00:00Is Milan the new Dubai?
00:02The super-rich are eyeing Italy's fashion capital as the conflict in the Middle East
00:06has taken the sheen off Dubai's reputation as the principal haven for luxe lifestyles.
00:10So why has Milan emerged as an alternative?
00:13First off, Italy operates a flat tax system that means the amount foreign residents pay
00:17on any overseas income is capped at 300,000 euros.
00:21Maybe a lot to you or I, but loose change for the ultra-wealthy.
00:24There are other attractive elements too.
00:26Italy is a highly developed EU member state, and most crucially of all for the ultra-wealthy
00:31shaken by the violence in the Gulf, it's safe and politically stable.
00:35Milan has an international reputation for high-end fashion, but it's also Italy's
00:39business capital and the home of the country's stock exchange.
00:42Over the past five years, Milan property prices have soared by 38%, making it the most expensive
00:47city in Italy, as Italians and foreigners alike flock towards its economic opportunities
00:52and lively cultural scene.
00:53Whether Milan can dethrone Dubai remains to be seen, said the Guardian.
00:57Armand Anton, who helps the super-rich relocate using investment citizenship schemes, is certain
01:02Dubai will rebound from the current question of doubt around security.
01:06Italy may not fully replace Dubai, but the British-Asian newspaper Eastern Eye says it is
01:11more likely to become a strategic second home for global elites.
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