The Corriere della Sera reports a surge in ‘luxury migrants’ relocating their tax residences to Italy from various countries, including Cyprus. In 2023, notable increases were recorded, with Cyprus showing the highest number ever. Wealthy individuals benefit from a single tax rate of €200,000 on overseas income, often resulting in a de facto zero tax environment. This has led to significant investments in luxury properties, particularly in Milan, creating a perception of the city as a tax haven. The tax benefits also extend to family members, enhancing the appeal of relocation.