Italy has been, is, and will remain by Ukraine’s side in its struggle for freedom, sovereignty, and a European future, stated the Italian Ambassador to Ukraine during a reception marking the 80th anniversary of Italy’s independence.
The event took place in Kyiv at the Parkovy Exhibition and Convention Center and was attended by representatives of the Ukrainian government, the diplomatic corps, the Italian community, the business sector, and embassy partners.
At the beginning of his speech, the ambassador called on those present to observe a moment of silence in memory of those who lost their lives in a war they did not choose.
The diplomat recalled that 80 years ago, Italians were emerging from fascism, war, and occupation and had to answer a fundamental question: what kind of country they wanted to be after what they had endured.
“They understood in the most concrete way what is lost when freedom is taken away. And it was from this understanding, not from an abstract idea, that our Republic was born,” said the ambassador.
He emphasized that the Italian Constitution rejects war, and in 1946, women voted for the first time—not as a concession, but as a fundamental act in the creation of a new state.
“For Italians in 1946, freedom was not a gift—it was an achievement won at the cost of sacrifice,” the diplomat noted.
According to him, today’s Ukraine reminds Italy of its own historical experience.
“Like our grandfathers and fathers, you are going through a moment when freedom ceases to be just a word and becomes a choice. A daily, concrete, and costly choice. A choice that is reaffirmed day after day, under bombs, with a sense of dignity that those who are not here can hardly even imagine,” the ambassador said.
He emphasized that Ukraine is defending not only itself but also principles that are important for all of Europe.
“Ukraine is not only defending itself; it is fighting for what concerns us all: for the principle that brute force cannot be an argument. For the fact that sovereignty is not up for debate. For the fact that a people has the right to choose its own future,” the diplomat stated.
The ambassador emphasized that these very principles form the foundation of the Italian Republic, which is why Italy has supported Ukraine from the very first day of Russian aggression.
“Italy has stood by you from the very first day of Russian aggression—not out of generosity, but out of consistency and deep commitment to our values,” he said.
The diplomat assured that Italy will continue to support Ukraine on the political, economic, military, and humanitarian levels, and will also make efforts to ensure that Ukraine takes its rightful place in the European Union.
He thanked Ukrainian partners for their cooperation and friendship, the Italian community in Ukraine for representing Italy with dignity, Italian government officials in Ukraine for their work, and the sponsors who made the celebrations possible.
The ambassador also noted that in the evening, the Independence Monument on Independence Square in Kyiv is illuminated in the colors of the Italian tricolor.
“That column, reminiscent of the columns the ancient Romans erected in memory of great feats, is illuminated tonight in our colors. As a sign of great respect, but above all as a recognition of the deep commonality of our values,” he said.
The diplomat dedicated a separate part of his speech to Leon Ginzburg, who was born in Odesa and became one of the most prominent intellectuals of anti-fascist Italy.
“In one person, he was both Ukrainian and Italian. In one person, he embodied everything we are talking about tonight,” the ambassador noted.
He quoted Ginzburg’s words: “You have your wings. I don’t know exactly how big they are, but you have them. Try to take flight. You won’t fall. And even if you do fall, you will learn to fly as you fall.”
“Ukraine has already spread its wings. The world knows this. Italy is and will remain by its side as Ukraine flies toward the peaceful and prosperous future it deserves,” the ambassador said.
Italy recognized Ukraine’s independence on December 28, 1991, and diplomatic relations between the two countries were established on January 29, 1992. According to the Italian Embassy, the Italian Embassy in Kyiv was opened that same year, and since the early 2000s has been located on Yaroslaviv Val Street. The Embassy of Ukraine in the Italian Republic was established in Rome in 1993.
Kyiv hosted celebrations marking the 80th anniversary of the proclamation of the Italian Republic. On this occasion, the Independence Monument on Maidan was illuminated for the first time in history in honor of a foreign country—in the colors of the Italian tricolor, according to the Italian Embassy in Ukraine.
The events in Kyiv were hosted by Italian Ambassador to Ukraine Carlo Formosa. In his speech, he emphasized the connection between Italy’s historical experience after World War II and Ukraine’s current struggle for freedom and independence.
“Looking at today’s Ukraine and its resilience, memories come to mind of the sacrifices Italians made after the tragedy of fascism and the war to build a democratic state together. Just like our country eighty years ago, the courageous and unbreakable people of Ukraine are experiencing a moment when freedom ceases to be an abstract concept and becomes a daily, concrete, and precious choice,” the ambassador stated.
Formosa noted that Ukraine is defending not only itself but also principles vital to all of Europe: sovereignty, the right of a people to choose their own future, and the inadmissibility of using force as an argument in international relations.
“It is precisely thanks to its deep commitment to these values that Italy has stood unwaveringly by Ukraine’s side from the very first day of the Russian invasion. We continue to work together for a just and lasting peace,” the ambassador added.
The celebrations were attended by representatives of Ukraine’s state bodies, the Office of the President, the government, central and local authorities, as well as representatives of business, culture, science, the media, civil society, and the Italian community in Ukraine.
A separate part of the program was the exhibition “Renato Balestra. Codes of Haute Couture,” opened in Kyiv to mark the anniversary of the Italian Republic. The exhibition features eleven evening gowns from the fashion house, founded in Rome in 1959. The exhibition traces the over 60-year history of the Made in Italy brand, the legacy of its founder, and the fashion house’s contemporary development.
The Italian Embassy also provided photo and video materials showing the Independence Monument illuminated in the colors of the Italian flag. The materials are available for free use.
The Italian Republic was proclaimed following a referendum on June 2, 1946, as a result of which Italy abandoned the monarchy and became a republic. Republic Day is Italy’s main national holiday.
The M.M. Amosov National Institute of Cardiovascular Surgery of the National Academy of Medical Sciences of Ukraine (NAMSU), with the assistance of the Ukrainian Embassy in Italy, has received five ventilators.
As reported by the embassy on its Facebook page, the equipment will enhance the medical facility’s ability to provide care to patients and ensure the continuous work of doctors under the difficult conditions of wartime.
The project was implemented with the support of the Ukrainian association “Malva” in Verona.
The cost of housing in new developments in Italy has fallen for the first time in eight years, while the secondary market has continued to grow. This indicates a polarization of the Italian real estate market: buyer demand remains strong, but new properties are becoming more sensitive to construction costs, mortgage conditions, and regional differences.
According to Global Property Guide, citing statistics from the European Central Bank, prices for new housing in Italy fell by 1.16% year-over-year, or by 2.29% when adjusted for inflation. This marked the first annual decline in prices for new-build properties in eight years. At the same time, prices for existing homes rose by 5.15% year-over-year, or by 3.95% in real terms.
This gap indicates that the market is responding to different factors. The secondary housing market is supported by limited supply, demand in major cities, and buyer interest in completed properties. New-build properties, on the other hand, are more heavily influenced by construction costs, completion dates, mortgage rates, and buyers’ purchasing power.
According to idealista, in April 2026, the average price of existing housing in Italy rose by 0.8% month-over-month, reaching €1,906 per square meter. On an annual basis, growth was 5%, and 2.7% for the quarter. This confirms that the decline in the new-construction segment does not signify a general downturn in the entire Italian real estate market.
The situation also reflects a structural problem in the Italian market: the supply of new housing remains limited, while demand is concentrated in the strongest locations—Milan, Rome, tourist regions, and cities with a high quality of life.
For buyers, falling prices for new-build properties may open a window of opportunity, especially in regions where developers are willing to make concessions. However, in Italy’s most sought-after cities, housing affordability remains a challenge. The Guardian noted that in Milan, real estate prices have risen by 38% over five years, and the city is becoming a magnet for wealthy foreigners thanks to tax incentives and quality of life.
For foreign buyers, the Italian market remains attractive thanks to a combination of quality of life, tourism potential, tax regimes for new residents, and a wide selection of properties—from city apartments to homes in small towns.
However, the new-construction segment is becoming more heterogeneous: in some regions, prices may fall due to weak demand, while in others, they remain high due to a shortage of modern properties.
On May 21, Italian Ambassador to Ukraine Carlo Formosa and Artur Lorkowski, Director of the Energy Community Secretariat, signed an agreement on a new contribution from Italy in the amount of EUR 10 million for repair and reconstruction work in Ukraine’s energy sector.
This was announced by Ukraine’s First Deputy Prime Minister for Energy Denys Shmyhal following a meeting with Lorkovsky and partners on a Telegram channel on Thursday.
“Prior to this, Italy had already contributed EUR13 million to the Energy Support Fund. We are grateful to Italy,” he noted.
According to Shmyhal, the parties paid special attention to mechanisms for attracting additional contributions to Ukraine’s Energy Support Fund as a tool for strengthening energy resilience.
“We also discussed opportunities for international businesses to invest in Ukraine’s energy sector. “The launch of updated auctions for the construction of new power generation capacity in Ukraine is an important signal to the market; we can more broadly attract international investors to the development of new capacity,” he said.
Ukraine is also preparing to present these and other opportunities at the URC conference in Gdańsk in June.
“We agreed to jointly develop mechanisms for mitigating and insuring against military risks for such investments,” the First Deputy Prime Minister added.
As reported, as of the end of April, Ukraine’s foreign partners had announced additional contributions to the Energy Support Fund totaling approximately EUR 100 million.
In total, as of early April, the Energy Support Fund of Ukraine had received grant funds totaling nearly EUR 1.854 billion from 37 foreign sponsors from 26 partner countries and three international organizations.
Italy is preparing a new tax regime for citizens who have lived abroad for a long time and wish to return to their homeland after retirement.
The essence of the initiative is the introduction of a preferential 4% tax rate on worldwide income for returning Italian expat retirees. The new regime is intended to become a separate tool of Rome’s tax policy and the first one specifically targeted at recipients of Italian pensions.
Italy currently has several preferential regimes in place for new residents, including a scheme for wealthy foreigners and a 7% regime for foreign retirees who move to certain small municipalities in the south of the country. However, these mechanisms did not fully address the situation of Italians who have worked and lived abroad for decades and then wish to return to Italy to retire.
Under the current scheme for foreign retirees, the 7% rate applies to foreign income if the individual transfers their tax residency to Italy and moves to an eligible municipality. In 2026, Italy expanded this scheme: the population limit for participating municipalities was raised from 20,000 to 30,000 residents, opening up access to the benefit for new towns in the south of the country.
The new 4% scheme could become a more targeted measure for Italian citizens abroad. Authorities hope it will help bring back some retirees who have income and savings outside Italy but maintain personal, family, or cultural ties to their homeland. For the government, it is also a way to support small towns and regions facing an aging population and population outflow.
For the real estate market, such an initiative could boost demand for housing in small towns and southern regions of Italy. Returning retirees tend to look not toward Milan or Rome, but toward more affordable locations with a low cost of living, a good climate, medical infrastructure, and the opportunity for a peaceful life. This could support the secondary housing market, long-term rentals, and services for senior residents.
In recent years, Italy has actively used tax incentives as a tool to attract capital and new residents. At the same time, authorities are reviewing tax breaks for ultra-high-net-worth foreigners: there have been discussions about raising the flat tax on foreign income for new wealthy residents from EUR 200,000 to EUR 300,000 per year.
