Milan: Europe’s Quietly Ascendant Family Office Hub

By Maria Paola Serra and Henry Brandts-Giesen of Dentons.

Milan has always been a city of style, strategy, and substance. Today, it’s also becoming one of Europe’s most compelling hubs for family offices, offering a rare blend of financial infrastructure, tax incentives, and cultural capital.

Italy is home to hundreds of family offices, with Milan at the heart of this expansion. The city’s allure stems from the convergence of several key factors. 

First, Milan boasts an advanced financial landscape, offering a robust network of private banks, asset managers, and legal advisors who possess extensive expertise in cross-border wealth structuring.

Its strategic geographic position, near Switzerland, Monaco, and Southern Germany, further reinforces Milan’s role as a natural center for Europe’s ultra-high-net-worth families.

Additionally, the city’s culture places strong emphasis on legacy, discretion, and long-term stewardship—values closely aligned with the philosophy of family offices, making Milan particularly attractive to those seeking both tradition and innovation in wealth management.

One of the most compelling reasons family offices have been setting up in Milan is Italy’s flat tax regime for high-net-worth individuals (HNWIs). Originally introduced to attract foreign investment and talent, the regime allowed new residents to pay a fixed annual tax of €100,000 on all foreign income, with additional family members included for €25,000 each.

In 2024, the Italian government raised the flat tax to €200,000 for new applicants, while existing beneficiaries remained grandfathered at the original rate.

This year the flat tax has been raised to €300,000 annually for new applicants, with an additional charge of €50,000 for each family member, fitting within the framework of broader fiscal reforms aimed at balancing competitiveness with revenue needs.

Existing beneficiaries should continue under the original rate, preserving their tax certainty.

Key features of the flat tax regime include:

High-net-worth individuals considering relocation to Italy taking advantage of the flat tax can also explore special visa options tailored specifically for them, such as the elective residence visa and the investor visa.

While the recent increases in the flat tax rate have introduced a degree of uncertainty and prompted concern among some advisors and families, the regime nonetheless continues to stand out as an attractive option for family offices.

In addition to its flat tax regime, Italy offers an incentive for attracting top-tier talent to family offices through its impatriate regime. Designed to encourage highly qualified professionals to relocate to Italy, this regime provides a 50%–60% tax exemption on Italian-sourced income for up to five years, with no potential extensions. 

Recent reforms have tightened eligibility, but senior executives, investment professionals, and specialised advisors who meet the criteria—such as not having been tax resident in Italy for the previous three years (for individuals who have never been Italian tax residents) and committing to stay for at least four—can benefit significantly. 

For family offices building out leadership teams or launching new initiatives in Milan, the impatriate regime offers a cost-effective way to recruit global talent while aligning compensation with long-term residency and strategic growth.

The Milanese family office ecosystem is undergoing rapid transformation, with several key trends shaping its evolution. One notable shift is the increasing involvement of younger family members in leadership roles. 

This new generation is bringing a fresh perspective, emphasising environmental, social, and governance (ESG) criteria, as well as a keen interest in venture capital and digital innovation. Their engagement is driving family offices to adopt more forward-looking investment strategies and to prioritise sustainability and technological advancement.

In addition to generational change, there is a marked rise in impact investing within Milan’s family offices. These organisations are increasingly aligning their portfolios with purposeful objectives, supporting initiatives in climate technology, social enterprises, and sustainable infrastructure. This approach reflects a broader commitment to generating positive social and environmental outcomes alongside financial returns.

Furthermore, there is a growing appetite for direct investments and strategic alliances, often realised through club deals and co-investments. Leveraging local networks and private equity platforms, Milanese family offices are actively seeking opportunities to collaborate, pool resources, and engage in projects that offer both influence and potential for significant impact. 

This trend underscores a shift towards greater collaboration and a more hands-on approach to investment within the family office landscape in Milan.

Beyond balance sheets, Milan offers a lifestyle that resonates with the values of many family offices. The city seamlessly integrates creativity into its financial landscape, exemplified by renowned cultural events and esteemed art institutions. 

These elements showcase how Milan’s vibrant art and design scene blends with its role as a capital of commerce and investment.

Education and healthcare in Milan are equally world-class, with prestigious academic institutions and leading hospitals (which offers high-quality services at minimal costs, making it virtually free for residents) attracting families who are seeking long-term residency options and prioritise quality of life alongside financial considerations. 

This combination of academic excellence and advanced medical care reinforces Milan’s appeal to those planning for future generations.

Additionally, Milan provides the privacy of a boutique financial center coupled with the connectivity of a global city. Families benefit from both discretion and direct access to European and international networks, making Milan a compelling choice for those who value both personal privacy and strategic global reach.

As family offices become increasingly global, many are adopting multi-hub strategies—establishing presences in multiple jurisdictions to optimise for tax efficiency, investment access, and lifestyle preferences. 

Milan fits naturally into this model. Its connectivity to European financial centers, favourable tax regime, and cultural depth make it an ideal complement to other hubs like London, Zurich, Dubai, Hong Kong, or Singapore. 

For families with operations in North America or Asia, Milan offers a strategic European foothold that balances discretion with tax incentives.

Whether serving as a satellite office, a philanthropic base, or a next-gen innovation lab, Milan adds geographic and thematic diversity to a family office’s global footprint.

-

Maria Paola Serra is a managing counsel in the Dentons Milan office and a member of the Global Tax practice. She focuses on private wealth, family office services, trusts and estate, contracts, and corporate law.

Henry Brandts-Giesen is a leader in the Dentons Global Family Office (DFO) group, recognised globally for his expertise in the organisation and regulation of private wealth.