Since 2017 Italy has operated a residency system aimed at encouraging HNW foreigners to locate to the European country, highlighting the competitive battle to attract holders of capital. A UK-headquartered law firm has set up an office in Milan.

London-headquartered Charles Russell Speechlys has opened a new office in Milan, tapping Italy’s rising profile as a destination for wealthy individuals. 

The firm’s Italian practice will continue to be led by Nicola Saccardo, partner in the private client team in London, who will have overarching responsibility as the head of the Italian practice. Cristiana Felisi, previously of counsel at Maisto e Associati, is joining on the ground as a partner and head of the Milan office. Giovanni Angelini is also joining from Maisto e Associati as counsel.

Saccardo is an expert in Italian tax law, in particular taxation of trusts, estates and ultra-high net worth individuals; the relocation of UHNW individuals; international and EU tax law and estate planning. 

Felisi and Angelini are expert non-tax private client lawyers, focusing on succession law, family law, private wealth disputes and residential property transactions work.

Italy has a residency system aimed at HNW and UHNW clients; its status contrasts with the UK, which is scrapping the residential non-domicile regime and abolished Tier 1 Investor Visas in 2022. Italy recently changed its residency system for HNW individuals. Italy's scheme has been around since 2017. This year the government in Rome approved a measure that doubles a "flat tax" applied on income earned abroad by HNW people moving their tax residence to Italy to €200,000 ($218,220) per annum.

“Italy is a vitally important location for us due to the significant relocation of foreign UHNWIs to Italy and the presence of wealthy Italian families with an international dimension,” Saccardo said.