From 2013 to 2023, nearly 74,000 Italians moved their tax residence abroad. Switzerland, Monaco, and Singapore lead the list
A heavy blow to Italy’s tax system
According to a report by the Unimpresa Research Center, more than 73,000 Italian citizens established their tax residence in low-tax jurisdictions between 2013 and 2023. The impact? Over €5.1 billion in income generated in Italy was taxed abroad, escaping the Italian Treasury and weakening the national tax base.
Switzerland tops the list
Switzerland is by far the most popular destination, with 51,696 Italian taxpayers and over €3.34 billion in income lost to foreign taxation. Next come the Principality of Monaco (2,980 taxpayers, €716 million) and Singapore (1,649 taxpayers, €126 million). Other favored destinations include Portugal, the United Arab Emirates, Panama, and Tunisia, which attract Italian taxpayers with favorable fiscal policies.
A growing sense of unfairness
“This shows the urgency of rebalancing tax competition between countries,” said Marco Salustri, Unimpresa’s national councilor. “Those who can afford it move abroad and reduce their tax burden—legally or in gray areas—while those who stay in Italy face an increasingly heavier load.” The system creates a sense of inequity and disillusionment, especially in a country with one of the highest effective tax rates in Europe.
Not just the rich: retirees and freelancers join the trend
While many assume tax havens are for the ultra-wealthy, the data also shows a rise in retirees, freelancers, and self-employed workers relocating to countries like Cyprus, Mauritius, and Tunisia. These nations often offer special tax incentives to foreign residents, creating a real fiscal exodus from Italy.
Global solutions still falling short
Despite international initiatives like the OECD’s Common Reporting Standard, blacklists, and anti-BEPS tools, the phenomenon continues to grow. Unimpresa believes Italy must take the lead in Europe to push for deeper international tax reform, including greater transparency, harmonized rules, and common standards to avoid a race to the bottom in tax policy across EU member states.
The real cost: weakened services and deeper divides
The €5.1 billion lost in taxes could have funded public services, education, healthcare, and digital and green transitions. Instead, Italy is left with a smaller pool of taxpayers and rising pressure on those who remain, risking a vicious cycle: more evasion, less revenue, higher taxes.