The flat tax acts as a powerful gateway for buyers to relocate or spend substantial time in Italy, encouraging thoughtful, long-term residency rather than mere vacation ownership.

Lake Como stands out as the perfect destination, blending an exclusive lifestyle with the “soft landing” many high-net-worth individuals seek when transitioning to Italy.

Buyers are looking for more than just a home—they want investment-grade lifestyle properties: assets that combine financial soundness with everyday enjoyment.

From Boardrooms to Bellagio: Why the World’s Wealthiest Are Quietly Relocating to Northern Italy

Imagine trading London’s grey skyline for the tranquil shores of Lake Como. Picture a life where fine wine, Renaissance villas, and streamlined tax planning coexist. For a growing number of global high-net-worth individuals (HNWIs), this isn’t just a fantasy—it’s their new reality.

A discreet yet powerful movement is reshaping the demographic of Northern Italy, particularly in Milan and around Lake Como. These aren’t casual holidaymakers—they’re elite professionals, entrepreneurs, and investors drawn by a rare blend of lifestyle and legal incentives. At the heart of it all? Italy’s flat tax regime.

Italy’s Flat Tax: An Elegant Magnet for the Ultra-Wealthy

In 2017, Italy introduced a flat tax scheme designed to attract global wealth. The proposition was simple but compelling: for a fixed annual payment of €100,000 (soon rising to €200,000), new residents could shield their foreign income from Italy’s progressive tax system.

This tailored program is available to individuals who haven’t been Italian tax residents for at least nine of the previous ten years. And unlike many other schemes in Europe, this one is intentionally exclusive—it doesn’t aim to attract volume but value.

It’s not just a tax move—it’s a life decision. Since the law took effect, an estimated 5000 people have made Italy their home under this rule, many of them bringing their families, staff, and entire lifestyles with them.

Who’s Making the Move? And Why Now?

The majority of newcomers hail from France and the UK, with a notable spike in arrivals from London post-Brexit. But these aren’t just retirees or freelancers. The new residents are often active professionals in private equity, finance, and law many still working globally while using Italy as their personal base.

Milan, with its fast-paced business scene and global connectivity, appeals to younger expats still in the heart of their careers. Meanwhile, Lake Como has become a standout choice for those looking to blend privacy, prestige, and natural beauty.

Celebrities, executives, and global entrepreneurs are increasingly choosing Como not just for vacation homes, but for primary residences. It offers something unique: Swiss-style discretion, Italian flair, and proximity to both Milan’s international airport and Lugano’s banking sector.

Lake Como’s Real Estate Surge

Unlike other regions in Italy, the Lake Como real estate market has remained consistently strong. Demand for luxury properties has not only continued to grow, but has also expanded beyond private buyers to include increasing interest from investment funds. Demand for homes in Lake Como—particularly historic villas and contemporary homes with lake views—has surged. Transactions above €5 million are no longer rare, and competition for turn-key, fully serviced properties has grown significantly.

This is especially true among flat tax applicants looking for what industry insiders call “investment-grade lifestyle properties”—residences that offer long-term value, rental potential, and a luxurious living standard.

From Menaggio to Tremezzina, foreign buyers are reshaping the top end of the market. British and American clients lead the trend, often citing the flat tax and quality of life as dual motivators. Inquiries from tax-incentivized buyers have more than doubled since 2020.

Real Estate That Rises Above the Trends

In late 2024, as interest rates softened, high-end sales in Como saw a fresh uptick. Analysts project continued appreciation into 2025, particularly for rare lakefront homes with privacy and modern amenities. Many of these clients are not speculative investors—they're end users planning for long-term residency or semi-permanent living.

A Global Map with a New Italian Dot

Milan has already climbed into the top 25 cities worldwide for ultra-high-net-worth residents. But it’s Lake Como that is turning heads in global relocation circles. Its appeal goes beyond postcard beauty. It offers a well-connected, secure, and exclusive environment—an ideal fit for those leveraging Italy’s flat tax to anchor their lives abroad.

British, French, Swiss, and Brazilian nationals are leading this movement, joined by Middle Eastern families and international investors looking for a permanent European base with lifestyle appeal.

The Rise of the ‘Iban Migration’

This is a different kind of relocation. There are no mass movements or disruptive waves—just a steady trickle of very wealthy people choosing to move not with fanfare, but with foresight. Their migration is legal, tax-efficient, and often invisible to the casual observer.

In Lake Como, the evidence is there: renovated villas, year-round residents, international schools seeing new enrollments. This is not just tourism—it’s transition.

And Italy, thanks to its flat tax and timeless charm, is welcoming them with open arms—and a strong compliance system to match.

Insights from SARA ZANOTTA, Lakeside REAL ESTATE CEO & FOUNDER

The flat tax does not eliminate standard Italian bureaucracy, but it does offer powerful benefits for those who plan carefully.

While the flat tax offers significant benefits, comprehensive tax advice and immigration planning remain essential: this is not a casual move.

The regime does not exempt owners from regular Italian property taxes or income tax on Italian-sourced earnings. Italian income (e.g. rental income from their property) is still taxed normally.

Some buyers mistakenly assume Italy is a tax haven or underestimate the complexities of local bureaucracy—this is not the case.

We’re witnessing a surge of savvy international buyers—especially from the US and UK—leveraging Italy’s flat tax as both a lifestyle choice and a strategic tax solution. Lake Como, in particular, offers more than stunning scenery; it provides a solid foundation for global living with a balanced, manageable tax framework. It truly represents the new frontier of luxury relocation.
Sara Zanotta - Lakeside CEO & Founder

The New Italian Flat Tax – Detailed Explanation