investing strategy

U.S. citizens have been immigrating for quite some time—especially rich Americans hoping for a slice of a slower life, or to live in a country where they can do more with their money. It’s been fueling an immigration boom into Canada and Mexico, as well as to Europe and the U.K.

There was an even greater surge shortly after Donald Trump won the presidential election in 2024, as well as in 2017 after he stepped into his first term. Alongside the cost of living in the U.S. soaring with the Trump administration’s intense tariff policies, Americans are fleeing due to rising anti-immigrant, anti-LGBTQ+, and anti-Semitic rhetoric and policies.

But experts say that even if a Democrat took office this cycle, wealthy citizens would still have left due to the prospect of higher income taxes. More than half, 53%, of American millionaires told global citizenship financial advocacy group Arton Capital that they intended to leave the U.S. after the election—regardless of who won.

For some lucky Americans, it’s an opportunity to snag a house in the scenic towns in Italy and France for as little as €1, or about $1.17—ludicrously cheap compared to the average U.S. house cost of $416,900. Over the last couple of years, these low-cost properties have been popping up all over social media as people gawk at the fantasy of living in Europe for so little. However, there are requirements Americans should consider before bidding or entering the lottery.

Not all that glitters is gold

There’s a reason these €1 homes are just so cheap. They’re part of an initiative, usually in Italy and France, for smaller towns to beef up their dwindling populations, bolster their local economies, and have new owners fix up dilapidated houses. Many of these properties are extremely low-priced due to crumbling infrastructure—in reality, some of the properties are damaged beyond repair. But also, they need to entice new residents or risk becoming ghost towns. It means you may have idyllic views, but be surrounded by abandoned properties and little community feel.

Luckily for Americans still tempted by the challenge, non-EU citizens are all free to take part—and some have already gone as far as to purchase multiple €1 properties.

One Gen X American from California snatched the offer of a $1 home in Mussomeli, Italy, in 2019, and has since bought another two ultra-cheap $1 properties in the area. Additional realtors and deed fees bumped the total base cost up to around $3,500 for each building, and then a further $35,000 in renovation costs—but she says it was well worth it in building up her dream vacation stay.

But not everyone eyeing up the European dream will be able to actually snag a villa for €1—the competition is fierce. After Mussomeli launched a website detailing how to purchase its affordable homes, tens of thousands of requests poured in “immediately.” Being the resident picked to purchase the house ultimately came down to luck. Meanwhile, other locations like Siciliy operate on a bidding basis—the prices will begin at €1, and interested buyers will put in their best offers. One American snagged a house in the area for €5,100, or around $5,900, well over the rock-bottom starting price.

Visa requirements for €1 European houses—and other things to consider

Americans and all non-EU citizens can snatch up the scenic properties in Sicily and Saint-Amand-Montrond in France. Policies for purchase are dependent on the country and local town, but there are blanket requirements to consider.

Fortunately, Visas and permanent residency are not required to buy these €1 houses. Americans can enter these countries as tourists to visit the site of the homes before deciding to buy—which is required in some of these housing schemes—and don’t need this documentation to purchase. However, U.S. tourists are typically only allowed to stay for up to 90 days within a 180-day period before needing a Visa, which is common in travel to most countries. So if American buyers want to sit back and lounge on the terrace of their French pad all year round, they’ll need to look into a residency permit or Visa to stay.

Italy and France are also favored for their relatively low property taxes in comparison to the U.S. That makes these €1 a hot-spot for Americans looking to finally achieve their dream of owning a house, but not having to cough up much money for it annually. However, in some countries like Italy, property owners must obtain a tax code that is necessary for all property transactions and tax payments.It’s a relatively straightforward process that can be requested at a consulate, or directly in the country itself. Municipalities set their own rates, but typically Italian property taxes range between 0.4% to 1.06% of the cadastral value—a figure assigned by the government, typically below market value.

Another factor to keep in mind is renovation; As previously explained, many of these €1 housing deals are extremely run-down, and renovations can typically cost as much as tens of thousands of dollars. Realtors fees and housing deeds are also something to consider in cost, which can set buyers back around €3,000 ($3,500).

But here’s the catch: Applicants need to demonstrate that they have the funds to renovate the property in advance, and even then, the new owners are required to begin fixing up the property within one to three years of purchase.