Falk Fischer, CEO of Bank Julius Baer Europe SA, told Paperjam that expanding into Italy aligns with the bank’s goal to be a leading wealth manager in the European Economic Area, highlighting the need for local credibility. Archive photo: Guy Wolff

Falk Fischer, CEO of Bank Julius Baer Europe SA, told Paperjam that expanding into Italy aligns with the bank’s goal to be a leading wealth manager in the European Economic Area, highlighting the need for local credibility. Archive photo: Guy Wolff

Luxembourg-based Bank Julius Baer Europe SA is making a strategic push into the Italian market with a new Milan branch, set to serve Italy’s high and ultra-high-net-worth clients.

Swiss private banking group Julius Baer has received the necessary regulatory approval to enter the Italian onshore market and is set to open a dedicated branch in Milan in the first half of 2025. The new office, part of Bank Julius Baer Europe SA in Luxembourg, will serve high-net-worth (HNW) and ultra-high-net-worth (UHNW) clients, as well as family offices, with a locally based team.

Julius Baer Europe, headquartered in Luxembourg, already operates branches in Dublin and Madrid, alongside an office in Barcelona, reinforcing its presence across key European financial hubs.

The Milan branch will be led by Roberto Coletta, who will report directly to , CEO of Bank Julius Baer Europe SA in Luxembourg. Fischer told Paperjam, “Increasing our network with a dedicated branch in Italy is in line with Julius Baer Europe’s vision to become the reference in wealth management in the EEA. Italy offers excellent growth opportunities, and while we may have a global name and are a global brand, to be a truly trusted partner, you need to have local credibility.”

Although the bank has not explicitly stated this, it is likely that the expansion is in response to Italy’s evolving residency framework, which has been attracting wealthy individuals through its Flat Tax Regime and Investor Visa Programme. In 2024, the Italian government doubled the flat tax on foreign income for new HNW residents, raising it from €100,000 to €200,000 annually. Despite this increase, the scheme remains competitive, offering tax certainty along with exemptions from wealth and inheritance taxes on foreign assets. Introduced in 2017, the programme applies a fixed annual tax rate to individuals who have not been tax residents in Italy for at least nine of the previous 10 years. Additional family members can be included for €25,000 each.

As Italy continues to enhance its appeal to wealthy individuals through tax and residency incentives, Julius Baer’s expansion into Milan positions the bank to capitalise on the growing demand for wealth management services among Italy’s UHNW and HNW population. Julius Baer Group, headquartered in Zurich, reported CHF497bn in assets under management as of the end of 2024 and operates across 25 countries.

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