Italian Officials Are Offering $32,000 For You To Start Over In Tuscany. Is This Too Good To Be True?

Italy has been trying various strategies to attract new residents to its rural areas, as thousands of small towns are at risk of disappearing within the next 25 years. 

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

Don't Miss:

• Elon Musk’s secret mansion in Austin revealed through court filings. Here’s how to invest in the city’s growth before prices go back up.
• Want to invest in homes? $100 is enough on this platform that lets you cash out whenever you want. 
• Can you guess how many Americans successfully retire with $1,000,000 saved? The percentage may shock you.

Business Insider reports that these efforts are part of a larger strategy to bring life back to Italy’s rural regions. Italy has one of the lowest birthrates in Europe. Couple that with migration to bigger cities and abroad, and you have the perfect storm, causing the population in these rural areas to age and decrease even more.

Natural disasters, like earthquakes, have also contributed to this decline by damaging homes and infrastructure, making some places uninhabitable. Ultimately, the combination of these factors has led to many small towns struggling to survive, with some 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 aims to encourage Italians, residents of the European Union, and even people from outside the EU to move to the beautiful Tuscan countryside. The officials set up a fund worth € 2.8 million (around $3 million) to help people move to rural areas and fix up homes there.

Trending: This Jeff Bezos-backed startup will allow you to become a landlord in just 10 minutes, and you only need $100.

Like similar programs, this one is also part of an effort to boost the population in these areas, which have been shrinking. People can get grants ranging from €10,000 to €30,000 ($10,750-$32,000) to move to Tuscany and renovate a house. Officials hope that moving into these mountain regions will revitalize their economies and prevent these areas from becoming isolated and deserted.

However, there’s a catch — you must have already lived in Italy continuously for at least 10 years. You also need to make this new house your primary home. The deadline for applications is July 27.

The grants will cover half the renovation costs for homes in one of 76 small Tuscan towns with fewer than 5,000 residents. Some of these towns include San Casciano dei Bagni, known for its thermal pools; Caprese Michelangelo, the birthplace of the famous artist Michelangelo; and the island of Capraia Isola.

Tuscany is famous for its stunning 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.

It’s also home to 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 Next:

• Sun Belt's booming real estate market prepares for millions of new inhabitants — Here’s how to find the region's best deals!
• How do billionaires pay less in income tax than you? Tax deferring is their number one strategy.