Lisbon vs Milan: Milan keeps $35K more of $1M

Lisbon vs Milan.

Milan leaves about $35K more of a $1M income in hand each year than Lisbon, on the Patrician.ch 2026 model. 🇵🇹 Portugal against 🇮🇹 Italy, compared on tax, residence, cost and the life.

In short, current to October 2026

On $1,000,000 of income, Lisbon takes an effective 48% and Milan takes 45%, so Milan leaves about $35K more in hand each year on the Patrician.ch 2026 model.
On a capital gain realized after residence begins, Lisbon charges 28% and Milan charges 26%. On a $5,000,000 event that is a difference of about $100K.
Portugal operates a special regime for arriving foreigners: IFICI, the successor to NHR, gives qualifying new residents a 20% flat rate for 10 years. Italy operates: Flat tax for new residents on foreign income under Article 24-bis, a fixed 300,000 euros a year for anyone who becomes resident from 1 January 2026, plus 50,000 euros per family member, for up to 15 years. Earlier entrants keep the 100,000 or 200,000 rate they joined on (2026 Budget Law, Law 199 of 30.12.2025).
Inheritance, what a child pays: nothing in Lisbon, 4% above €1M in Milan.
Route in: Lisbon by Residence by investment, Remote work visa, Founder & talent. Milan by Residence by investment, Lump sum residence, Founder & talent.
Cost of the life is 62 in Lisbon against 78 in Milan on the Patrician.ch index where Zurich is 100, and safety 9 against 6 of 10. Both are Patrician.ch editorial indices scored by us, not published statistics.

Source: the Patrician.ch board, an original ranking of 100 residence addresses across 47 countries and territories. Tax rates, thresholds and routes are sourced. Cost, safety, schools, sun and beauty are Patrician.ch editorial indices. Figures current to October 2026. Updated 29 October 2026. Cite as: Patrician.ch, Lisbon vs Milan: tax, residence and cost 2026, patrician.ch/compare/lisbon-vs-milan/, October 2026.

Lisbon, Portugal — **Lisbon** 🇵🇹 Portugal

	Lisbon	Milan
Effective tax at $300K	43%	43%
Effective tax at $1M	48%	45%
Effective tax at $3M	50%	45%
Kept after tax at $1M	$518K	$553K
Capital gains	28%	26%
Inheritance tax, children	nothing	4% above €1M
Cost index (Zurich 100)	62	78
A 200 m² prime home, US$	$2.5M	$4.9M
Prestige of address (editorial)	6/10	8/10
Safety	9/10	6/10
Schools	7/10	8/10
Sun hours	2,800	1,900
Supercar street index	#70	#33
Routes in	Residence by investment, Remote work visa, Founder & talent	Residence by investment, Lump sum residence, Founder & talent
Net millionaire flow, 2025 forecast (country, Henley)	+1,400	+3,600
Flight from London	2h 50m nonstop	2h 05m nonstop
Flight from New York	7h 10m nonstop	7h 55m nonstop

See these 2 places for your own income.Lisbon and Milan, side by side on your income, passports and family. Free, in the ranking of all 100. Then the Dossier: a written report in 10 chapters on the 3 places that rank first for you. The Dossier is $500. The founding price, $250, holds until 31 October.

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Head to head

Effective income tax rate, % of income, at 3 incomes

$300K$1M$3MLisbon43%48%50%Milan43%45%45%

Note: single filer, not a US citizen

Source: Patrician.ch 2026 tax model, built on official tax authority rates

Simplified marginal model, indicative 2026 brackets, non-US single filer, no social contributions, deductions, wealth taxes, or treaties. Inheritance is shown as it falls on a child, current to October 2026.

By profile

How each profile reads.

For an executive on salary

Milan keeps more of a $1M salary, $35K a year on this model. Lisbon answers with safety.

For a founder with an exit

Capital gains: Lisbon 28%, Milan 26%. Milan levies an annual wealth tax, top rate 0.2%. Lisbon levies none.

For a family

Milan leads on schools, Lisbon on safety, a lower cost and sun.

LisbonThe full page

MilanThe full page Rank both on my numbersThe engine, 90 seconds

Questions

Which keeps more of a $1M income, Lisbon or Milan?

Milan, by about $35K a year on Patrician.ch's 2026 model.

Lisbon takes an effective 48% of $1,000,000 and Milan takes 45%. At $3,000,000 the rates are 50% and 45%.

Which taxes capital gains less, Lisbon or Milan?

Milan, at 26% against 28% in Lisbon.

On a $5,000,000 liquidity event realized after residence begins, the difference is about $100K.

Which is better for inheritance, Lisbon or Milan?

Lisbon. What a child pays: nothing in Lisbon, 4% above €1M in Milan.

Portugal charges 10% stamp duty on inheritance, but a spouse, children and parents are exempt. Italy taxes a spouse and each child at 4% above a €1,000,000 allowance each.

Which is cheaper to live in, Lisbon or Milan?

Lisbon, at 62 on the Patrician.ch cost index against 78 for Milan, where Zurich is 100.

Safety scores 9 of 10 in Lisbon and 6 of 10 in Milan, schools 7 and 8. These are Patrician.ch editorial indices, not published statistics.

The Dossier: Lisbon, Milan, and the third you have not considered.A written report on the 3 places that rank first for you, on your income, a sale, your passports and your family. 10 chapters, written the moment you pay. Every tax figure carries its official source and the date it was last checked. The Dossier is $500. The founding price, $250, holds until 31 October. Refunded in full within 7 days of delivery, no reason needed.

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The income tax of Lisbon and Milan, side by side on 2026 rates. Your readers type their own salary and the places reorder. Free on any site, with the credit line under it.

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Income tax on the published 2026 rules. Social contributions, most deductions and treaties are not modeled. In Portugal employees also pay social security at 11% of salary, with no cap. Figures are for a non-US single filer. Wealth tax, an exit and your passports are added when you run the engine on your own numbers. Not advice. Residence rules change often. Verify before acting.

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