I’m Italian, I’ve been writing about Italy a lot this year.
It has been an unexpected pleasure. There’s never been a more interesting time to share what I know about my own country.
Italy is back, for the first time in decades, and this guide is the operational breakdown of exactly why, for whom, and where.
Below is the complete map:
The four tax regimes most people get wrong
The residency pathways (including the one Golden Visa in Europe still open at the old price)
The hidden cities and retirement towns where Italians themselves live well without the tourist premium
The downsides you should know about before you commit.
It’s built to do two things: help you identify the pathway that fits you, and point you to places you probably haven’t considered.
Here’s how to use this guide:
Read the thesis to understand why the window is open now. Find yourself in one of the four profiles, each mapped to a regime and a set of locations. Then you can jump to corresponding place sections. If residency without relocation is the goal, you can also go straight to the Investor Visa section. The decision framework at the end will apply to everyone.
While I aimed to be complete and exhaustive, I opted for being concise and clear: this means that for implementing your actual plan, you’ll most likely need specific counsel. So please don’t skip that step before taking action.
Table of contents:
The thesis: why Italy, why now
Which profile are you?
The remote professional
The researcher or R&D professional
The retiree
The high-net-worth individual
The hidden cities
Retirement by the sea
Retirement in the mountains
The Investor Visa: residency without relocation
The takes most Italy guides skip
The wealth taxes on foreign assets (IVIE and IVAFE)
The downsides
The decision framework
Watch the full webinar (+ slide deck)
Final thoughts
The thesis: why Italy, why now
Three forces are converging, but this won’t be the case forever.
Wealth is already moving. In 2025, the UK overtook China in millionaire outflows by a wide margin, and a large share is landing in Milan – now positioned as the new London with better weather. Over 100,000 repatriates have relocated under Italy’s income exemption program. More than 4,000 applied for the high-net-worth flat tax in the first half of 2024 alone, a 4x jump over 2023 even after the price doubled.
The macro situation is also part of this. Italy is the world’s 8th largest economy and #3 in Europe, its financial markets outperformed the European average 2x from 2020 onward, and 2024 exports topped €600B with a €46B surplus. The Financial Times ran the headline “Europe should learn from Italy.” I will tell you, it makes me very happy to read that – a considerable change from the sentiment of recent years…
Geography is optional, but culture is irreplaceable. You can replicate Singapore’s efficiency anywhere. You cannot replicate Florence. Infrastructure now splits into two curves: the exponential one (internet, where Starlink delivers 100+ Mbps almost anywhere, and 89% of Italian municipalities already have fiber) and the linear one (walkable medieval centers, authentic food culture, centuries of accumulated depth) that can’t be manufactured. Italy’s south already owns the slow-curve assets. The arbitrage is to earn globally and live culturally, amplified by currency: earning in USD and spending in euros is a 2-3x purchasing-power multiplier on its own.
Europe is repricing residency, and Italy is the last big door still open at the old price. Spain closed its Golden Visa in April 2025. Greece pushed its real estate threshold to €800,000 in the areas people want most. Portugal pulled real estate entirely and funneled everyone into funds and now citizenship timeline doubled to 10 years. The UK and Ireland shut their investor routes years ago. What remains at €250,000 with no stay requirement is Italy.
When you add geopolitical uncertainty that’s pushing mobile families to act, then the trend becomes very clear – what’s accessible today at this price rarely stays that way for long.
Portugal’s own history shows that successful programs get curtailed once they get popular. Italy’s own HNW flat tax followed the same arc: €100K per year from 2017 to 2023, doubled to €200K for one year, then tripled to €300K from January 2026. If the regime survives then typically the price keeps climbing.
Let me be clear though, the takeaway isn’t that Italy is for everyone. It isn’t.
For four specific profiles, the combination of price, lifestyle, and a closing window makes 2026 an unusually good moment to move or to start considering it seriously. The rest of this guide is about finding out whether you’re one of them, and if so, exactly where to go.
Which profile are you?
Italy offers four distinct pathways, each built around a different tax regime and a different kind of person.
