Italy, Luxembourg: supporting families’ international mobility
Italy is attracting a growing number of international families. Some choose to make it their primary place of residence, while others embark on a new chapter there while maintaining business and personal interests abroad. Behind a change of residence often lie complex considerations: structuring an international estate, acquiring property, arranging financing, planning succession or coordinating advice across multiple jurisdictions. Between Luxembourg and Milan, Societe Generale Private Banking teams support these cross-border situations through a coordinated and tailored approach. We spoke with Elisa Thollet, Wealth Planning Engineer in Luxembourg, and Alessia Manghetti, Head of the Milan Branch.
What are international families looking for when they move to Italy?
Alessia: Today, Italy is no longer simply a destination for second homes among international wealthy families. For some, it has become the country where they choose to live, invest and sometimes pass on their wealth. While the tax environment may play a role, motivations are often broader: quality of life, family considerations, proximity to the rest of Europe, and entrepreneurial projects.
How do you view this trend from Luxembourg?
Elisa: This reflects a long-term trend: the families we support are becoming increasingly mobile. Italy is now the leading destination for private clients in Europe, attracting a wide range of profiles, including entrepreneurs, business leaders, investors and retirees. These new Italian residents share one common characteristic: their wealth has been built up over time and across generations, often spanning several countries.
Take the example of a Franco-British entrepreneur who has spent many years in London and decides to to relocate to the shores of Lake Como. Part of their business remains in the United Kingdom, their financial portfolio is managed in Luxembourg, they retain property assets in France and hold several private investments internationally. Their wealth has been built over time across multiple jurisdictions.
More than simply the geographical movement of individuals, what we are witnessing today is the growing internationalisation of wealth. The challenge is therefore not merely to support geographical mobility, but to preserve the coherence of an estate that has, by its very nature, become international. It is precisely in the coordination of these cross-border considerations that Luxembourg demonstrates its full added value.
What does your role in Milan involve, and what are the key stages of a relocation?
Alessia: We serve as the local point of contact. Moving to a new country raises many practical questions. How does a real estate acquisition work? What are the local market practices? Which professionals should be involved and at what stage?
We do not replace legal or tax advisers. Our role is to guide families through the local environment and coordinate expertise whenever needed. In a property acquisition, for example, anticipating the various stages is essential to avoid delays or unforeseen administrative requirements.
Elisa: Timing is often a critical factor. Families naturally think in terms of projects: relocation, purchasing a home, enrolling children in school or professional activities. Banks, public administrations and advisers, however, operate according to specific timelines.In Italy, the tax year runs from 1 January to 31 December, and the country does not operate a split tax year, unlike France. Anticipating the various stages of a relocation through a carefully planned timeline provides greater visibility and peace of mind throughout the process.
What are the most common mistakes to avoid?
Alessia: The first mistake is to view a move to Italy solely through a tax lens. While favorable tax regimes have increased the country’s attractiveness, a successful relocation also depends on factors such as location, family circumstances, lifestyle, children and language. The second mistake is choosing a region too quickly. Milan, Rome, Florence, Tuscany, Lake Como and Portofino all offer very different environments and opportunities. Property choices often reveal the true nature of a family’s project.
The third mistake is waiting too long before consulting advisers. Once a property purchase is underway or a relocation has already been decided, opportunities for structuring and planning are often more limited.
Elisa: From a wealth planning perspective, the most common mistake is to wait until after the move to review one’s situation. Conducting a thorough assessment of existing structures beforehand can help avoid numerous difficulties once established in Italy.
The second most frequent mistake is to overlook civil law considerations, despite their fundamental importance. Arrangements and structures put in place in the country of origin may not necessarily be transferable to, or recognised in the same way by, the Italian legal system. This applies in particular to matrimonial property regimes, spousal protection arrangements and testamentary provisions.
Do succession planning considerations already play a role in families’ thinking?
Elisa: Yes, succession planning issues arise naturally and take on an additional layer of complexity when multiple jurisdictions are involved. How can I effectively protect my spouse? How should I organise the transfer of wealth to my heirs?
The European Succession Regulation, international treaties and the civil and tax rules specific to each country may interact and overlap. Without proper planning, this can lead to disputes between heirs or create obstacles in the transfer of assets.
Preparing family governance therefore becomes a key consideration for international families. How can the family retain control of certain strategic assets across generations? These are all questions that require careful thought and forward planning in order to preserve family harmony within a cross-border environment.
How do you work together between Milan and Luxembourg?
Alessia: In Milan, we bring local market knowledge and expertise in Italian-specific matters.
Elisa: From Luxembourg, we provide a cross-border perspective and coordinate wealth planning, investment and financing expertise whenever required.
What advice would you give to a family considering a move to Italy within the next twelve months?
Alessia: And spend time on the ground before making a decision. Not only to visit properties, but to experience everyday life: commuting times, schools, medical services, opening hours, neighborhoods, flight connections and the distance from family and friends.
Elisa: When considering international mobility, the real challenge extends far beyond a simple change of residence. It involves anticipating and structuring, over the long term, the protection, succession planning and governance of wealth within an increasingly sophisticated international environment. Careful preparation and multidisciplinary support therefore remain the strongest foundations for a successful relocation and a seamless transition.
For any further information, please contact your Private Banker, who will be pleased to assist you.
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Avertissements : Septembre 2026
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