Head to head

London vs Milan.

🇬🇧 United Kingdom against 🇮🇹 Italy, on tax, residence, cost, and the life. Same model, same year, no brochure.

In short, current to September 2026

  • On $1,000,000 of income, London takes an effective 43% and Milan takes 45%, so London leaves about $15K more in hand each year on Patrician's 2026 model.
  • On a capital gain realized after residence begins, London charges 24% and Milan charges 26%. On a $5,000,000 event that is a difference of about $100K.
  • United Kingdom operates a special regime for arriving foreigners: 4 year foreign income and gains regime for new arrivals. 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: 40% in London, 4% above €1M in Milan.
  • Route in: London by Founder & talent. Milan by Residence by investment, Lump sum residence, Founder & talent.
  • Cost of the life is 96 in London against 78 in Milan on Patrician's index where Zurich is 100, and safety 7 against 6 of 10. Both are Patrician editorial indices scored by us, not published statistics.

Source: the Patrician.ch board, an original ranking of 100 residence addresses across 48 countries and territories. Tax rates, thresholds and routes are sourced. Cost, safety, schools, sun and beauty are Patrician.ch editorial indices. Figures current to September 2026. Updated . Cite as: Patrician.ch, London vs Milan: tax, residence and cost 2026, patrician.ch/compare/lon-vs-mil/, September 2026.

LondonMilan
Effective tax at $300K39%43%
Effective tax at $1M43%45%
Effective tax at $3M44%45%
Kept at $1M$568K$553K
Capital gains24%26%
Inheritance tax, children40%4% above €1M
Cost index (Zurich 100)9678
Safety7/106/10
Schools10/108/10
Sun hours1,6301,900
Supercar street index#12#33
Routes inFounder & talentResidence by investment, Lump sum residence, Founder & talent
Net millionaire inflow 2025 (country, Henley)−16,500+3,600
Flight LondonHome2.3
Flight New York7.88.9

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 September 2026.

By profile

How each profile reads.

For an executive on salary

London keeps more of a $1M salary, $15K a year on this model. Milan answers with the life itself.

For a founder with an exit

Capital gains: London 24%, Milan 26%. Neither city taxes wealth as such.

For a family

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

LondonThe full pageMilanThe full pageRank both on my numbersThe engine, 90 seconds
Questions

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

London, by about $15K a year on Patrician.ch's 2026 model.

London takes an effective 43% of $1,000,000 and Milan takes 45%. At $3,000,000 the rates are 44% and 45%.

Which taxes capital gains less, London or Milan?

London, at 24% against 26% in Milan.

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

Which is better for inheritance, London or Milan?

Milan. What a child pays: 40% in London, 4% above €1M in Milan.

The UK taxes an estate at 40% above £325,000, with a further band for a home left to children. A spouse inherits free. Since April 2025 exposure follows 10 of the last 20 years of residence. Italy taxes a spouse and each child at 4% above a €1,000,000 allowance each.

Which is cheaper to live in, London or Milan?

Milan, at 78 on the Patrician.ch cost index against 96 for London, where Zurich is 100.

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

The Dossier: London, Milan, and the third you have not considered.Your top 3 modeled on your income, exit, passports, and family. 10 chapters, written the moment you pay, usually ready within 2 minutes. The Dossier is $500. The founding price, $250, holds until 31 October. Refunded within 7 days if it does not change how you think.
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This page is the general case. Your income and passports rank all 100 differently.

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The general case, ranked: Where should high earners live in 2026 · Best country to live in if you are rich · Best countries for high earners after tax · Europe · United States

Tax figures use a simplified marginal model with indicative 2026 brackets for a non-US single filer, ignore social contributions, most deductions, wealth taxes, and treaties, and are not advice. Residence rules change often. Verify before acting.

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