In recent years, a curious rumor has circulated around the world: Is Italy actually paying foreigners to buy properties within its borders? This enticing prospect has piqued the interest of many, prompting us to shed some light on the matter and separate fact from fiction.
Incentives to move to Italy in 2023
Italy, like several other countries, has introduced initiatives to attract foreign investors and revitalize its real estate sector. However, these initiatives are not outright monetary payments to foreigners. Instead, they involve various incentives designed to make the process of purchasing property in Italy more appealing.
Furthermore, it is crucial to emphasize that initiatives like the “Case a 1 Euro” program and similar programs implemented by various municipalities, including Presicce, require having already the legal right to reside in Italy, which means holding a residence permit or being an Italian or European citizen. These programmes never entail the obtaining of a visa or residence permit or eliminate their need for non-EU nationals.
Houses at 1 euro
This initiative has gained international attention and has become a symbol of Italy’s commitment to preserving its cultural heritage. Under the “Case a 1 Euro” program, certain municipalities (in particular in the center and south of Italy) offer historic properties, often in need of renovation, to buyers for the nominal price of just 1 euro. This enticing offer aims to attract individuals, both Italian and foreign, to invest in these neglected properties and contribute to the revitalization of these communities. Additionally, it is important to note that while the “Case a 1 Euro” program offers properties at an incredibly low price, there are other expenses and taxes associated with the purchase and renovation of these homes. These costs, including legal fees, renovation expenses, and local taxes, should be carefully considered by potential buyers.
Regional Initiatives
Furthermore, various regions in Italy have introduced their own incentives to attract foreign property buyers. These initiatives include tax breaks, exemptions, or reductions, as well as simplified bureaucratic procedures, making it easier for foreigners to navigate the legal aspects of purchasing property in Italy.
Southern Italy cheap real estate
In Southern Italy, there are numerous cases of abandoned homes available for sale at incredibly low prices. Recognizing the potential to breathe new life into these areas, the Italian government, together with local municipalities, has established incentives to encourage their restoration and sale.
The case of Presicce Acquarica
Presicce, Italy, is a town that has caught the attention of those seeking abandoned homes for sale. Nestled in the Apulia region of southern Italy, Presicce boasts a fascinating history and a wealth of architectural treasures. However, like many other small towns in Italy, Presicce has experienced depopulation and urban migration, leading to the abandonment of some properties. Factors contributing to this abandonment include economic challenges, limited job opportunities, and a shift towards urban areas. To face the problem, the Italian Municipality of Presicce Acquarica has recently published an announcement titled: “This pretty Italian town is paying people $30,000 to move there” or likewise.
In order to understand how these announcements generally operate we can examine the example of the Municipality of Presicce Acquarica, where, for every citizen or family who decides to establish the main residence in the Municipality of Presicce Acquarica, the administration has planned to cover 60% of the value of the selected property up to a maximum of 30,000 euros divided as follows: 35% of the total reimbursement for the purchase, 35% for the renovation and 30% for those who choose to move to Presicce-Acquarica their residence.
The rules for being able to apply for this contribution are defined within an announcement, called “Welcome to Presicce Acquarica”, drawn up each year by the Municipality of Presicce Acquarica and published on the Municipality’s official page.
How to take advantage of Presicce incentives
Specifically, art. 4 of that announcement, clearly defines the prerequisites of the applicant, who must meet the following requirements:
- Have registered his/her residence for at least two years from the date of publication of the announcement in a Municipality different from Presicce Aquarica;
- Be a citizen of Italy or of a European Union state;
- Not be the holder of a real right on a residential property located within the territory of the Municipality.
Therefore, the benefit is not accessible to non-EU citizen even if he/she holds a residence permit in Italy or another European Union member state.
So…there are ways to really get paid to move to Italy?
Well, no. While the notion of being paid to move to Italy may seem alluring, it is important to clarify that there are no direct monetary incentives provided by the Italian government for relocating to the country. Moreover, neither visas nor residence permits are ever granted to non-EU nationals investing in real estate in Italy
However, there are alternatives for non – EU citizens interested in moving to Italy, such as special options for investors and even tax benefits for retirees. For comprehensive information and guidance don’t hesitate to contact us.
– Article written by Pietro Derossi and Maria Cherubini.
