Benvenuto! A picturesque hilltop village in Italy will pay you more than $50,000 to live and work there

October 26, 2020

The Italian village of Santo Stefano di Sessanio is hoping to attract new younger residents by offering them grants totaling as much as €44,000 ($52,022), CNBC reports.

The picturesque, hilltop village in the Abruzzo region, southeast Italy shared details of the project on the local council’s website this month.

Santo Stefano currently only boasts 115 residents—41 of whom are over the age of 65. Indeed, just 13 people living in the village are under 20 years old.

The local council says, therefore, that it is “essential” to do something to ensure “a sustainable and lasting development of the territory,” according to a translation of the announcement.

According to CNBC, the village is offering new residents a maximum grant of €8,000 (US$9,455) a year for three years, paid monthly—plus another one-off maximum payment of €20,000 (US$26,273), for new residents to start a business.

The council will provide residents in the scheme with a property, on which they will only pay “nominal” rent. It also specified that those applying for the scheme needed to between 18 and 40 years old.

They can be Italian residents from outside the area but need to be moving from a place with no fewer than 2,000 people. Applicants also can be EU citizens or non-EU citizens—with a long-term residence permit issued for an indefinite period.

Applicants have to transfer their residence to Santo Stefano for a minimum of five years and open a business in the village. However, the business must be in areas identified as a priority by the council — a tourist, sports, or culture guide; a cleaner; a generic maintenance technician; a drugstore manager, or a vendor of local food.

Applications to the initiative must be submitted by November 15.

Research contact: @CNBC

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