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Italy Facts & Figures

Facts About Italy

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Facts About Italy

Key Takeaways: Italy Facts And Figures in 2026

Residency is available to financially independent foreigners.
Official languages include Italian and regional dialects.
Major exports include engineering products and fashion.
Capital gains tax ranges from 20% to 25%.

Italy, found in Southern Europe, is a long and narrow country that stretches into the Mediterranean Sea. Its unique boot shape is bordered by France, Switzerland, Austria, and Slovenia in the northern part.

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.

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Information Type	Italy Data
Population	59,342,867 (2024 est.)
Gross Domestic Product (GDP)	US$2.3 trillion (2024 est.)
GDP Per Capita	US$33,977 (2024 est.)
Inflation Rate	1.26% (2024 est.)
Currency	Euro
Exchange Rate Versus U.S. Dollar	0.92 euros per U.S. dollar (Oct. 2024)
Language	Italian (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).
Capital	Rome
Population of Capital City	4,322,000 million (2024 est.)
Time Zone	GMT + 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).
Seasons	Mediterranean—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 Code	39
Electricity	230V / 50Hz: Plug Type: C F L
System of Government	Republic
Income Tax Rate for Residents	Residents 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 Tax	Set annually and range from 0.4% to 0.76%.
Capital Gains Tax	20% to 25%
Inheritance Tax	4% to 8%
Rental Income Tax	Taxable 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 Tax	Stamp duty is levied on legal and banking transactions at varying rates.
Sales Tax	22%
Restrictions on Foreign Ownership of Property	Italy has no restriction on foreigners owning property.
Local Chamber of Commerce	Piazza Medici, 8 – 14100 Asti, Italy Tel: 391-4153 5211 Email
American Chamber of Commerce	Via. Cesare Cantu 1, 20123 Milan, Italy Tel: 392-3929 6752
Primary Exports	Engineering products, textiles and clothing, production machinery, motor vehicles, transport equipment, chemicals, food, beverages, tobacco, minerals, and nonferrous metals.
Residency and Visa Requirements	U.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 Retirees	Residency in Italy can lead to a second passport and dual citizenship in the country.
National Airline

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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.

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Italy Facts & Figures- FAQs

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Where Is Portugal?

Portugal is on the Iberian Peninsula, in the southwest corner of Europe. Portugal shares that peninsula Spain, its larger neighbor.

What Is Portugal Known For?

Portugal is known for Fado music and also for being the largest cork producer in the world.

When Are The Best Months To Travel To Portugal?

Portugal’s high season is during July and August, especially to coastal areas. Expect to pay at least a 30% premium on accommodation and encounter warm weather across the country.

Is Portugal A Good Place For Retirement

Yes, Portugal is a sought after retirement destination. In fact, it’s one the world’s top retirement havens.