Italy’s government is preparing to amend a draft law that would impose a special exit tax on wealthy individuals who move their tax residence abroad, Economy Minister Giancarlo Giorgetti told industry associations at a meeting on the next year’s budget on Friday.
Backlash from advisers
The original measure, part of the 2027 draft budget announced by Prime Minister Giorgia Meloni last month, would have applied a 26 percent tax on unrealised capital gains for individuals holding at least 800,000 euros in financial investments who relocate their tax residence outside Italy. Wealth management advisers warned the measure could significantly reduce Italy’s attractiveness to wealthy clients, and tax experts raised similar objections. Giorgetti’s announcement of a change follows that criticism directly.
No new rate or threshold has been detailed.
Banks under pressure too
The exit tax is not the only measure drawing fire from the financial sector. The draft budget also includes a planned 5.9 billion euro tax increase on the financial sector for 2027, and Intesa Sanpaolo has sharply criticised that provision. The bank said the European Central Bank could ask Italian lenders to reduce their government bond exposure as a result.
