‘Italy has the best benefits’: Milan takes on Dubai as home for the super-rich

With the UAE under fire from Iranian missies, wealthy investors are turning to Italy’s flat-tax haven

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ust over a month ago, Dubai was the obvious destination for wealthy Britons in search of a new home. Few cities allow you to earn vast sums tax-free and spend them across any number of luxury hotels, restaurants and shops.

But as the United Arab Emirates comes under Iranian fire, Dubai’s reputation – in part created by emigrant influencers – as a haven for the global elite is eroding. Super-rich UK nationals are now looking for a route back to Europe; and Milan, the financial centre of Italy, is climbing to the top of the list.

“Italy has the best benefits: a flat tax and good quality of life,” says Armand Arton, a consultant who helps multimillionaire and billionaire families to relocate through investment citizenship schemes.