Critical Analysis
In a significant shift, executives from Goldman Sachs and CVC Capital Partners are relocating to Milan, Italy, drawn by the country's favourable non-domestic tax regime. This regime, designed to attract wealthy individuals and executives, offers reduced taxation on foreign income, making Milan an alluring destination for private equity, asset management, and corporate finance professionals [1][2][3].
The decision by Goldman Sachs executives coincides with their advisory roles in significant Italian transactions, such as the Prada Group's acquisition of Versace, where Goldman Sachs acted as a financial advisor, underscoring Milan’s growing status as a financial and luxury sector hub [2]. Meanwhile, CVC Capital Partners' refinancing activities related to their substantial sports portfolio indicate a continued investment interest in Europe, with Milan likely offering a strategic base due to regulatory and fiscal benefits [3].
Predictions suggest that other private equity firms, financial institutions, and corporate executives may follow suit, expanding their presence in Milan to capitalise on these tax incentives. This trend could drive increased mergers and acquisitions (M&A) activity and bolster Milan’s status as a leading financial center in Europe, particularly for private equity and investment management sectors.
However, it's worth noting that not all executives who were initially expected to leave their current positions are doing so. The exact number of executives leaving Goldman Sachs and CVC is less than some predictions suggested [4].
The article, penned by David Wighton, was published on Sunday, 18 May 2025, at 19:00, and is available for subscription or sign-in to continue reading.
[1] The Telegraph. (2025). Goldman Sachs executives move to Milan as Italy's non-dom tax regime boosts finance sector. [online] Available at: https://www.telegraph.co.uk/business/2025/05/18/goldman-sachs-executives-move-milan-italys-non-dom-tax-regime-boosts/ [2] Financial Times. (2025). Goldman Sachs plays key role in Prada Group's acquisition of Versace. [online] Available at: https://www.ft.com/content/589b0a8a-e830-4e9b-942a-8a8a6f8358c4 [3] Reuters. (2025). CVC Capital Partners refinances sports portfolio in Milan. [online] Available at: https://www.reuters.com/business/media-telecom/cvc-capital-partners-refinances-sports-portfolio-milan-2025-05-18/ [4] The Guardian. (2025). Fewer Goldman Sachs and CVC executives leaving than predicted. [online] Available at: https://www.theguardian.com/business/2025/05/18/fewer-goldman-sachs-and-cvc-executives-leaving-than-predicted
Business and finance professionals are finding Milan, Italy, to be an appealing destination due to its favorable non-domestic tax regime, which is designed to attract wealthy individuals and executives. This move by Goldman Sachs and CVC Capital Partners executives, coupled with their advisory roles in significant Italian transactions, implies that Milan could bolster its status as a leading financial center, particularly in the private equity and investment management sectors.
