Last year I explored Sicily for real estate opportunities together with Keith from Istanbul and we both liked what we saw in some select cities.
Later in the year Nicolo, my tax and immigration expert in Italy, called me and said he wanted to show me proper village life in Sicily.
I happened to be in Europe at the time and jumped on a cheap direct flight to Palermo and spent a few days in a small town an hour away from there.
Southern Italy now has the best value proposition in Europe from a cost of living and lifestyle point of view. Real estate is incredibly cheap, to the point that the real cost is the cost of the renovations rather than the cost of the house itself.
The cost of living is extremely low. It is now much more affordable than Eastern Europe and even the Balkans, but without the economic dynamism. Yet the quality of food and produce is vastly superior. I even paid €1 for a beer one evening in a bar in Palermo during happy hour (happy hour lasted until 11pm).
In this video we spent time in a small village called Campofelice di Fitalia. We discuss village life, declining demographics, tax incentives in Italy, how to move to Italy. We also view a few cheap houses, discuss with the mayor, and one of the village elders explains to us his secret for reaching the beautiful age of 97.
Nicolo’s partners are trying to revitalize the village and have created a cute website (Paradise Village Italy) with some turnkey services.
What are some of the downsides?
Obviously real estate in such small villages is extremely illiquid, so be aware of this. Don’t invest money you might suddenly need.
Also, even though it is extremely easy for Europeans to move to Italy and benefit from tax incentives, for non Europeans moving to Italy is doable but quite bureaucratic. Some pathways such as the €500,000 golden visa or the passive income residency work well, but at times the subsidiary creation option is met with blank stares in some Italian embassies and consulates.
Here’s how to move to Italy and some of the relevant tax incentives.
To a World of Opportunities,
The Wandering Investor.
Services in Italy
Articles on Italy
- Why invest in Siracusa (Syracuse) real estate in Sicily? Good ROI
- Village life in Sicily – the case for real estate, taxes and lifestyle
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Transcript of “Village life in Sicily – the case for real estate, taxes and lifestyle”
LADISLAS MAURICE: Hello, everyone. Ladislas Maurice from thewanderinginvestor.com. Today, I’m in beautiful Sicily together with Nicolo, my Italian CPA and immigration agent. Nicolo, how are you?
NICOLO: Very good. It’s always good to be back in Sicily.
LADISLAS MAURICE: You called me a few weeks ago telling me, “You should come to Sicily, Ladislas.” Why? What was the purpose?
NICOLO: Well, there are a lot of villages that are selling homes for cheap, and to be honest, it’s a great lifestyle. It’s perfect.
LADISLAS MAURICE: What we’re going to do is we’re going to go to a beautiful little village about 10 minutes away from here. So here, the town is called?
NICOLO: Here we are in Mezzojuso. We are driving to Campofelice di Fitalia. So ready to roll?
LADISLAS MAURICE: Perfect. That’s about a bit over an hour away from Palermo, Italy’s fifth biggest city, with a big international airport, with flights all over Europe, Turkey, direct to New York, etc. We’ll see some really, really affordable properties. I mean, I’m not saying this is a good investment, etc., this is really a lifestyle play, but you’ll see the value proposition. It’s quite interesting. All right.
NICOLO: Let’s go.
LADISLAS MAURICE: Let’s go.
NICOLO: Coffee first.
LADISLAS MAURICE: All right, coffee first.
GIANFRANCO: Hi.
LADISLAS MAURICE: Hi, how are you?
GIANFRANCO: Nice to meet you.
Discussing the dynamics of Sicilian village life with the mayor
NICOLO: Ladislas, this is Gianfranco, pharmacist here in Campofelice di Fitalia, and is in charge with the project to rejuvenate the town. And lucky enough, the mayor is up here, too, so we may as well–
LADISLAS MAURICE: Might as well go see the mayor.
NICOLO: Yeah.
GIANFRANCO: Yes.
LADISLAS MAURICE: Hello, how are you? Very nice to meet you. So how many people live in the village right now?
MAYOR: Actually, about 300.
LADISLAS MAURICE: Okay. And before, like, 30, 40 years ago, how many people lived here?
MAYOR: We used to peak at 1,800 to 1,900 people.
LADISLAS MAURICE: Everyone’s leaving? Okay, are there people that commute from here to Palermo or is it a bit too far, an hour and fifteen minutes?
MAYOR: Unfortunately, over the years, those who have taken jobs in Palermo have chosen to live in Palermo.
LADISLAS MAURICE: Okay. I think this is what’s interesting about a place like this, is if you want a real, real Sicilian experience with no tourists, just, like, purely locals, and with a very local cost of living, I mean, you have to go for villages like this, and still, you’re about an hour 15 minutes away from Palermo and from Palermo International Airport, with direct flights all over Europe and even directly to New York. It’s an interesting value proposition from that point of view. And there’s a school, right?
GIANFRANCO: Yes.
LADISLAS MAURICE: How many kids are at the school?
MAYOR: Twenty-seven.
LADISLAS MAURICE: And is that sustainable, are there plans–
NICOLO: It’s nursery and elementary.
LADISLAS MAURICE: Nursery and elementary, so high school they have to go somewhere else?
GIANFRANCO: Yes.
LADISLAS MAURICE: Okay, cool. So the priority is attracting children, I guess, families?
MAYOR: We want to have more of them, because it’s a beautiful country. There are wonderful people here. Everything is close by, great air, natural food, no crime. We don’t even close our doors. We are all here together like a small family.
LADISLAS MAURICE: Cool. Look, in many ways, this is something that Northern Europeans don’t think about, but they can easily move to a place like Sicily, to small villages like this. If they want more traditional education, they can get access to this. The education here in schools is a lot more traditional than in northern European countries. The taxes, if you structure things properly, which Nicolo can help with, essentially, Italy can be a tax haven for a lot of people, if you structure things properly without all the negative connotations of being a tax haven. You can live here, it’s relaxed, decent education, the internet is really fast. There’s broadband, right, to the village?
GIANFRANCO: Yes.
LADISLAS MAURICE: I was uploading stuff earlier today, and it was really quick. There’s a lot going for it, in many ways, it just doesn’t quite look like it. But if you want a particular that sort of lifestyle, it’s actually really interesting. And you can really cut down your expenses massively as well as your tax bill with Nicolo’s help.
MAYOR: You’re rich with €1,000.
NICOLO: So €1,000 per month is good.
GIANFRANCO: Yes.
NICOLO: Way more than enough on a family budget.
LADISLAS MAURICE: It’s actually quite incredible. Last night, Nicolo and I went for dinner in a little town nearby, 10-minute drive away from here, nice little restaurant bar. There were quite a few people around. Margherita pizzas were €5 each, right? We’re not talking of Argentine pizza that thinks it’s Italian, or random Balkan pizza that thinks it’s Italian. We’re talking of actual Italian pizza at €5 a pop and then beers were €2 each. It’s reached a point where the cost of living is actually much lower in Southern Europe, in places like this, than it is in Central Europe, in Eastern Europe, and in most parts of Latin America as well. So there’s a lot of value to be found here. I’m really interested to check out the real estate. Let’s go see the first house.
GIANFRANCO: Okay.
LADISLAS MAURICE: All right, fantastic. Thank you very much for your time. Really appreciate it.
Viewing a €5,000 house in Sicily & remodeling costs in Italy
GIANFRANCO: Okay, the price of this house is €5,000, and it’s 100 square meters.
LADISLAS MAURICE: Okay, cool. What percentage of the village is for sale?
GIANFRANCO: [laughs] I think almost 100%.
LADISLAS MAURICE: So most–
GIANFRANCO: 80%.
LADISLAS MAURICE: 80% of the homes are for sale?
GIANFRANCO: 80% is for sale, yes.
LADISLAS MAURICE: Okay. Look, if I were to enter a market like this, obviously, I would negotiate quite hard. And then also, if you buy here, the exit is, obviously, quite complicated. Okay, so this is, obviously, a complete gut job. Nice, there’s a motorcycle that comes with it.
GIANFRANCO: [laughs]
LADISLAS MAURICE: Cool. Okay. A house like this, how long has it been empty? How many years?
GIANFRANCO: I think 20 years.
LADISLAS MAURICE: Twenty years?
GIANFRANCO: Yes.
LADISLAS MAURICE: Okay.
GIANFRANCO: It’s empty, yes.
LADISLAS MAURICE: Okay. Cool. Nicolo, you’ve helped people with their projects, and you’re an accountant, so you constantly see the invoices. How much would it cost, roughly, for just renovating this completely, not luxury, but just standard, normal?
NICOLO: Standard renovation, well, it’s €700 per square meter. Now, just the renovation costs vary depending on the region, because you have to use local workforce. And that’s also advisable because they know who built it in the past. They know the best materials, and you end up saving money using local workforce. In this area, probably €700 is the fair price.
LADISLAS MAURICE: €700 a square meter, okay. If it’s 100 square meters, which we’re not entirely sure, it might be less, when I go through it, I should actually measure this. When I go around, I always take one of these little things to measure around. But yeah, so looking at €70,000 to renovate it, €5,000 to buy it. So maximum, you’re looking at €75,000 all in, and you have probably a two-bedroom, two-bathroom apartment. There’s a little balcony right in the center. All right. Look, is there any rental market, long-term market? No Airbnb. There is some sort of Airbnb market.
NICOLO: There are a few.
LADISLAS MAURICE: Yeah, there’s a few Airbnbs, not in this town. Is there an Airbnb in this town?
GIANFRANCO: Not actually.
LADISLAS MAURICE: Look, I mean, it might work. I don’t know what the demand is, but we’re seeing in the little other towns, there are a few Airbnb. We’re staying in a, what, in a two-bedroom?
NICOLO: Yeah, two bedrooms.
LADISLAS MAURICE: For €70.
NICOLO: €70 a night.
LADISLAS MAURICE: €70 a night. And we’re in the end of September, so I’m pretty sure that peak season, it would be more expensive. Cool. Okay, great. Let’s go check out the next house.
GIANFRANCO: Okay.
LADISLAS MAURICE: All right.
Viewing a renovated house for €70,000
GIANFRANCO: Okay, the key for the next house is in the butchery.
LADISLAS MAURICE: Okay.
GIANFRANCO: Okay, guys, this house cost is €70,000, but inside, it’s very beautiful. I’m going to show you the interior.
LADISLAS MAURICE: Cool. All right, let’s check it out.
NICOLO: Let’s look.
LADISLAS MAURICE: All right, nice.
GIANFRANCO: You like it?
LADISLAS MAURICE: Cool. A real pizza oven. Original.
GIANFRANCO: Yes.
NICOLO: Pizza bread, and inside.
LADISLAS MAURICE: Cool.
NICOLO: Because normally, they have it outside homes. Here, it’s in the kitchen.
LADISLAS MAURICE: Cool. And the owners were saying that it comes furnished, right, the house?
GIANFRANCO: Yes, yes, everything you see is included.
LADISLAS MAURICE: Okay, so €70,000 all included?
GIANFRANCO: All included.
LADISLAS MAURICE: Cool. Look, there’s very little liquidity in this market. If I were to come here, I would, obviously, negotiate quite hard. But, yeah, cool, interesting. All right, so, one bathroom downstairs. All right, main living area. All right, nice radio. Does it work?
WOMAN: Yes.
GIANFRANCO: Yes.
LADISLAS MAURICE: Yes. Cool. All right, nice. Cool, so all the furniture’s included. All right, let’s go check out the bedroom. All right, cool. I mean, this place definitely has grandparents vibes. But, yeah, this is what you can get for €70,000, an hour and 15 minutes away from an international airport. And there’s a garden as well, right?
GIANFRANCO: Yeah.
LADISLAS MAURICE: Cool. The land stretches where?
GIANFRANCO: It’s from here to the top.
LADISLAS MAURICE: To the top of the hill?
GIANFRANCO: The hill, yes.
LADISLAS MAURICE: Okay. How many square meters?
GIANFRANCO: 1,300 square meters.
LADISLAS MAURICE: Okay, cool. All right. Look, this is an interesting case of a house that’s pretty much ready to move in. I mean, sure, it’s not the latest type of renovation. This is not Scandinavia. But we’re in Sicily, and this is normal for inside people’s homes, this counts as renovated.
Meeting the village elder in the Sicilian village
LADISLAS MAURICE: Hello, sir. Buongiorno.
GIOVANNI: Buongiorno.
LADISLAS MAURICE: The gentleman is one of the village elders. He’s almost 97 years old. Can you ask him what’s his secret?
GIANFRANCO: [laughs]
NICOLO: Translating is quite difficult but let’s try. Diet based on bread, onion, garlic, and boiled potatoes. Meat on Sunday.
LADISLAS MAURICE: Only once a week, meat?
GIANFRANCO: Yes.
NICOLO: Once a week.
LADISLAS MAURICE: Is it an affordability thing or is it just it’s traditional to keep–
NICOLO: Lifestyle.
GIANFRANCO: Old style.
NICOLO: Old style.
GIANFRANCO: Because today, we eat meat every day.
NICOLO: Yeah, hard work on the land with cows and mules, and worked his whole life in the fields. And some tobacco for one week, one, how do you say, the–
LADISLAS MAURICE: One week on, one week off?
NICOLO: No, no, no, for the whole week, like, a pack of tobacco. Not cigarettes but rolled up. And just be honest to everyone, and help those in need, because we’re on the same boat. It’s quite hard to translate from Sicilian to Italian back to English.
GIANFRANCO: [laughs] For you.
NICOLO: That’s the best, but yeah.
Viewing a €15,000 house in Sicily
GIANFRANCO: Okay. This house is for sale at €15,000, and is 80 square meters.
LADISLAS MAURICE: Okay, cool. Look, the floors are fine, the walls are fine, the ceiling is fine. It mostly has a furniture and kitchen problem. The bathroom is what it is. It’s usable, generally usable. All right, just it needs a kitchen. Upstairs, we went upstairs right before shooting this. Let’s go, you’ll see. What about the property tax for such a place?
NICOLO: For this type of property, it’s around €300 a year on property tax.
LADISLAS MAURICE: All right, so carry costs are pretty low. Look, I’m going to share a few more thoughts on the market here, but if you’re interested in viewings, finding out more about some of these houses, there’s a bunch for sale. There’s a link below, and you can get in touch with the team here, and then they can help you out.
Why buy Sicily village real estate?
LADISLAS MAURICE: But overall, when I see this, look, it’s not an investment. You’re not going to come here and buy something and renovate it and then flip it for a profit or make very high rental yields on the long-term market. Airbnb, I have no clue. There’s no Airbnb in this village. Hit or miss. Likelier miss than hit. This is really completely a lifestyle play.
We were discussing with Nicolo yesterday, and essentially, it doesn’t take that much longer to fly from New York to Palermo and then drive an hour fifteen minutes away here, than flying from New York to Los Angeles and then getting stuck in traffic. For Americans particularly, getting a nice, cheap house in Sicily is very interesting from a lifestyle point of view. If you’re sitting in New York and you’re stressed and there’s too much going on, and this and that, I mean, just come here, stress just disappears. [laughs] I haven’t seen an ounce of stress in my three days here.
And it is so typical, I haven’t seen any single non-European in my last two, three days here. I haven’t even seen a non-Italian in the past two, three days, except when I saw a mirror and myself in the mirror. If you want, like, a real, real European experience, this is it. And the food is delicious, the people are friendly.
What are the different tax incentives to move to Italy?
LADISLAS MAURICE: There’s a lot going for it. And there’s also a bunch of tax incentives for people who decide to move to places like Sicily. I mean, Nicolo, ultimately, this is your specialty. You help people move to Italy and take advantage of various tax breaks, and tax advantages, tax schemes. Can you elaborate on some of the tax advantages for people who would decide to make Italy, or specifically Southern Italy, their tax base?
7% worldwide tax for retirees in Italy
NICOLO: Yeah, sure. There are various incentives. The first and probably the most known is the 7% flat tax for pensioners. If you receive a pension from overseas, move to Italy, move to Campofelice is a qualifying town, you pay 7% tax. There is a standard 5% tax for freelancers, up to €85k of revenues, or you can claim the new resident scheme, where just 50% of your employment or self-employment income is taxable at standard rates. Those are among the most important options.
LADISLAS MAURICE: I think the first one for pensioners is really important, because it’s 7% on worldwide income, and it’s capital gains as well.
NICOLO: Capital gains included. You do not report your foreign-held assets. Crypto gains taking included.
LADISLAS MAURICE: Look. Okay, so not even talking about Americans, just Europeans, if you’re retired somewhere in Northern Europe, what are you doing? I mean, why are you not somewhere in Sicily? If this village is too small for you, there’s literally hundreds of little towns around and big cities, and you can live so cheap, so nice, cut down on your tax bill. It just makes so much sense to move here for over half the year. Italy really is a no-brainer for European retirees that have the right to live in Italy. Americans, it’s a little bit more complicated.
How can people move to Italy / how can Americans move to Italy?
LADISLAS MAURICE: If I’m American and I want to get the right to live in Italy, how would I go about it?
NICOLO: Well, first, I advise to check if you can claim any EU passport. And Italy is quite easy. And by the way, if you have Italian ancestry, you may move to Italy and claim it from here. That takes 60, 90 days, versus a few years in the US. But if you do not have EU passport, there are various paths.
LADISLAS MAURICE: More information on this below. But yeah, let’s continue.
NICOLO: There are various paths, like, elective residence, if you live off passive income. The recent digital nomads visa, which works for freelancer and remote workers. You can work from Italy for your US company.
LADISLAS MAURICE: Elective visa, how much do I have to earn to be able to qualify for that one?
NICOLO: €32,000 the main applicant. Two applicants, husband and wife, or spouse, €38,000, and an extra 5% for any dependents.
LADISLAS MAURICE: And that’s passive income?
NICOLO: Correct. Pension, royalties, capital gains, dividends, interests, basically, everything excluding employment and self-employment income.
Digital nomad visa in Italy
LADISLAS MAURICE: And the digital nomad visa?
NICOLO: You need to either be freelancer or working for a company not based in Italy. And you need to have a minimum employment or self-employment income of €35,000, and then you can qualify.
LADISLAS MAURICE: Cool. Essentially, if you earn up to €85,000 a year being employed for someone or as a freelancer, you can move to Italy through the digital nomad visa. You can set up shop and pay only 5% taxes.
NICOLO: Correct.
LADISLAS MAURICE: This is– [laughs] And then you get a very clean tax certificate. It’s Italy, no one questions it. You have access to half decent banking. Look, I mean downsides is, if you have a lot of investment income on the side, you’re still going to have to pay relatively high taxes on this.
NICOLO: Correct. Financial income is 26%, but if you claim the 7% scheme that’s included, so you drop down from 26% to 7%.
Healthcare in Italy
LADISLAS MAURICE: Cool. For retirees, total no-brainer. And then also, if you have a company, for example, in the US, you can create a subsidiary here.
NICOLO: Yeah, a representative office.
LADISLAS MAURICE: Okay.
NICOLO: Correct. Which I think it’s better than the digital nomads for one simple reason, that healthcare that is included.
LADISLAS MAURICE: Let’s talk about that, because that one is really important for Americans. Talk to us about, let’s say, I’m American. I’m not. If I wanted to move here, I contact you. I set up the representative office, link to my LC in the US. What’s my healthcare situation like?
NICOLO: Well, in that case, you’re fully covered. You go to the local SSN, so it’s the national healthcare service, and you’re covered immediately.
LADISLAS MAURICE: For how much? How much does it cost me?
NICOLO: In that case, zero. In the digital nomads, you are in the upper bracket so you have to pay €2,000 a year, which still is very low compared to the US.
LADISLAS MAURICE: I can get full healthcare coverage for, whatever, accidents, cancer, surgery–
NICOLO: All the treatments.
LADISLAS MAURICE: Everything.
NICOLO: Diabetes.
LADISLAS MAURICE: Diabetes, everything.
NICOLO: They cover all the prescription medication, etc.
LADISLAS MAURICE: And the cost will be somewhere between zero and €2,000 a year?
Tax incentives for home renovations in Italy
NICOLO: Yeah, max is €2,000. I mean, two thousand and change, like, €2,248. Depends on the adjustment. Ball park, €2,000.
LADISLAS MAURICE: There are also some really interesting tax credits for renovations, remodeling. If I were to buy house number one or house number three and I redid the place, what are the incentives exactly?
NICOLO: Well, we have generic general house renovation, which sits at 50% of the expenses, meaning you spend €40k to renovate the property, 50% is €20,000, and you divide it by 10 years. So every year, you deduct €2,000 from your tax bill.
LADISLAS MAURICE: From the overall tax bill?
NICOLO: Correct? It’s not a deduction against income, it’s a deduction against tax.
LADISLAS MAURICE: Against tax.
NICOLO: Which is better. So you calculate gross tax minus deduction, net tax.
LADISLAS MAURICE: Okay. Again, let’s take a step back. You’re American, you’re sitting somewhere in the US, the cost of living is going through the roof. You all hate each other because of politics. You just come here, you set up a representative office. It’s not that expensive. Nicolo can help. You get free healthcare. You move here. You will pay 7% taxes on worldwide income here in Italy. Obviously, you still have taxes to pay in the US. And then you get tax credits for the renovation so that you have an American standard house, not necessarily just Italian standards. It all just all makes a lot of sense.
Cost of living and lifestyle in Sicily
NICOLO: Yeah. And just a clarification, all the taxes you pay as an American, in Italy, you can credit that against federal taxes, so you don’t end up adding up Italian and US taxation, you subtract. Basically, you pay the highest of the two, but splitting the payment, part in Italy, part in the US.
LADISLAS MAURICE: With free healthcare.
NICOLO: Yeah. So the point is, you’re not worse off.
LADISLAS MAURICE: Yeah, you’re not worse off. And if you’re not American, you’re substantially better off.
NICOLO: Likely.
LADISLAS MAURICE: Yeah.
NICOLO: Very likely.
LADISLAS MAURICE: Look, for the cost of living, Gianfranco was kind enough to invite us for beers. This was €2 for a beer like this, good beer. We had pizzas, Margheritas for €5. You went for a haircut yesterday. That was actually quite–
NICOLO: And beer, that was five bucks. [laughs]
LADISLAS MAURICE: €5 for haircut plus beer. I mean, this is just unheard of. You don’t find this in the Balkans, you don’t find this in Eastern Europe, you don’t find this in Latin America anymore. It’s reached a point where Southern Europe is the new Eastern Europe in terms of cost of living, without the economic dynamism. But you get extremely affordable food, services, but also great quality, right? You’re not just eating random food in Eastern Europe, cabbage and potatoes, or, roots in Latin America. It’s actually delicious, quality, organic food that you’re eating here that’s extremely affordable. No wonder we meet, like, the gentleman, I forgot what his name is, who’s 97 years old. Yeah.
GIANFRANCO: Giovanni.
LADISLAS MAURICE: Giovanni.
NICOLO: Zio Giovanni.
GIANFRANCO: Zio Giovanni. [laughs]
LADISLAS MAURICE: [laughs] Yeah, no wonder people–
NICOLO: Uncle John. [laughs]
LADISLAS MAURICE: Uncle John.
NICOLO: For our American viewers.
GIANFRANCO: Uncle John. [laughs]
LADISLAS MAURICE: Yeah, no wonder people live this long here in this part of the world. Cool. Look, this was really interesting. There’s so much real estate for sale in Sicily. This is just one of many villages. It’s a really cute little village. I like it here. But there are just so many opportunities to create the sort of lifestyle that people would want for themselves, which is good healthcare, healthy food, relaxed lifestyle, very low taxes, affordable housing, and really friendly people around. There’s, generally speaking, the sense of freedom around here. I mean, you see people, they’re drinking a bottle of wine, and then they get in their car, like, the cops around, they don’t seem to care too much. It’s like living 50, 60 years ago.
But then you have all the great amenities of being in the European Union. So there’s a big international airport, Amazon Prime delivers here. There’s fiber optic internet. You can just live, it’s really a good mix of everything. I like it a lot. From a lifestyle point of view, really amazing. From a tax point of view, can be really great. Is the house itself a great investment? Probably not, but the house is just a means to living very well, and low tax, etc. That’s how you have to view an investment here. All right, fantastic.
NICOLO: Cheers to Sicily.
LADISLAS MAURICE: Yeah, cheers to Sicily. If you want more information on how to obtain residency in Italy, on how to benefit from tax incentives in Italy, there’s a link below. And if you want to find out more about the village, about listings, about homes, there’s dozens of homes for sale here, then there’s also a link below, and you can get in touch with the team. All right. Cheers.
NICOLO: Cheers.
