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    Italy Facts And Figures

    Facts About Italy

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        Colorful street in Pienza, Tuscany. Italy facts
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        Facts About Italy

        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.

        Lief Simon, Director of Overseas Property Alert, Founde of Simon Letter, and Founder, of Global Property Advisor

        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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          Lief Simon, Director of Overseas Property Alert, Founde of Simon Letter, and Founder, of Global Property Advisor

          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.

          Start Your New Overseas Life Today

          A world full of fun, adventure, and profit awaits! Sign up for our free daily e-letter, Overseas Opportunity Letter, and we’ll send you a FREE report on the 10 Best Places To Retire In Style Overseas Today 2024






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            Italy Facts And Figures- FAQs

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

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

            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.

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

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