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Italy Facts and Figures

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Facts About Italy

Information Type Italy Data

Population 

60,461,8262 (June 2020 est.)

Gross Domestic  Product (GDP)

US$2.014 trillion (2020 est.)

GDP Per Capita

US$33,431 (2020 est.)

Inflation Rate

1.1% (2020 est.)

Currency

Euro

Exchange Rate Versus U.S. Dollar 

0.89 euros per U.S. dollar (June 2020)

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

4,257,000 million (2020 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

Name and Party Affiliation of Current Leader

Chief of state: President Sergio Mattarella Napolitano (since 2015).
Head of government: Prime Minister Guiseppe Conte (since 2018).

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

http://www.at.camcom.gov.it/
Piazza Medici,
8 – 14100 Asti, Italy
Tel: 391-4153 5211
Email: segreteria@at.legalmail.camcom.it

American Chamber of Commerce

http://www.amcham.it/
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

www.alitalia.com

More Resources From Italy

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​Learn more about ​​ITALY​ ​​​and other countries in our free, daily Overseas Opportunity Letter​​​​​​​​​. Simply enter your email address below and we’ll send you our FREE REPORT – ​​Your Passport To Italy… Abruzzo, Italy: Slow Living In Europe’s Garden On The Adriatic.