The number of Italian retirees moving abroad is declining. Updated data shows a 23,8% reduction between 2018 and 2024. The main reasons continue to be the lower cost of living and favorable tax regimes. However, Portugal, which previously led in preference, it lost ground after the end of tax benefits for new residents starting in 2024.
Spain leads in preferences
Spain is currently the main destination. In 2023, 536 Italian retirees moved to the country, totaling approximately 8.417 residents. The National Social Security Institute (INPS) pays a total of €147 million per year, with a monthly average of €1.339. second article from Corriere della Sera, this Sunday (7).
The Spanish system is attractive because it offers lower tax rates, exemptions, and tax deductions, such as those ranging from €6.500 to €7.000 for retirees over 65, in addition to medical deductions. In less central areas, the cost of living is considered affordable.
Portugal loses strength.
The flow of people to Portugal fell by 83% between 2019 and 2023. In 2024, tax exemptions ceased to apply to new residents. Even so, the country remains the one that receives the most payments from INPS (National Social Security Institute): €157,4 million paid to 3.365 retirees, with a monthly average of €3.700. Those who moved in 2023 receive, on average, €2.631.
Tunisia and Albania on the rise.
The city of Hammamet, in Tunisia, continues to attract retirees, especially former civil servants. The country offers tax exemption on 80% of income, in addition to deductions for dependents. Between 2019 and 2023, a thousand Italians moved there. In Albania, 200 retirees have settled there in the last five years, half of them in 2023 alone, attracted by the total tax exemption since 2021.
Romania, Monaco and other destinations
Romania has received 500 Italians since 2019. There, pensions are taxed at a flat rate of 10%. Other significant destinations include Monaco (710 retirees), Greece and Thailand (750 combined), the United Arab Emirates (112), and Malta (285). Greece offers a tax rate of 7% for up to 15 years.
Countries such as Croatia, Slovakia, Cyprus, and South Africa are registering smaller flows. Cyprus, for example, attracted only three Italians in 2023, despite the fixed tax rate of 5%.
