The Italian government has proposed introducing, effective January 1, 2027, a tax on unrealized capital gains on financial assets for high-net-worth individuals who transfer their tax residency outside the country. The rate of the so-called “exit tax” will be 26%, and the new rules will apply to investors with relevant assets valued at EUR800,000 or more.
The relevant provisions are contained in Article 17 of the draft law on Italy’s 2027 state budget, approved by the government of Prime Minister Giorgia Meloni. The document received the necessary approval from Italian President Sergio Mattarella on October 30 and was submitted to Parliament for consideration.
According to the bill, the new tax will apply to individuals who have been residents of Italy for at least six of the last ten tax years and have decided to transfer their tax residency to another country.
A mandatory condition is the possession of financial assets and property rights subject to the relevant provision, with a total value of at least EUR800,000. However, taxation will apply only in cases where, following the change in residency, Italy loses the right to tax the corresponding investment income.
The tax will be levied not on the total value of the assets, but on the accumulated gains that the investor has not yet received from their sale.
Specifically, this refers to the increase in the market value of shares, equity interests in companies, securities, and other financial instruments. To determine the tax base, the positive difference between the market value of the assets and their tax basis at acquisition will be taken into account.
For example, if an investor purchased a portfolio of securities for EUR 700,000, and at the time the tax base is determined, its value has risen to EUR 1 million, the unrealized gain will amount to EUR 300,000. At the standard rate of 26%, the tax amount will reach EUR 78,000, even if the investor has not actually sold the assets.
At the same time, a preferential regime applies to income from certain government bonds. Only 48.08% of the corresponding profit will be included in the tax base, resulting in an effective rate of approximately 12.5%.
The standard deadline for paying the exit tax is 180 days from the date the change in tax residency takes effect.
However, for individuals relocating to European Union countries or to countries with which Italy has relevant tax cooperation agreements, a payment deferral is available.
To qualify, the investor must pay an advance equal to 50% of the calculated tax and provide a financial guarantee.
When moving to another EU country, the deferral may apply for up to five tax periods, and for other countries that meet the established conditions, up to ten.
If the assets are not sold during this time, the tax liability will be extinguished, and any overpaid amounts will be refunded. Similar provisions apply in specific cases of inheritance of assets or an investor’s return to Italy.
The new system will also apply to certain types of nonprofit associations and organizations that transfer their tax residency abroad.
According to estimates by the Italian Ministry of Economy and Finance, revenue from the new tax will amount to approximately EUR3.37 million in 2027 and EUR6.74 million annually from 2028 to 2031. Starting in 2032, the net budgetary impact, taking into account the expected refund of a portion of the payments, is estimated at EUR 3.37 million per year.
Italy is effectively proposing to extend to private investors the tax mechanism applicable upon a change in tax residency, which previously applied to companies and entrepreneurs.
A similar mechanism is already in place in France, where taxation of unrealized gains upon a change in tax residency applies provided that the relevant financial assets exist and the conditions established by law are met.
The proposed changes may be significant for international investors, owners of corporate assets, and high-net-worth foreigners who use Italy as a country of long-term tax residency.
In recent years, Italy has attracted high-net-worth foreigners through a special fixed-tax regime for foreign income. For new participants in this regime, starting in 2026, the annual payment will be EUR 300,000 instead of the previous EUR 200,000.
The introduction of the exit tax may affect the tax planning of such investors, especially if they are considering relocating to another country in the future. At the same time, the procedure for applying the new provisions to participants in the special tax regime requires further legal clarification.
However, the proposed mechanism is not a general tax on departure from Italy and does not provide for the automatic levying of 26% on the value of residential real estate or an individual’s total assets.
The bill must be reviewed and approved by the Italian Parliament by the end of 2026. During the legislative process, the tax rate, the conditions for its application, and the procedure for granting deferrals may be amended.
Italy remains one of Europe’s largest real estate markets and a popular destination for international investors, particularly those considering purchasing a home in conjunction with transferring their tax residency. The proposed changes may become an additional factor in choosing a country of residence and in long-term investment planning.
Sources: Italy’s 2027–2029 Budget Bill, Article 17, approved by the government on October 28, 2026; President of Italy, official approval of the bill’s submission on October 30, 2026; Investment Migration Insider, October 31, 2026.
Starting November 20, 2026, the international short-term rental platform Airbnb will introduce new rules for property owners that restrict their ability to require guests to perform household chores before checkout. Specifically, hosts will no longer be able to require guests to wash bed linens, wash dishes, or take out the trash.
According to an official statement from Airbnb, the new requirements will apply to all reservations made on or after November 20.
Under the platform’s updated policy, apartment and house owners must not assign to guests tasks typically performed by professional cleaners. Specifically, this includes removing bed linens from beds, running the washing machine, washing and putting away dishes, and taking trash outside the property.
At the same time, hosts will be able to set reasonable household requirements. For example, hosts are allowed to ask guests to leave used dishes in the sink, stack towels in one place, sort trash into designated bins inside the property, or turn off the air conditioner before checkout.
One of the key changes will be increased transparency regarding rental terms. All house rules must be listed in the listing before a reservation is made. Once a reservation is confirmed, hosts will not be allowed to impose additional requirements via messages, verbal agreements, or informational signs in the apartment.
Airbnb also prohibits hosts from imposing fines on guests on their own and from charging extra for the use of amenities that are already included in the property description. All mandatory fees for listed services must be included in the booking price.
In addition, the new policy restricts the ability to require guests to sign separate rental agreements or provide personal documents. Exceptions are made for cases required by law, long-term rentals of one month or longer, Airbnb Luxe listings, and certain additional services.
The company announced that hosts will be able to use seven standard categories of stay policies. These will cover the maximum number of guests, noise restrictions, hosting events, pets, smoking, commercial photography and videography, and the requirement to lock the property when guests are away.
Airbnb has established a phased system of restrictions for violations of the new requirements. Initially, hosts will be asked to adjust their rental terms and may receive a warning. If violations persist, a corresponding notice may appear in the listing for potential guests, and the property itself may drop in the platform’s search rankings. In more serious cases, other sanctions may be imposed in accordance with the terms of service.
At the same time, Airbnb allows for individual exceptions based on local circumstances. For example, in regions with water shortages, hosts may ask guests to limit their water usage, and in areas inhabited by wildlife, guests may be asked to dispose of trash in specially designated containers.
Airbnb is an American international online platform for short-term housing rentals, founded in 2008. The service connects owners of apartments, houses, and other accommodations with tourists and travelers around the world.
AIRBNB, housing rentals, INVESTMENT, REAL ESTATE, short-term rentals, TOURISM
The international financial service “NovaPay” (TM NovaPay) is raising interest rates on corporate bonds to 18.75% per annum, effective November 2, depending on the investment term, according to a company press release issued on Monday.
“For those who have already purchased bonds, nothing changes: income will be calculated at the rate in effect at the time of purchase. For new investors, the updated rates are available—up to 18.75% per annum, depending on the investment term,” noted László Udut, NovaPay’s head of treasury, in the press release.
The company explained that the rate adjustment was made in light of changes in the financial market and the National Bank of Ukraine’s increase in the discount rate. Specifically, in July, the NBU raised the discount rate to 15.5%, in September to 16% per annum, and in October to 16.5%.
It is expected that rates on the financial service’s corporate bonds with terms ranging from 3 to 12 months will increase by 0.5–1 percentage points. At the same time, the largest increase of 1 percentage point applies to 6- and 9-month investments, while rates for 1- and 2-month terms will remain unchanged.
NovaPay added that, depending on the investment term, the updated rates will be as follows: 1 month—12% per annum, 2 months – 14% per annum, 3 months – 16% per annum, 4 months – 17.75% per annum, while 6 months, 9 months, and 12 months will yield 18.5% per annum.
According to the company’s data, as of October 2026, more than 8,500 customers had purchased corporate bonds, and total sales exceeded 5.1 billion UAH.
NovaPay was founded in 2001 as an international financial service provider, part of the Nova Group (“Nova Poshta”), and offers financial services both online and offline at “Nova Poshta” branches. In 2023, the company became the first non-bank financial institution in Ukraine to receive an expanded license from the NBU, which allowed it to open accounts and issue cards.
According to the National Bank of Ukraine, the company accounts for approximately 22.7% of the total volume of domestic money transfers.
As previously reported, NovaPay registered and began selling its 16th issue of Series “P” corporate bonds with a face value of 200 million UAH.
Political instability and widespread unrest in France are negatively affecting the sentiment of foreign real estate buyers. According to a survey by the international platform Green-Acres, conducted October 20–25, 2026, 70% of foreign respondents stated that the political situation is causing them to question the wisdom of buying a home in the country.
According to the survey results released on October 27, the proportion of potential buyers concerned about the political situation in France has increased significantly over the past year. In 2025, this figure stood at 27%; in July–August 2026, it rose to 54%; and following the mass unrest on October 17, it reached 70%.
The October survey covered 222 foreign Green-Acres users who were actively searching for real estate in France. At the same time, about 60% of participants in a separate survey, which included 204 people, reported that the events of October 17 had heightened their doubts about purchasing a home.
Benoît Gali, founder and CEO of Green-Acres, noted that France’s appeal to international buyers is largely based on the country’s reputation as a stable and comfortable place to live. In his view, political tensions and street unrest are damaging this image and could influence foreigners’ decisions regarding real estate investments.
A potential decline in foreign demand could have the greatest impact on regions of France that have traditionally been popular among international buyers.
According to data from French notaries, between July 2025 and June 2026, non-resident foreigners purchased 14,735 properties in France for a total of EUR5.8 billion.
The largest volume of investment was in the Alpes-Maritimes department, where foreign buyers spent EUR1.27 billion. In Paris, the volume of such transactions totaled EUR890 million; in the Var department, EUR540 million; and in Haute-Savoie, EUR433 million.
Thus, these four regions accounted for over EUR3.1 billion, or about 54% of the total value of real estate purchases by non-resident foreigners in France.
Amid political uncertainty, some potential buyers are considering alternative real estate markets in Southern Europe. According to another Green-Acres survey, 49% of the 659 respondents were looking for a home exclusively in France. Among alternative destinations, Italy attracted the most interest, with 20% of respondents considering it. Spain was mentioned by 13%, Portugal by 7%, and Greece by 5%.
At the same time, experts emphasize that the survey results reflect the sentiments of the platform’s users rather than an actual decline in the number of transactions. The growing proportion of buyers who are unsure about the wisdom of purchasing a home does not yet allow for an assessment of how many investment projects will be postponed or canceled.
Future trends in demand for French real estate will depend on the stabilization of the political situation, lending conditions, and the overall state of the European economy.
Green-Acres is an international real estate search and sales platform founded in France in 2004. The company specializes in residential and suburban real estate, including properties for vacation use, relocation, and the purchase of a second home abroad.
“Nova Poshta,” Ukraine’s leading express delivery service and part of the Nova Group, increased its net profit 1.7-fold in January–September compared to the same period in 2025, reaching 2.6286 billion UAH.
According to its interim condensed financial report, its revenue for the first nine months of this year rose by 32.5% compared to the same period last year—to 50.2626 billion UAH.
At the same time, following the escalation of Russian shelling in the third quarter of this year, Nova Poshta recorded a net loss of 80.27 million UAH, compared to a profit of 348.45 million UAH for the same period last year.
Revenue for July–September 2026 increased by 33.8% compared to the same period in 2025, reaching 17.7735 billion UAH.
The company’s gross profit for the first nine months of this year rose by 13.6% to 8.8006 billion UAH, while operating profit fell by 10.6% to 3.0981 billion UAH.
A 6.3% increase in gross profit was also recorded in the third quarter of this year—to 2 billion 756.9 million UAH—while operating profit decreased by 37.7%—to 711.37 million UAH.
According to the report, Nova Poshta’s equity as of September 30 of this year stood at 11.7648 billion UAH, compared to 13.3624 billion UAH at the beginning of the year.
The company also reported that from January through September of this year, it delivered 379 million shipments, including 25 million international ones, compared to 522 million for the entire previous year, of which 29 million were international.
The report specifies that over the first nine months of this year, 2,300 new branches were opened and 6,800 parcel lockers were installed. As of the end of September, the network comprised 17,300 branches and 39,700 parcel lockers, compared to 15,400 and 34,100 at the beginning of the year.
It is noted that “Nova Poshta” branches and parcel lockers operate in more than 10,000 settlements across Ukraine.
As for the NOVA Group’s capital investments in Ukraine, they totaled over 2.9 billion UAH from January through September of this year, with 1.2 billion UAH allocated to expanding and maintaining logistics capabilities, 680 million UAH to developing the network of branches and parcel lockers, and 531 million UAH toward upgrading the vehicle fleet and BDF containers.
The company noted that last year, the NOVA Group’s capital investments in Ukraine totaled more than 4 billion UAH.
“Despite constant shelling and attacks on logistics infrastructure, the company continues to work to maintain fast delivery speeds and ensure uninterrupted service for customers throughout Ukraine,” Nova Poshta emphasized in its report.
It added that in the first nine months of 2026, it also transported over 37,000 metric tons of humanitarian cargo, and during this period allocated nearly 1.3 billion hryvnias to social and charitable initiatives, of which 28.12 million UAH went toward supporting the military and funding the “Humanitarian Nova Poshta” program, and another 469.31 million UAH went toward payments to mobilized employees.
The average number of “Nova Poshta” employees from January through September 2026 was 29,300, whereas in 2025 this figure stood at 27,600; the number of employees as of the end of September this year was 35,200, compared to 32,000 last year.
As previously reported, in the first half of 2026, “Nova Poshta” increased its consolidated net profit by 24.3% compared to the same period in 2025—to 2.195 billion UAH—and its revenue by 31.8%, to 39.127 billion UAH.
Its gross profit rose by 19.9% compared to the same period last year—to 8.474 billion UAH—and operating profit increased by 29.5%, to 4.633 billion UAH.
According to the Serbian business media outlet Parametar, the European development company CTP has announced the start of construction on the large-scale CTPark Belgrade Borča complex in the Borča district of Belgrade.
Key project details:
Site area: 40 hectares.
Total planned area of industrial and warehouse facilities: 222,700 square meters.
Number of buildings: 15.
Distance to the center of Belgrade: approximately 10 km.
Upon completion of construction, the facility is set to become Serbia’s largest industrial and logistics park.
The first major tenant has already been secured. MD International, a subsidiary of the Hungarian logistics group Waberer’s, has signed a lease for 10,000 square meters of space, with the option to expand to 20,000 square meters.
The company is scheduled to begin operations at the new complex in the first quarter of 2027.
The park will cater not only to large international companies but also to small and medium-sized businesses. Facilities of various sizes are planned—ranging from a few hundred to tens of thousands of square meters.
The expansion of warehouse and industrial infrastructure strengthens Belgrade’s position as a transportation and logistics hub in the Balkans. The new facilities can be used for distribution, e-commerce, and manufacturing.
CTP already manages several industrial parks in Serbia, including facilities in Belgrade and Novi Sad.
