Italian officials offer $32,000 to start over in Tuscany. Too good to be true?


Italian officials offer $32,000 to start over in Tuscany. Too good to be true?

Italian officials offer $32,000 to start over in Tuscany. Too good to be true?

Italy is trying to attract new residents to its countryside in all sorts of ways, as thousands of small towns risk disappearing within 25 years.

In the mountainous Italian region of Molise, new residents were offered €700 ($770) a month for up to three years (a maximum of $27,000) to move to abandoned towns and open businesses. In Sicily, homes were sold for as little as €1, with buyers required to renovate them, which attracted many people despite the relatively high renovation costs and some unusual requirements.

Do not miss it:

Business Insider reports that these efforts are part of a larger strategy to bring life back to Italy’s rural areas. Italy has one of the lowest birth rates in Europe. Combine that with migration to larger cities and abroad, and you have the perfect storm, causing the population in these rural areas to age and shrink even further.

Natural disasters, such as earthquakes, have also contributed to this decline. damage to houses and infrastructuremaking some places uninhabitable. Ultimately, the combination of these factors has left many small towns struggling to survive, with some even at risk of disappearing altogether.

The latest program to attract people to the countryside is called “Residenzialità in Montagna 2024,” or Residency in the Mountains. It’s designed to encourage Italians, European Union citizens and even those from outside the EU to move to the beautiful Tuscan countryside. Officials have set up a €2.8 million (about $3 million) fund to help people move to rural areas and renovate their homes.

Trending: This Jeff Bezos-backed startup lets you Become a landlord in just 10 minutes and you only need $100.

Like other similar programs, this is part of an effort to help grow the populations of these shrinking areas. People can get grants of €10,000 to €30,000 ($10,750-$32,000) to move to Tuscany and renovate a home. Officials hope that moving to these mountainous regions will revitalize their economies and prevent them from becoming isolated and abandoned.

There is a catch, however: you must have lived in Italy continuously for at least 10 years. You must also make this new home your primary home. The deadline for applications is July 27.

The grants cover half the cost of renovating homes in one of 76 small Tuscan towns with fewer than 5,000 inhabitants. These towns include San Casciano dei Bagni, known for its thermal baths; Caprese Michelangelo, the birthplace of the famous artist Michelangelo; and the island of Capraia Isola.

Tuscany is known for its beautiful landscapes, historic cities and rich cultural heritage, as well as its rolling hills, vineyards, olive groves and picturesque villages. The region is also a major producer of wine, particularly Chianti.

You’ll also find the cities of Florence, known for its Renaissance art and architecture, Pisa, with its iconic Leaning Tower, and Siena, famous for its medieval cityscape and the Palio horse race.

Read more:

“SECRET WEAPON OF ACTIVE INVESTORS” Boost your stock market game with the #1 “news & everything else” trading tool: Benzinga Pro – Click here to start your 14-day trial now!

Want to receive Benzinga’s latest stock analysis?

This article Italian officials offer $32,000 to start over in Tuscany. Too good to be true? originally appeared on

© 2024 Benzinga does not provide investment advice. All rights reserved.

Leave a Comment

Your email address will not be published. Required fields are marked *

Scroll to Top