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    Italy Facts and Figures

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    Facts About Italy

    Reviewed by Lief Simon

    Lief Simon is the managing editor of Global Property Advisor, Simon Letter, and Offshore Living Letter. He has purchased more than 45 properties, investing in 23 different countries around the world.

    Colorful street in Pienza, Tuscany. Italy facts
    Adobe Stock/g_cz
    Information TypeItaly Data
    Population60,461,8262 (June 2020 est.)
    Gross Domestic Product (GDP)US$2.014 trillion (2020 est.)
    GDP Per CapitaUS$33,431 (2020 est.)
    Inflation Rate1.1% (2020 est.)
    CurrencyEuro
    Exchange Rate Versus U.S. Dollar0.89 euros per U.S. dollar (June 2020)
    LanguageItalian (official), German (parts of Trentino-Alto Adige region), French (small French-speaking minority in Valle d’Aosta region), Slovene (minority in the Trieste-Gorizia area).
    CapitalRome
    Population of Capital City4,257,000 million (2020 est.)
    Time ZoneGMT + 1 (6 hours ahead of Washington D.C. during Standard Time).
    Daylight saving time: Additional hour (begins on the last Sunday in March and ends on the last Sunday in October).
    SeasonsMediterranean—with variations from the north to the south of the country. Alpine in the far north with cold winters and hot summers. In southern Italy and the islands winters are less harsh and summers are longer with a hot and dry climate.
    International Dialing Code39
    Electricity230V / 50Hz: Plug Type: C F L
    System of GovernmentRepublic
    Name and Party Affiliation of Current LeaderChief of state: President Sergio Mattarella Napolitano (since 2015).
    Head of government: Prime Minister Guiseppe Conte (since 2018).
    Income Tax Rate for ResidentsResidents are liable to tax on their worldwide income at progressive rates from 23% to 43%. There is also a regional tax of 1.2% to 2.03%, and a municipal tax of 0.1% to 0.8%.
    Property TaxSet annually and range from 0.4% to 0.76%.
    Capital Gains Tax20% to 25%
    Inheritance Tax4% to 8%
    Rental Income TaxTaxable rental income is generally computed as rental income less a lump-sum deduction of 30% for repair and maintenance expenses. Taxable rental income cannot be less than 70% of the gross income. The normal income tax rates are then applied to the computed taxable rental income.
    Transfer TaxStamp duty is levied on legal and banking transactions at varying rates.
    Sales Tax22%
    Restrictions on Foreign Ownership of PropertyItaly has no restriction on foreigners owning property.
    Local Chamber of CommercePiazza Medici,
    8 – 14100 Asti, Italy
    Tel: 391-4153 5211
    Email
    American Chamber of CommerceVia. Cesare Cantu 1,
    20123 Milan, Italy
    Tel: 392-3929 6752
    Primary ExportsEngineering products, textiles and clothing, production machinery, motor vehicles, transport equipment, chemicals, food, beverages, tobacco, minerals, and nonferrous metals.
    Residency and Visa RequirementsU.S. citizens may enter Italy without a visa and remain in the country as a tourist for a maximum of 90 days per trip. If you wish to stay longer than 90 days, you need to seek permission to remain in the country.
    Like many countries in Europe, Italy grants residency to foreigners who can prove they can take care of themselves (pay their own bills and not be a burden on the state).
    Special Benefits for Foreign Residents or RetireesResidency in Italy can lead to a second passport and dual citizenship in the country.
    National Airline

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