An Italian tax break scheme designed to attract wealthy individuals has been taken up by a large number of Britons.

The EUR100,000-a-year flat tax, payable on money earned abroad by anyone who changes their tax residence to Italy, has seen 784 high worth individuals move to Italy in the past two years since the scheme began. The tax incentive also includes inheritance payments and money brought into the country from overseas.

Out of the 784 HNWs, 78 are British with France second with 58 wealthy citizens moving to Italy, followed by American and Russian individuals in third and fourth place respectively.