According to CoinMeta, the Italian government is studying a departure tax scheme that proposes to impose a 26% unrealized capital gain tax on individuals whose financial assets exceed 800,000 euros (approximately $900,680) and who move their tax residency overseas. The bill is still under consideration by parliament and will affect Italian citizens and long-term residents, but it may not impact ultra-high-net-worth foreigners who have moved to Italy in recent years. Francesco Guelfi, a partner at the international law firm Siddeley Austin in Milan, stated that this policy could be seen as a form of wealth tax, giving the impression that Italy is becoming a “golden cage” for the wealthy.