The decision will see wealthy individuals charged €200,000 (£172,500) a year on income earned abroad, up from €100,000 (£86,000), when they are living in Italy for tax purposes.

However, the charge will only affect new arrivals to Italy and there is no date as yet for the introduction of the new charge.

The current favourable tax regime has been in place since 2017, when the last Italian government introduced the measure to attract high earners to the country.