Milan, which buys luxury homes for three million euros (and why it's driving up prices even in the suburbs)

Foreigners, including many well-known athletes, are choosing Italy as their place of residence due to tax benefits. This demand is driving up real estate prices in the city center and, consequently, in other areas. The recently published "Wealth Report 2024," dedicated to our city, claims that the strong interest from foreigners in prestigious neighborhoods has led to an explosive increase in real estate prices inMilan in recent years. This mainly concerns very wealthy individuals who choose the city to conduct business in our country or simply to enjoy a high quality of life.

Experts note that someone who has spent the last nine out of ten years abroad can now choose to pay a fixed tax of 100,000 euros per year after settling in Italy, plus an additional 25,000 euros for each family member. This exempts the taxpayer from paying any other taxes on income from abroad in countries with which Italy has double taxation agreements.

Milan also attracts athletes who receive salaries from their companies based on Italian taxes, but if they transfer their image rights to foreign companies, they only pay 100,000 euros.

In conclusion, it is worth noting that foreigners from high-income countries living inMilan often take advantage of additional tax benefits, especially in the area of construction and renovation of housing. Statistics show that a significant number of French, Germans, British, Americans, Swiss, and Japanese reside in the city. All of them have found their refuge inMilan and continue to be attracted by this unique combination of economic and cultural advantages.