Italy Set to Lift Flat Tax for Wealthy New Residents by 50% (1)

Italyplans to increase by 50% a levy on foreign income for wealthy new residents who’ve flocked to the country to take advantage of the tax break.

The €200,000 ($233,570) a year payment — which exempts people moving to the country from taxes on overseas earnings, gifts and inheritance for 15 years — may rise to €300,000, according to people familiar with the matter. The measure is part of Italy’s budget plan for 2026 that the cabinet is called to approve as soon as Friday, the people said, asking to not be named as the plan isn’t public.

Since its ...