Italians are being given the chance to relocate to a picturesque and peaceful region of the country – and they could be paid a huge sum to do so.
Renowned for its beautiful mountain ranges, the northern Italian region of Trentino has suffered with a declining population in recent years.
But now, under a 2024 national budget law in Italy, residents could be paid up €100,000 to relocate to the region where the Dolomites meet the Alps.
The grant is part of a project aimed at revitalizing over 30 Italian towns facing the threat of extinction, where abandoned homes outnumber inhabited ones.
To encourage the acquisition of deserted or dilapidated properties, Trentino has earmarked over €10 million for the initiative over the next two years.
Interested Italian citizens and individuals residing abroad who wish to invest in this endeavor may receive a grant totaling approximately €80,000 for refurbishment costs, in addition to an extra €20,000 to assist in purchasing the property.
Sounds too good to be true, right? Well, there is a catch.
Anyone who chooses to sign up for a grant must commit to living in Trentino for a decade or, failing that, agree to rent the property out for the same amount of time.
The northern Italian region of Trentino has suffered with a declining population in recent years despite its beauty
But now, under a 2024 national budget law in Italy, residents could be paid up 100,000 euros to relocate to the picturesque area
The new scheme is aimed at attracting new residents to towns and villages with declining populations
Those who receive a grant and fail to adhere to such rules could be forced to return their funding.
President of Trento, the capital of Trentino, said: ‘The goal is to revitalise local communities and promote territorial cohesion.’
Over the past couple years, a number of quaint Italian towns have been subject to a government-backed scheme which has seen properties sold for less than a pint of lager.
The ‘one euro’ scheme was launched in 2017 to help boost local economies and attract new residents to towns and villages with a declining population, with buyers required to renovate the properties within a specified timeframe.
Thereby, homeseekers were offered the opportunity to snap up charming properties in picturesque locations for just a euro.
From the rolling hills of Sicily to the rustic villages of Calabria, over 100 homes have found new owners through the initiative so far.
Trentino’s scheme could see 100 residents provided with the funds needed to move in and renovate a run-down property in villages such as Val di Non, Val di Sole, or Castello Tesino
Trentino’s scheme could too see 100 residents provided with the funds needed to move in and renovate a run-down property in villages such as Val di Non, Val di Sole, or Castello Tesino – which could otherwise become totally extinct.
‘These are territories that, while maintaining a strong cultural and landscape identity, have seen a progressive decrease in residents’, Nicola Teofilo, a real estate writer for Immobiliaire News reported.
‘Many of these villages are located in mountain or valley contexts, where daily life can be more complex due to the distance from the main services.’
People under 45 already living in the northern region are excluded from applying for the grant, with those involved in the scheme limited to the purchase of just three units.
Trentino officials hope to finalise the scheme in the coming weeks, with 33 towns expected to be included.
