Italian Dual Citizenship
About August of 2018, I believe I heard on the radio about a town in Italy that is selling houses for 1 Euro. Seemingly poppycock, I started googling it. Sure enough, I found some listings for some properties for 1 Euro. And some strings. I learned that you must be a resident and you must spend 5,000 Euro more on improvements. Still not a bad deal. If I had the money and the residency, I could consider fixing one up and using it as a vacation getaway or rent it out. Soon after that, I found that it's not so much 1 Euro; that's just where the bidding starts. And this has happened before and large companies buy them up, fix them up and rent or sell them out. Oh. Well, it was fun thinking about it... Here's a link and some of the property images:
During my googling, I ran across this video that spoke of Dual Citizenship. I was at work and was letting it run in the background, but it quickly got my attention:
/conslosangeles.esteri.it/consolato_losangeles/en/i_servizi/per-i-cittadini/cittadinanza/citizenshipbymarriage.html" target="_blank">https://conslosangeles.esteri.it/consolato_losangeles/en/i_servizi/per-i-cittadini/cittadinanza/citizenshipbymarriage.html
On the other side, since the US is a world-tax country, if I were to make money in Italy, even if I lived in Italy, I would need to pay taxes to both Italy and the US. I'm just now finding information about the FEIE, Foreign Earned Income Exclusion, and also another credit which is to help with the double taxation. Depending on your income level, the tax you'll need to pay back to the US may not be much at all. I'll add more about this at a later date once I learn more. Tax stuff is super fun to read about... /s
Italian Dual Citizenship Why This Started - One Euro Houses
Last Edited: 2023-07-21 20:38:00
About August of 2018, I believe I heard on the radio about a town in Italy that is selling houses for 1 Euro. Seemingly poppycock, I started googling it. Sure enough, I found some listings for some properties for 1 Euro. And some strings. I learned that you must be a resident and you must spend 5,000 Euro more on improvements. Still not a bad deal. If I had the money and the residency, I could consider fixing one up and using it as a vacation getaway or rent it out. Soon after that, I found that it's not so much 1 Euro; that's just where the bidding starts. And this has happened before and large companies buy them up, fix them up and rent or sell them out. Oh. Well, it was fun thinking about it... Here's a link and some of the property images:
During my googling, I ran across this video that spoke of Dual Citizenship. I was at work and was letting it run in the background, but it quickly got my attention:
/conslosangeles.esteri.it/consolato_losangeles/en/i_servizi/per-i-cittadini/cittadinanza/citizenshipbymarriage.html" target="_blank">https://conslosangeles.esteri.it/consolato_losangeles/en/i_servizi/per-i-cittadini/cittadinanza/citizenshipbymarriage.html
On the other side, since the US is a world-tax country, if I were to make money in Italy, even if I lived in Italy, I would need to pay taxes to both Italy and the US. I'm just now finding information about the FEIE, Foreign Earned Income Exclusion, and also another credit which is to help with the double taxation. Depending on your income level, the tax you'll need to pay back to the US may not be much at all. I'll add more about this at a later date once I learn more. Tax stuff is super fun to read about... /s
