sir Keir’s tax rises.
In addition to migration to destinations such as Dubai and Monaco, Italy has also emerged as “one of the main beneficiary countries”, she added.
When Britain targets its billionaires with taxes, Paris is often a place they flee to.
However, the political turmoil currently engulfing France due to the popularity of the far-right National Rally party casts a dark shadow over the City of Light.
In contrast, Meloni and Italy seem increasingly to be a safe haven.
Despite concerns about his populist loyalties, Meloni has governed as a right-wing moderate, toeing the Brussels line, supporting NATO and pleasing markets with his economic policies.
Italy remains Europe’s biggest debtor at 2.9 trillion euros, but its pro-growth policies have won it the support of investors.
But it’s not all economic: other softer factors are also making Milan the new destination for the ultra-rich.
While London may boast a few exclusive neighborhoods in smaller areas like Mayfair and New Bond Street, Milan is brimming with luxury brands on every corner, making it even more attractive for the wealthy to move there.
Milan is home to leading fashion brands such as Bvlgari, Gucci, Versace and Prada, while sports car manufacturers such as Lamborghini and Ferrari are based in the industrial north of the city.
