Wealthy families are increasingly moving out of the United States, the United Kingdom, France and Germany and directing a large share of their capital toward the Mediterranean—particularly Italy, Greece and Portugal. The 2026 Henley & Partners Wealth Migration Report identifies this “Mediterranean quiet ascendancy” as a distinct shift driven by rapid policy changes in traditional hubs and a set of attractive residency and tax frameworks in Southern Europe.
Why the traditional hubs are losing appeal
| Country | Policy change | Effect on high‑net‑worth migration |
|---|---|---|
| UK | Abolition of the non‑dom regime; closure of the Tier 1 investor visa; inheritance‑tax reforms | First‑time net outflow of wealthy families, many heading to Italy (especially Milan). |
| France | Near‑adoption of citizenship‑based taxation (failed vote in Oct 2025) and ongoing wealth‑tax proposals | Signaled risk of worldwide income taxation, prompting relocation considerations. |
| Spain | Golden‑visa program ended in Apr 2025 while wealth tax remained | Diminished attractiveness for investors seeking residency by investment. |
| Germany | Ongoing debate over wealth tax and high inheritance/exit taxes | Creates uncertainty for asset‑heavy families. |
| Norway | Wealth‑tax increase in 2022 (raised revenue by €146 m) | Approximately 300 wealthy Norwegians left, many for Switzerland, illustrating revenue loss versus tax gain. |
These policy shifts compress decision cycles: what once took years now unfolds in months, prompting families to seek jurisdictions with predictable, long‑term frameworks.
Mediterranean destinations and their competitive edges
Italy – flat‑tax residency
- Flat tax amount (2026): €300 000 per year for the first adult, plus €50 000 for each additional family member.
- Duration: Up to 15 years, renewable.
- Key features: No tax on foreign‑source income, no foreign‑asset reporting, and grandfathering of earlier, lower rates.
- Illustrative saving: A family earning €10 million abroad would face roughly €4 million UK tax versus €300 000 under Italy’s regime.
Greece – pension and residency incentives
- Flat tax on foreign pensions: 7 % for up to 15 years.
- Golden‑visa program: Still active but with higher investment thresholds (≈ €800 000).
- Lifestyle draw: Warm climate, lower cost of living, extensive coastline.
Portugal – investment‑based residency
- Program focus: Residency granted through qualifying real‑estate or capital investments; recent changes have doubled the citizenship timeline.
Switzerland – lump‑sum taxation
- Model: Certain cantons offer a fixed annual tax based on living expenses rather than worldwide income.
- Entry cost: Significantly higher than Mediterranean options; appeals to those prioritizing stability over lifestyle.
United Arab Emirates – zero‑tax default
- Features: No personal income tax, world‑class infrastructure, and strong connectivity.
- Trend: Wealthy families increasingly combine a Gulf base with additional European residencies for diversification.
Italy’s investor‑visa pathway
- Investment requirement: Minimum €50 000 in an innovative Italian startup.
- Visa terms: Initial 2‑year residence permit, renewable, no minimum stay requirement.
- Process timeline (2026):
- Pre‑approval (nulla osta): 1–3 months.
- Full application: 6–9 months total.
- Demand: Record applications in 2025; early 2026 already surpassing that level, leading to longer processing queues and upward pressure on program pricing.
Risks, timing and diversification
- Program volatility: Recent years have seen flat‑tax rates triple (Italy), golden‑visa thresholds rise (Greece), and citizenship timelines extend (Portugal).
- Policy speed: Changes that previously took years now manifest within months, as shown by New Zealand’s investor‑visa relaunch (hundreds of applications in 9 months versus ~100 over 2½ years).
- Strategic diversification (“sovereign portfolio”):
- Combine residency in one jurisdiction (e.g., Italy) with citizenship elsewhere and spread assets across multiple countries.
- Reduces exposure to any single political or fiscal shift.
Practical considerations for prospective movers
- Assess tax impact: Compare home‑country tax liabilities with the flat‑tax rates and thresholds of target jurisdictions.
- Monitor policy updates: Stay informed on visa price adjustments, tax‑rate changes, and program eligibility criteria.
- Plan for timing: The current window—characterized by favorable flat‑tax regimes and active visa programs—may narrow within 12 months.
- Evaluate lifestyle vs. business environment: Southern Europe offers high quality of life but may lack the startup ecosystem dynamism found in other regions.
In summary, the convergence of policy‑driven outflows from traditional wealth hubs and the emergence of structured, tax‑efficient residency programs is reshaping global wealth distribution. Italy’s flat‑tax regime, Greece’s pension incentives, and Portugal’s investment pathways collectively create a compelling Mediterranean corridor for high‑net‑worth individuals, especially when combined with diversification strategies that span multiple jurisdictions.
