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Month: August 2024

Flat-tax and lifestyle: how Italy is seducing the world’s UHNWIs 

by: Elsa Carpenter
01/08/2024

You could say it is the charm of the Italian landscape, its history and its culture that is contributing to the boom in interest in Il Bel Paese, but a new report by real estate consultancy firm Knight Frank suggests that there is more to the story. 

Interest in Italy is growing across the board. Tourist numbers are up, prime property prices are surging, and with quality of life and lifestyle becoming ever more important in the post-Covid era, it would appear that Italy has it all.  

But it is the fiscal approach that has particularly caught the eye of the world’s wealthy, who are becoming ever more seduced by the nation’s intriguing non-dom tax policy.  

Back in 2017, Italy introduced a flat-tax rate of €100,000 per annum on foreign income in exchange for residency for the ultra high net worth individuals (UHNWIs) who were keen to make Italy their home.  

“With global wealth increasingly mobile, driven by geopolitical tensions, economic uncertainty and a series of elections many of which are likely to trigger significant tax and policy changes, Italy is poised to be a focal point in this shifting landscape,” writes Knight Frank’s Head of European Residential Research, Kate Everett-Allen.

Close to 1,000 UHNWIs are believed to have relocated to the peninsular in recent years. Between 2022 and 2023, this population grew by 3.8%, and it is set to increase again. According to the global real estate consultancy firm’s Wealth Report 2024, the population of UHNWIs with a net worth of $30+ million in Italy is likely to swell by 19% over the next five years.  

See more: Real Estate: Family homes dominate Monaco’s property market growth

On top of this, Italy launched its new digital nomad visa in April 2024. The scheme is open to a range of skilled workers from beyond the EU’s borders who have an annual income of €28,000 or more, widening the door further for other foreigners keen to set up shop and live la dolce vita further still.  

Italy’s luxury property prices 

From the glamourous villas of the Amalfi coast to countryside estates in Umbria and Tuscany, lakeside retreats on the shores of Lake Como or Lake Garda, cosmopolitan residences in cities such as Milan and Venice, without forgetting the array of luxury Alpine boltholes in the nation’s prestigious ski resorts, the prime property market is incredibly diverse – and appealing. 

Prime property prices rose by an estimated 4% in 2023, with the Knight Frank report indicating an overall 16% rise on the pre-Covid year of 2019 – a landmark for many experts in the real estate sector.  

In cities and regions such as Milan, Florence, Lake Como, Rome, Venice and Sardinia, prime property prices have increased by between 10% and 20% since 2019, and the choice of location appears to be diversifying still among investors and residents, with growing interest in lesser-known parts of the nation, such as Lucca, a city set back from the Tuscan coast, not far from the bigger destinations of Pisa and Florence.  

Demand is always higher than supply at the top end of the Italian real estate market, driving the market forwards yet creating ever more opportunities.  

Italy is having a renaissance, and it is the world’s wealthiest that it hopes to bring into the fold.  

Read related:

Property prices at record levels in almost all Monaco neighbourhoods

 

Monaco Life is produced by real multi-media journalists writing original content. See more in our free newsletter, follow our Podcasts on Spotify, and check us out on Threads,  Facebook,  Instagram,  LinkedIn and Tik Tok.  

 

Photo source: Peter Thomas, Unsplash

 

Camara and Ilenikhena to join AS Monaco for 2024/25 season

by: Stephanie Horsman
01/08/2024

Two new, fresh faces will be joining the AS Monaco team for the upcoming 2024/25 season: striker George Ilenikhena and midfielder Lamine Camara.

Though the transfer market remains open until 30th August, AS Monaco has already confirmed that two new players will be joining the Rouges et Blancs for the 2024/25 European season.  

17-year-old Nigerian striker George Ilenikhena (above right) has come from Royal Antwerp in Belgium, while 20-year-old midfielder Lamine Camara is leaving behind French team FC Metz. 

Ilenikhena, who arrived in the Principality on 25th July, has already begun training sessions and participated in a friendly match against Feyenoord on 31st July, where he managed to get the first goal of the game in the 25th minute. AS Monaco went on to win 1-3.  

“I know that AS Monaco is a very big club with a lot of ambition, and I am that way too,” says the striker. “That’s why I came here. I want to work hard and I want to have a great season. The club will be participating in the Champions League this season. It’s a great competition and that convinced me even more to come here. With the players in the team, we can have a great season.” 

See more: AS Monaco secure spot in UEFA Champions League and second place in Ligue 1

Senegalese international midfielder Camara will be joining two of his international teammates in Monaco: Krépin Diatta and Ismail Jakobs. 

The signing of Camara is reported to have cost AS Monaco €11 million on top of the €17 million paid for Ilenikhena.  

Monaco was also looking to sign RC Lens’ Neil El Aynaoui, but the deal fell through after the medical revealed a knee injury. Former FC Metz and Georgia international forward Georges Mikautadze was also believed to be in Monaco’s sights, but he has now joined Olympique Lyonnais in a deal reported to have touched €100 million.  

 

Monaco Life is produced by real multi-media journalists writing original content. See more in our free newsletter, follow our Podcasts on Spotify, and check us out on Threads,  Facebook,  Instagram,  LinkedIn and Tik Tok.  

 

Photos via AS Monaco

Monaco launches new energy-efficient building competition

by: Stephanie Horsman
01/08/2024

Monaco’s Department of Equipment, Environment and Urban Planning, in partnership with A4MT, a Paris-based company that creates sustainable market engagement and change programmes, has unveiled a new energy-efficiency focused competition for businesses looking to make a positive change: MonaCube.  

A call to public and private companies has been put out in the Principality following the launch of MonaCube, the Efficient Building Use Competition. It is hoped that the contest will inspire the different companies and sectors present in the Principality to increase the speed in which they are integrating energy-saving techniques and practices into their premises.

The ‘Cube’ concept, already successfully implemented in France for more than a decade, gets its acronym from Concours Usage Bâtiment Efficace, or Efficient Building Use Competition in English. Its goal is to “familiarise candidates with the correct use of energy on a daily basis”.  

The hope is that the one-year contest will encourage businesses to think harder about how they can save energy, whether that be through optimising air conditioning, replacing outdated heating and ventilation systems or switching to lower energy-consuming lightbulbs.  

Company bosses and management will also be urged to speak with their employees, inspiring them in turn to make positive changes with regards to their own actions while at work. 

Those who make the most significant changes will be rewarded in some way for their efforts. 

The overarching objective is to reduce the emissions generated by businesses in Monaco by 55% by 2030 and achieve carbon neutrality by 2050.  

 

Monaco Life is produced by real multi-media journalists writing original content. See more in our free newsletter, follow our Podcasts on Spotify, and check us out on Threads,  Facebook,  Instagram,  LinkedIn and Tik Tok.  

 

Photo credit: Etienne Dang / Monaco Communications Department

New restaurant: Zeffirino welcomes the flavours of Genoa to Monaco

by: Niki Borisova
01/08/2024

Following the launch of Zeffirino on the Rue du Portier earlier this summer, Monaco Life’s Niki Borisova has paid a visit to this celebration of Genoese cuisine, which is hoping to set itself apart from other Italian restaurants in the Principality through its authenticity and dedication to deep-rooted culinary traditions. 

The story of Zeffirino begins in the Ligurian port city of Genoa in 1939, when the first trattoria-style incarnation of the brand of the 21st century was opened by Zeffirino Belloni under the name of L’Emiliana.  

Over the years, the restaurant gained a reputation at home and abroad for its authentic Italian cuisine, which heralded and honoured the traditional dishes of the region. Frank Sinatra visited in 1984, a time by which the address had been renamed for its founder, and remained a lifelong fan of the unpretentious eatery.  

Speaking to Monaco Life, Marco Fabbiani, Operations Manager at Zeffirino Monaco, describes how he is keen to retrace the legacy of the restaurant back to its humble start. 

“Essentially, what we are doing with the expansion is revisiting the original concept from Genoa, taking it back to the roots,” he says.  

What could be more typically Genoese than a freshly prepared pesto dish? Photo credit: Marion Butet Studios

Despite its international expansions and collaborations with the Monaco-based Giraudi Group, Zeffirino has largely remained a family affair; Belloni’s children and grandchildren have played a significant role in developing the brand, and Marco, Christiane, Sabrina and Lucia Belloni currently manage Zeffirino operations. 

Genoese spirit in Monaco 

The new Zeffirino restaurant in Monaco, situated on Rue du Portier near the Carré d’Or, has been welcoming in new patrons for the last two months.  

This prestigious address and location was, in part, thanks to a partnership with the Giraudi Group, a well-known name in the hospitality industry, that facilitated this expansion into the Principality. 

Founded by Riccardo Giraudi, the Group is perhaps most-recognised for the wildly popular Beefbar brand, which has branches in major cities and destinations around the world. 

See more: Beefbar New York takes the Big Apple by storm

Giraudi’s collaboration with the Belloni family will bring Zeffirino’s traditional Italian cuisine to a broader audience, but the family is eager to retain the magic that has always surrounded the Zeffirino name. 

“We are keeping 80% of the concept of the Giarudi Group, in terms of music, service and so on, but the remaining 20% will represent the original restaurant concept,” says Fabbiani. “We do not want another Italian restaurant; we want to keep the authentic spirit.” 

Elegant yet inviting 

Upon stepping into the restaurant, guests will immediately understand what Fabbiani is referring to. 

Zeffirino’s aesthetic pairs Italian style with Monegasque elegance. Photo credit: Marion Butet Studios

There is an undeniably Monegasque elegance about the blending of wood, marble, cane and brushed brass, and yet it is still quintessentially Italian in essence.  

The black and white retro photographs displayed throughout the restaurant transport you back in time and the open kitchen welcomes you in with the sense of openness and generosity often paired with Italian cookery and hospitality. Here, guests can watch their pasta being freshly prepared; this signature element is, of course, well-represented on the menu. 

Executive Chef Thierry Paludetto, who has experience in Michelin-starred restaurants and has worked with the Giraudi Group extensively over the last two decades, tells Monaco Life, “We wanted to create an elaborate classic Italian culinary experience focused on simple, high-quality ingredients, as the quality of even one product determines the meal by 50%. This is challenging because, at Zeffirino, everything is prepared to the minute, requiring high-level techniques, concentration and preparation.” 

He continues, “The most complex dish on the menu is the aubergine; I based it on the classic Italian parmigiana, but added a twist and different flavoured layers, which requires a certain level of cooking skills.”  

Lunch, dinner and business 

When Monaco Life visits Zeffirino, it is to sample the eatery’s business lunch, which is proving popular with the local clientele. 

For a reasonable price of €34, Zeffirino’s business lunch includes a starter, main cours and a glass of wine. Monaco Life recommends the refreshing burrata and tomato salad, followed by any of the pasta options, but particularly the rigatoni gricia with guanciale, pecorino romano and pepper.  

“A restaurant must have business lunch options,” says Fabbiani. “Business lunch provides a quick and easy solution in the day when people are busy.” 

The best meal after pasta is dessert. A whole tray with a mouth-watering selection is brought out and Monaco Life samples the freshly-made pistachio ice cream with caramelised pistachios and the creamy caramel flan. 

Monaco’s Zeffirino restaurant is located on the Rue du Portier. Photo credit: Marion Butet Studios

The à la carte menu for dinner and lunch offers more options. 

“My favourite dish from the menu is the cherry tomato tart with pesto shortbread, as this is a meal I created two years ago and it is original with Italian products,” shared Paludetto. 

The wine cellar and the softly-lit bar add to the restaurant’s appeal, making it suitable for casual dining and special events. The cocktail menu features Italian creations such as the Ligurian Negroni or the Zeffi’ Spritz. Wine is probably as important as food in Italian culture, and Zeffirino offers a comprehensive wine list featuring selections from Italy and France. 

International addresses 

Earlier this summer, a Paris branch of Zeffirino was opened in the city’s eighth arrondissement. Further expansion plans include the launch of an additional restaurant in Istanbul in four months’ time, as well as in New York, Prague and possibly in Cyprus in the future.  

To see more of Zeffirino, watch the Monaco Life Instagram reel below:

 

Monaco Life is produced by real multi-media journalists writing original content. See more in our free newsletter, follow our Podcasts on Spotify, and check us out on Threads,  Facebook,  Instagram,  LinkedIn and Tik Tok.  

 

Photo credit: Marion Butet Studios