Italy’s New Residents Tax Regime under Article 24-bis TUIR Italy’s so-called New Residents Tax Regime, governed by Article 24-bis of the Italian Income Tax Code (TUIR), is one of the measures introduced to attract high-net-worth individuals with substantial international assets and foreign-source income to Italy. Subject to specific statutory requirements, an individual who transfers his or her tax residence to Italy may elect to apply a lump-sum substitute tax on qualifying foreign-source income, instead of…