Italian American Herald - January 2022

IN MEMORIAM
Broadcast pioneer
'Pat Delsi' passes away at age 86
PAGE 5
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JANUARY 2022
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Belcastro in Calabria, close to the Ionian Sea and the mountains of the Little Sila, is one of many ancient towns offering homes for 1 euro.
By Jeanne Outlaw-Cannavo
The sale of thousands of Italian homes
for the paltry sum of just 1 euro has sparked international interest in recent years. Italy has long been a top tourist destination, ranking in the top five visited countries worldwide and in the top three for those who live in Europe. Each year millions travel to Italy to experience its fascinating culture, its beautiful landscapes and artistic sites and delectable cuisine. Some visitors return numerous times because of their heritage and familial ties
and other because they fall in love with the country and its lifestyle.
Now Italy is giving many of these tourists an opportunity to become an integral part of the country’s charm with the opportunity
to become homeowners in various locations across the country. The trend began in 2008 as an initiative by the government, mostly in rural towns and villages, to give new life to areas, which were experiencing sharp declines in population.
The aging population and the large exodus of younger inhabitants in search of better jobs in larger cities or in other parts
of Europe, led to thousands of uninhabited houses which began to fall into ruin. The mayor of Salemi, a small town in Sicily, was the first to propose the initiative when he introduced the idea of selling homes that
had lain in ruin since a 1968 earthquake to anyone who would agree to renovate them for just 1 euro. Since then, hundreds of towns have set up these initiatives. Some towns
have lost so much of their population that they offered homes for free and even financial incentives for people to move there.
Of course, there are some regulations you must meet to purchase property. First you will need a passport just to look at properties and you will need to establish residency if you do not have Italian citizenship and plan to spend more than 183 days a year in your home. You also need to apply for a Codice Fiscal, which is comparable to a national insurance number and required to make any transactions and pay taxes. If you are buying a permanent residence, you do not have to worry about applying for a Codice Fiscale because the estate agent will get you one that does not also need a residency permit. However, if you are buying a holiday home
you will need the permit. Finally, you will need to open an account in an Italian bank.
Well, this almost sounds too good to
be true and in a way it is. The payment of
1 euro is a good faith offer but the caveat
is that whoever purchases one of these houses must submit plans for renovation
to the town council and complete the work within a specific period. Some towns, such as Sambuca in Sicily, specify a minimum
of 15,000 euros for renovations and others may require insurance deposits of up to 5,000 euros. Each municipality has different requirements so that could make a difference in where a buyer might purchase a house. The cost will also depend on the size of the
continued on page 5
How to buy an Italian home for 1 euro
Trend to revitalize rural sites presents unique opportunity
Vol. 9 / No. 1