Which countries are tax havens for Italian pensioners? - Spain, Tunisia, Romania and Albania. The flow to Portugal has decreased
The number of Italian pensioners moving abroad is increasing. The latest data is contained in a report presented by the Italian Social Security Institute (INPS). From 2018 to 2025, the INPS notes, there has been an increase in the number of Italian pensioners who, having met the eligibility requirements exclusively in Italy, have moved abroad after their last contribution and are receiving pension benefits. This phenomenon is particularly noticeable in EU countries, offsetting the slight decrease in the number of those receiving pension benefits in non-EU countries.
INPS maps the countries chosen by Italian pensioners. Over the last eight years, there has been a significant change in preferred destinations, mainly due to changing economic conditions, which can be attributed to fluctuations in the exchange rate and the resulting cost of living in different host countries, or the adoption by some of them of particularly favorable tax policies.
While there has been a 40% decrease in retirees receiving pension payments in the United States and over 50% in Australia and Canada, there has been a significant increase (+75%) in Spain (now the overwhelmingly preferred destination), Portugal (+144%) and Tunisia (+255%).
In particular, Portugal recorded exponential growth from 2018 to 2021 (+172%), but with the removal of incentives, its attractiveness declined, resulting in a decline in the number of Italian retirees over the following four years (-11%). In contrast, Spain and Tunisia continue to experience steady growth. Several destinations on the eastern Adriatic coast, such as Romania and Albania, are also emerging as top destinations.
To reverse this trend, INPS welcomes a legislative intervention aimed at repopulating the country's interior areas, especially with a focus on small municipalities. Regarding the overall financial impact, the Institute believes that the draft law on tax incentives for retirees to return to Italy will not have a negative impact on public finances.
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