Italy: Financial Considerations
Salaries and Cost of Living
Italy is one of the least expensive countries in the European Union. Even though the
Euro has made great gains in recent years against the US dollar, average prices in
both Rome and Milan are still slightly lower than in New York, North America’s most
expensive city, according to investment bank UBS.
On a per-square meter basis, apartment rent is most expensive in central Rome and
least expensive in Milan. Apartment rent in Venice is more expensive than in Florence,
but both are less expensive than Rome.
In central Rome, a 30 square meter (323 square feet) apartment rents for 1,100 EUR
(1,737 USD) per month. In Milan, a 50 square meter (538 square feet) apartment rents
for 600 EUR (948 USD) per month.
Vacation and Leave
Workers receive a minimum of four weeks of paid holiday, although many receive up to
six weeks. There are also 10 public holidays, plus some half-day holidays and feast days
for local patron saints. Many Italians choose to take their annual leave during August.