Italy is one of the most popular tourist destinations in the world. It is popular for its incredible food, gorgeous views, ideal weather, and hospitable population. Furthermore, it’s rich in history, art, and culture. The reasons to visit are endless, but imagine the wonder of waking up there daily. In 2022, the region of Tuscany began offering financial incentives to new residents willing to start over and move there. Since then, almost 120 rural towns have offered some variation of the incentive.
Italy faces a residential crisis in rural towns and villages, as younger generations leave to find more job opportunities in larger cities. As such, the population has dwindled and countless homes have been abandoned but region officials have come up with several solutions, including “Residency in the Mountains 2024,” to combat the crisis. The initiative offers 30,000 Euros, or about $32,500 to new residents.
A Couple of Potential Drawbacks
Although this seems like a sweet deal, there are a few other aspects to consider. The grants can go up to $32,000 but could be as low as 10,000 Euros, or almost $11,000. To qualify for a grant, a homebuyer must find a town with fewer than 5,000 residents, and the grant can’t be more than 50% of the cost of the home or renovations.
Eligibility Criterion
Another downside is that not every person is eligible to be considered for the grant. To qualify, residents must be Italian citizens. Or a citizen of another European country. Moreover, they’ll also need a residence permit of at least ten years, and they must be a city resident rather than a resident of a “mountain community.” For those who meet the requirements, the online application process can be done on the Tuscany Region website, but all applications must be submitted by 1 pm CET on July 27th, 2024.
Options in Italy
Italy’s Tuscan region contains almost 120 towns that began offering incentives to new residents. Among them are:
Mussomeli
Zungoli
Sambuca
Cinquefrondi
Pistoia
Cost of Living
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While extra money toward a renovation project is always appreciated, the towns involved in the incentives had a few other costs to consider, including a security deposit. In Zugoli, residents were asked to put forth an additional $2,248 for the security deposit. Meanwhile, new residents of Sambuca must “invest” €15,000, or a little more than $16,000. Additionally, they would pay a security deposit, which would be returned pending the completion of the renovation.
Italy’s Least Expensive Towns
Many Italian towns offering these incentives boast medieval dwellings that are undeniably charming, despite the need for restoration. Additionally, the region has countless homes for sale which are located in part of Aspromonte National Park in Italy. Incredibly, the average cost of a 1,200 sq ft home in Pistoia is roughly $163,000. Admittedly, the properties are rundown, and in desperate need of repair. Regardless, the FBR of St. Louis estimates the cost of a home of the same size in the U.S. is almost double the cost.
Looking for Fun
Although moving to Italy might be a dream come true for many, it’s not as easy as it sounds. However, visiting is always an option and should be done at least once if you’re debating moving the family to Italy to take advantage of this offer. That way, you’ll know something about the place, or at least see it before buying it. Here are some of the top things to do while you’re there.
Go wine tasting (After all, the region is famous worldwide for its grapes).
Visit the Leaning Tower of Pisa.
Take a cooking class (The region is also known for its incredible tomatoes and pasta).
Soak in the hot springs
Check out historically significant places like Florence, Siena, and Elba
Visit the beach
Rent a car and drive up the coast
Spend some time in the countryside exploring one of the many rural towns and villages with incentives for new residents in Italy.
Italy’s Impeccable Offerings
Tuscany is the “birthplace” of the Italian Renaissance. It’s renowned worldwide for boasting breathtaking views and some of the world’s finest wines and dishes. There’s a warm and welcoming charm in much of Italy as most Italians, including American Italian families, are some of the most generous, welcoming, and hospitable people you’ll ever encounter. Deeply rooted in love and passion, culture and creativity, and culinary genius, it’s not a wonder why Italy is such a hotspot. It’s currently struggling to stay afloat, a tragedy, especially considering the region’s age and all it has to offer. Fortunately, officials have a plan to help, and it presents an opportunity for people to pursue their dreams and start over in the beautiful Tuscan region of Italy.
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