Declining populations have long been a cause for concern for so many towns and villages across Europe since the late 20thcentury. With young people wanting to leave their home to explore better opportunities at the bigger cities, small towns and villages have seen their populations dwindle.
Many European countries have seen their villages turn into ghost towns, and some all but deserted. But now local governments are providing incentives to reinvigorate these villages by encouraging people and businesses to relocate.
If you’re looking for a new adventure or a change of scenery, here are 4 countries that will pay you to start a business there.
Ireland
With an ever-declining population, especially in the rural areas, the Emerald Isles are desperate for an influx of business startups and entrepreneurs. Whilst the country already has a booming tourism industry, the Irish government are looking to grow the economy. An investment fund, Enterprise Ireland , has been set up to boost the country.
Designed to support the creation of jobs, you don’t even need Irish citizenship to apply. The only requirement is that your business must be based in Ireland and that you are capable of creating at least 10 jobs. The other caveat is to show that your business can make €1m in sales within the first three years.
In 2021 alone, the Enterprise Ireland scheme awarded more than €120m to entrepreneurs and start-ups. Aside from the incentives to open your new business in Ireland, the country’s low corporation tax and close ties to both the EU and the UK makes Ireland particularly favourable to business owners.
Enterprise Ireland will award €1200 to move your startup to Ireland, and if you meet the eligibility, you’ll be gifted access to the European Union, one of the largest global markets.
Mauritius
The tropical paradise of Mauritius floats in the Indian Ocean, just under 1200km east of Madagascar, and is probably the more exotic places to offer incentives for new businesses. As the Mauritian government aims to boost their economy, they are providing a myriad of incentives for those looking to set up shop on the African island.
The island nation is offering 20,000 Mauritian Rupees to any entrepreneur and startup business. The only requirement is the need to demonstrate your business idea is both profitable and unique to the island.
Further incentives include the government covering a year’s wage (up to maximum of 14,000 Mauritian Rupees) if you provide employment to a Mauritian graduate.
Boasting one of the fastest-growing economies in Africa, with access to both the African and Asian markets, Mauritius could be the perfect destination to start your business.
Chile
Spanning over half the length of South America, Chile covers more than 6000km of coastline and is hugged on the other side by the Andes mountain range. Its incredible landscapes and world-renowned wine could be your new home to you and your business.
The start-up fund scheme for Chile works in much the same way as others on this list. If you have an innovative and profitable business idea, you could be awarded up to $300,000 Chilean Pesos. Provided by Start-Up Chile, and run by the Chilean Economic Development Agency, the scheme looks to attract an even gender split, ensuring 50% of all approved startups are female-led.
There are three schemes available to entrepreneurs; Build, Ignite, and Growth. The incentives are open to anyone over 18 and are aimed at either assisting to launch a company in Chile, or providing established businesses to relocate to Chile. The funding ranges from $14,000 to $80,000 depending on how established the business is and includes resident visas and access to investors.
Italy
Much like Spain, Italy also has a declining population issue in rural areas. With droves of youth leaving the quiet, albeit idyllic, life for the bigger cities, many towns and villages are left with an ageing population.
With over a third of Southern Italy’s rural villages over the age of 65, local governments are offering up sizeable incentives to attract a younger demographic.
Several villages are offering lucrative opportunities for entrepreneurs and businesses to relocate. As long as you fall between 18 and 40, you could be given $52,000 USD to relocate to the quaint town of Santo Stefano di Sessanio, with a bonus stipend of $23,000 to start a business. The only additional requirements are that you stay in Santo Stefano for at least five years.
