This flat tax has to be applied for with the Italian tax authorities and once granted expires 15 years from the date of application. Thus, the regime is applicable to those who move their residence to Italy and have not been resident in Italy for at least 9 of the last 10 years from the time of opting for the flat tax. In fact, this flat tax has attracted Russian oligarchs, Latin American millionaires, IT geniuses and even Cristiano Ronaldo to Italy. The Italian flat tax regime is mainly aimed at high net worth individuals or “megariches” who have never resided in Italy or have not done so for a long time. Similar to the impatriate (also called non-dom) regimes in Malta, Portugal and England, this regime offers very attractive direct taxation and is already known as the ideal regime for the “mega-rich”. In 2017, the Italian executive approved a special impatriate regime and a flat tax or forfait with the aim of attracting high-net-worth foreigners to invest in the country.
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