In this article, we will be discussing Italy’s set to make homes available at just EUR 1. Which is next to unbelievable, isn’t it? Well, there are reasons why we will be decoding this article. This concept of one-euro homes has made the headlines, especially in the remote areas and villages in Italy which are at risk of depopulation. Isn’t it fascinating? Head to the next section of the article, as we will be decoding more about it.
Italy’s EUR 1 Homes:
As we have mentioned, this concept of EUR 1 homes has significantly gained popularity because of the remote areas and the small villages which are potentially at risk of depopulation. This concept has been profitable not only for the property owners as well as the municipalities. This has happened to be profitable because it has brought to the forefront the undiscovered part of Italy, along with a significant rise in the number of restaurants, boutique hotels, and B&Bs. Also, it has boosted tourism tremendously. But the picture is not as glamorous as it seems.
In the next section of the article, we will be revealing the case of a small town named Salemi and how this initiative of EUR 1 homes affected it. So, keep reading the article and head to the next section.
Salemi and Italy’s EUR 1 Homes:
Since the EUR 1 home initiative was primarily meant to mitigate the problem of depopulation in small towns and remote areas, Salemi had to face the adversity of it. It was the first town to join this initiative. Salemi is a small medieval village which is situated in the province of Trapani, in the south-western part of the island of Sicily. Geographically it is captivating, and it is surrounded by the hill of the Valle del Belice, which is among the vineyards and the olive groves. One of the many features of this small village is that the shining stones here are a host to many properties. This includes the ones which cost just EUR 1.
The Public Relations Manager of Salemi has said that the earthquake which took place in 1968 has affected much of Salemi. The people there would happily trade their houses to gain financial support. The quantity of these properties had become extremely tough to handle, and hence, this initiative was created. Hence, Salemi is primarily aimed at gaining money to recover from the loss that the earthquake caused. Also, they are state-owned properties, and the sale is an auction that starts from EUR 1. The ones who emerge as winners in the auction will be getting a three-year restoration period and a deposit of EUR 3,000 (Rs2.6 lakh). A fun fact, folks, this business idea of Salemi also had been a part of a BBC Show- Italian Job.
So, will you buy a house under Italy’s EUR 1 Home initiative? If yes, then in the next section of the article, we will be sharing with you the process that will help you acquire your dream house in Italy under this initiative. So, head to the next section of the article now!
How Can You Buy Italy’s EUR 1 Homes?
In this section of the article, we will be listing down the process that you must follow if you are planning to buy Italy’s EUR 1 homes. So, let’s get started!
Folks, anybody can buy an Italy EUR 1 home, and this includes a foreigner from another country as well. Here are some of the standard equipment which are mandatory to be followed.
- Must be paying for the services of a notary who accompanies the transaction
- Must be paying the transfer of ownership
- Be over 18 years old
- Revotated the property within the time limit of 1-3 years
- Make a deposit as a guarantee of renovation works from EUR 1000 to EUR 5000
- Must submit a project for the renovation of the property, and this usually happens within 6-12 months after the purchase
These are some of the standard requirements which need to be fulfilled. Also, there are many municipalities that will require potential buyers to visit the village or the city and inspect the house that they have selected before opting to buy it. Huge homes will require a major number of renovation works. This kind of project attracts high-profile people willing to invest in the renovation works and contribute significantly to real estate. Whereas in some of the programs, the buyers will be required to spend some thousand euros while others will be required to spend seven thousand euros. The amount the buyers are willing to spend depends mainly on the renovation work required by a particular project.
Will You Be Able to Buy A House in Salemi?
Well, folks, in the previous section of this article, we have briefly mentioned the requirements that need to be fulfilled if one wants to buy a house in Italy for EUR 1. But if you are planning to buy a house in Salemi under this initiative, then you easily can. To buy a house here, you will not be required to have Italian citizenship. However, the owner will be required to complete the renovation in three years and pay taxes and ancillary costs based on the property’s characteristics. This is as per the Italian law, which ranges from EUR 2,000-10,000 (Rs1.75 lakh-8.75 lakh), depending on the case.
However, folks, it would be best if you made a note that there are no new houses that are available, and fresh bids will be available in the future.
Will Foreigners be Getting A Resident Permit if They Purchase House in Italy?
Well, folks, I am sure you will have this question in your minutes. So, to get the answer to it. All you have to do is read this article section completely. It is important to note that the Italian government will not be issuing residence permits to real estate buyers who are from abroad. However, the owners who buy one-euro homes will get their residence via other means.
The first residence permit card will be valid for two years and can be extended for another three years. To get a residence permit in Italy, the investors will have to spend a minimum of 183 days and will not be required to live in Italy to get their residence permit. Hence, it is important to note that these residence permit statuses hold importance in Italy only for two years for the first permit. The investors will be eligible to apply for a permanent residence permit once they have spent five years.
It is important to note that the residence permit for financially independent folks will be issued at the chosen place of residence. The residence permit status will be gained by the foreigner who has a passive income and from abroad. Here are some of the requirements the applicants need to fulfill who are looking for a residence permit:
- Register at the chosen place of residence
- Pay taxes in Italy,
- Live in the country for at least 183 days a year,
- Buy or rent residential real estate
Folks, these are some fo the requirements which must be fulfilled by the applicants wishing to apply for a residence permit in Italy.
Other Means to Get a Residence Permit:
Folks, there are also other ways by which you can acquire residence permits in Italy. This includes work, treatment, family reunification, and study. Italy issues residence permits to foreigners willing to stay in Italy for the above purposes. Also, folks, each of the people who are with these purposes has the right to buy real estate in Italy. Also, folks, if you are willing to get a residence permit in Italy, you can join the investment residence program. These are some ways you can acquire a residence permit in Italy if you buy Italy’s EUR 1 homes.
Conclusion:
Italy’s EUR 1 homes have significantly boosted tourism. It has also provided a very profitable opportunity for both the municipalities and the property owners. This initiative will significantly help the country deal with the places facing the problem of depopulation. Also significantly boosting the country’s economy. So, if you plan to buy a house in Italy for EUR 1, you know what you have to do! That’s all, folks. I hope the article will help you in gaining all the required information.
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