Americans Flock to Europe for €1 Homes Amid U.S. Turmoil

Americans are increasingly looking to Europe as a destination to escape the political turmoil and high cost of living in the U.S. The allure of a slower lifestyle and the prospect of purchasing homes for as little as €1 in countries like Italy and France have made these regions particularly attractive. This trend has been fueled by a combination of factors, including the soaring cost of living under the Trump administration's tariff policies and rising anti-immigrant, anti-LGBTQ+, and anti-Semitic rhetoric and policies.

The immigration boom into Europe and the U.K. has been driven by wealthy Americans seeking a better quality of life or a more favorable tax environment. Even if a Democrat were to take office, many wealthy citizens would still consider leaving due to the prospect of higher income taxes. According to a global citizenship financial advocacy group, more than half of American millionaires intended to leave the U.S. after the election, regardless of the outcome.

For some Americans, the opportunity to purchase a home in scenic towns in Italy and France for as little as €1 is a dream come true. However, these properties are often part of an initiative to revitalize smaller towns by attracting new residents to fix up dilapidated houses. Many of these properties are in disrepair, and some may be damaged beyond repair. Additionally, the surrounding areas may be filled with abandoned properties, lacking a sense of community.

Non-EU citizens, including Americans, are free to participate in these initiatives, and some have already purchased multiple €1 properties. One American from California bought a €1 home in Mussomeli, Italy, in 2019, and has since purchased two more ultra-cheap properties in the area. The total cost, including realtor fees, deed fees, and renovation costs, amounted to around $38,500 for each building. However, the competition for these properties is fierce, with tens of thousands of requests pouring in for some locations.

Americans do not need a Visa to buy these €1 houses, but they are typically allowed to stay in these countries as tourists for up to 90 days within a 180-day period. If they wish to stay longer, they will need to look into a residency permit or Visa. Italy and France are favored for their relatively low property taxes compared to the U.S., making these €1 homes an attractive option for Americans looking to own a house without high annual costs. However, property owners in Italy must obtain a tax code for all property transactions and tax payments.

Renovation costs are a significant factor to consider, as many of these €1 housing deals are extremely run-down. Realtor fees and housing deeds can also add to the cost, setting buyers back around €3,000. Applicants must demonstrate that they have the funds to renovate the property in advance and are required to begin fixing up the property within one to three years of purchase.