For many North Americans considering a move overseas, cost of living is a motivating factor. The good news is, in numerous desirable expat havens, you can maintain or improve your standard of living while lowering your outgoings.
Believe it or not, in some cases, you can even get paid to move overseas.
In a bid to combat falling population numbers a number of countries in Europe have begun offering financial incentives to those willing to make a move there.
Here’s a look at some of the locations offering these relocation packages, the requirements for those interested, and the often huge caveats behind the alluring headlines…
Italy
The news about Italy’s one euro homes has been covered extensively. Indeed, it’s even the subject of a recent Netflix movie. But it’s not as simple as handing over pocket change in return for the keys to an Italian dream home.
The homes are typically uninhabitable and the one euro price tag is symbolic. You’ll have to factor in legal fees, property taxes, renovation costs, and often a guarantee fee to the local municipality (rules differ from town to town). You will also need to complete the renovations within a set timeframe.
Owning a home in Italy doesn’t grant you residency so if you want to live there full-time you’ll need to explore your visa options. Plus, these one euro properties are only available in certain areas of Italy, typically off the beaten track small villages where English isn’t widely spoken.
That said, these incentives have been running for years and have proved successful for many expats who are now happily at home in Italy. Renovation costs for some of the homes on offer can total as low as €25,000 meaning a mortgage-free life in an Italian village can be more than just a pipe dream.
Other areas in Italy are taking a different tack in a bid to combat falling population numbers.
In Calabria, in the sun-kissed south of the country, the Active Residency Income immigration program—Reddito di Residenza Attiva—offers up to €28,000 over a three-year period to those who relocate to towns in the region with fewer than 3,000 residents.
To qualify, applicants must be aged between 18 and 40 years of age, submit a plan to start a business or take on an existing business, and if approved, must move to the region within 90 days.
Greece
In an effort to boost falling population numbers, the Greek island of Antikythira, which lies between Crete and Kythira in the Aegean Sea, has established a program of incentives for families willing to move there.
Antikythira covers less than eight square miles and is home to just 24 full-time residents but it has more than its fair share of pristine beaches and warm sunshine.
The program is run by Greek Orthodox Church of Kythera and is limited to just five families—each of which must have at least four children. Preference will be given to applicants who possess a skill or a trade such as bakers or fishermen. Those that make the grade will be offered a house and a plot of land as well as a monthly stipend of €500 for the first three years of living there.
Spain
In the heart of the Picos de Europa mountain range, in northern Spain’s province of Asturias, the town of Ponga is offering grants of €2,971 for couples that make the move there and an additional payment in the same amount for each child.
To qualify, a minimum commitment of five-years of residency in Ponga is required.
The village of Rubia in northwestern Spain’s autonomous community of Galicia is also looking for families to settle there.
The requirements here include being a family with children, holding a valid residence permit for Spain, the ability to speak Spanish, and a commitment to buying or renting a property in Rubia.
In return, successful applicants will receive a monthly stipend, the amount of which will depend upon your circumstances.
Switzerland
When word got out that the picture-perfect village of Albinen in Switzerland was offering financial incentives to those willing to move there, applications flooded in from across the globe. Unfortunately, most articles failed to cover the requirements completely, leading to disappointment for many.
Like most of these incentive programs, there is an upper age limit—here it’s 45 years of age. Applicants must also commit to living in the village for a minimum of 10 years and buy or build a property there with a minimum value of CHF200,000 (around $223,000). But the real kicker here is that applicants must be Swiss or hold a valid Swiss C permit.
Indeed, for all of these programs and many more like them, residency is a factor which has to be considered in addition to the other program specific requirements. So, before you pack your bags be sure to check the fine print.
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