This country just DOUBLED their tax
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Italy just changed some of the tax incentives it used to have! Italy famously offered a Lum sum tax (sometimes referred as billionaire tax) of 100 000 euros to foreigners who reside in Italy, but made all of their income abroad. in other words, no matter how much income or profits one would make they could reside in Italy, and pay ''only'' a flat rate of 100 000 euros. Important to note that this doesn't apply to local income made in Italy.
It is not surprising that this capped taxation can be quite appealing to those individuals who make large amounts of money, as instead of paying a percentage of their income they pay a flat tax rate every year. Needles to say this tax incentive has attracted a lot of wealthy foreigners to move into Italy.
However, this tax program is about to change, as Italy is now doubling the amount of the flat tax to 200 000 euros per year. Those ones who qualified for the existing tax incentives prior to 2024, will get to keep those benefits, but new residents will be hit with the updated tax rules.
Besides Italy, there are other countries that offer lump sum tax incentives such as Greece, Poland and Switzerland.
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