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$32M Tuscany Mansion Will Sell Without Reserve As Italy's New Tax Haven Status Gains Popularity
A very favorable flat tax for the ultra wealthy has made Tuscany the world's newest tax haven which means interest in luxury property is soaring. Here's a $32 million mansion up for auction without reserve.
Tuscany has become one of the world's newest tax luxury havens as Italy implemented a flat tax of 100,000 euros per year on any income earned outside the country, no matter how high or the source of the income (such as inheritances or salaries). That works out to about $124,000 and anyone who takes up residence in Italy who has not lived there for nine of the past ten years is eligible for the program. It can be extended to family members for 25,000 euros per person per year. The latest figures available suggest about four hundred people so far have taken up the offer and along with this new level of interest has come an increase in the number of high-end properties that are for sale.