Italy
- Capital
Rome
- In total area
302.073 km²
- Population
58.940.000
- Density
196 inhabitants/km²
- Pro-capite GDP
$ 34.776,42
- Average net annual salary
$ 30.284,00
- Currency
Euro
20,1
Location
22,2
Freedom
19,7
Lifestyle
13,8
Taxation
17
Expat
20,5
Business
20,4
Family
19,3
Retirement
20,2
Future
Final Score: 173,2
GV Rank: 12th
| Location | Beauty | Safety | Pollution | Services | GV | Total |
|---|---|---|---|---|---|---|
|
|
4,8 |
3,5 |
3,5 |
4,3 |
4 |
20,1 |
| Freedom | Democracy | Economic | Speech | Justice | GV | Total |
|---|---|---|---|---|---|---|
|
|
4,7 |
4,2 |
4,6 |
4,7 |
4 |
22,2 |
| Lifestyle | Quality | Cost | Happiness | Education | GV | Total |
|---|---|---|---|---|---|---|
|
|
4,5 |
2,5 |
4,6 |
4,1 |
4 |
19,7 |
| Taxation | Rate | System | Black List | Agreement | GV | Total |
|---|---|---|---|---|---|---|
|
|
2,5 |
4 |
2,5 |
2 |
1 |
13,8 |
| Expat | Passport | Residence | Citizenship | Duties | GV | Total |
|---|---|---|---|---|---|---|
|
|
5 |
4 |
2,5 |
2,5 |
3 |
17 |
| Business | Economic | System | Service | Justice | GV | Total |
|---|---|---|---|---|---|---|
|
|
4,2 |
4,3 |
4,3 |
4,7 |
3 |
20,5 |
| Family | Education | Healthcare | Safety | Family | GV | Total |
|---|---|---|---|---|---|---|
|
|
4,1 |
3,8 |
3,5 |
5 |
4 |
20,4 |
| Retirement | Safety | Retirement | Healthcare | Quality | GV | Total |
|---|---|---|---|---|---|---|
|
|
3,5 |
3,5 |
3,8 |
4,5 |
4 |
19,3 |
| Future | Innovation | Peace | Enviroment | Economic | GV | Total |
|---|---|---|---|---|---|---|
|
|
4,8 |
4,4 |
4,3 |
4,2 |
2,5 |
20,2 |
Country overview
Italy is a Parliamentary Republic member of the European Union and located in Southern Europe. The official language is Italian and its currency is the euro. Eighth economic power in the world and third in the European Union, it is a country with a high standard of living: the human development index is very high, 0.895 and life expectancy is 82,9 years. The geography of the country is extremely varied, presenting sea, plain, hilly and mountainous landscapes. It is also one of the most densely populated European countries and with the highest number of urban centres. The culture and historical sites see it as the first country in the world. The climate is strongly influenced by the seas that surround it on almost all sides and which constitute a beneficial reservoir of heat and humidity. In fact, within the temperate zone, they determine a particular climate called temperate Mediterranean. Like all advanced economies, Italy is also strongly oriented towards the services sector, which in 2017 represented three quarters of added value (compared to just over 50% in 1970); however, the industry's share remains high when compared with other large European countries, equal to approximately 23% of GDP. The productive fabric of the economy is mainly made up of small and medium-sized enterprises: the larger ones are largely managed by the founding families and, in some cases, by foreign groups. The public company model, an enterprise with widespread capital managed by a management team, is not very widespread.
Location
Italy, due to its cultural and geographical variety, its history and the enormous number of tourist sites, is considered by many to be the most beautiful Country in the world. Even though it is not at the top in terms of pollution, which is especially high in the Po Valley and in the large cities, it has a fairly good system of public services (high for the world average, lower when compared to other European Countries) and a crime rate rather in the average of other homogeneous Countries.
Freedom
Italy is a fairly stable democracy, where there is a good level of freedom of speech and economic freedom. Justice is also full of guarantees. On the other hand, the bureaucracy is not at the same level as other more advanced European countries and often appears excessively heavy and poorly organised, which however has an impact on the actual perception of freedom and efficiency of the institutional structures. Corruption is also significantly higher than in other European countries.
Lifestyle
The quality of life in the Bel Paese is of an excellent level, even if it varies greatly from region to region. The northern part is more modern and developed, the southern part is more linked to the territory and tradition, in general you can find everything you need, even if the cost of living, especially in big cities, is certainly not negligible, while in the south the cost is low.
Taxation
Italy is certainly not famous for having advantageous taxation, nor for a clear and transparent tax system. Income taxation can reach almost half, while companies face a tax in line with neighboring countries; Interest, dividends and capital gains are taxed at 26%. There are favorable regimes for VAT numbers, which under 85.000 euros of turnover can reduce the tax to 15%. On the other hand, the inheritance tax is advantageous, which provides for an exemption of one million euros and, above this amount, a rate of 4% (6% for non-direct heirs), which makes Italy a true tax haven in Europe on the subject of succession. The flat tax for foreigners is also really interesting, which allows those who take up residence in Italy to pay a flat rate tax of €100.000 regardless of their income and assets, ideal for those who have large assets and want to enjoy their retirement. This makes Italy an attractive country for those looking for this type of regulation. Italy joins the CRS and regularly exchanges information with foreign countries.
Expat
The procedures for permanent residence in Italy are similar and in line with those of other European countries; citizenship can be obtained through descent, marriage or naturalization, after 10 years of residence in the country for non-EU citizens and 5 years for EU citizens. Considering the strong past migration of Italians and therefore the presence of many descendants in the world, there is a favorable regulation for obtaining citizenship by descent. The Italian passport is also one of the strongest in the world.
Business
Despite an excellent index of economic freedom and quality of services, Italy has a rather convoluted, complex and slow bureaucracy which does not help business activities. The tax burden and mistrust of the tax authorities also worsen the situation. In fact, it is no coincidence that Italian companies generally try to relocate abroad. Legal and fiscal uncertainty doesn't help.
Family
Italy is the ideal place for families. At the top of the "Kid Friendly Index" rankings, with an excellent healthcare system despite the burden of bureaucracy, a very efficient school system and a safety level that is overall average for European countries, the country may be the best choice where move your family. However, there is a worsening of the health and education system.
Retirement
The option of retiring in Italy may present some disadvantages, such as the low cost of living, but it also has numerous advantages especially for those with large assets: a good free healthcare system, the flat tax option for foreigners who move in Italy and the virtual absence of inheritance taxation can in fact provide the ideal strategy for individuals who intend to spend the last years of their life in one of the most beautiful countries in the world and ensure a succession to their heirs that is not eroded by taxation tax.
Future
Italy is trying to keep pace with innovation, sustainable challenges and future markets, not always successfully. A country traditionally reluctant to change and wary of new things, struggles to accept far-reaching reforms to face future challenges, too often finding itself behind foreign competitors.
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