San Marino attracts pensioner orphans from Portugal: simplified taxation, mild climate, and good food.

Dienea Conti Promoting the territory for attraction as an alternative "tax paradise" The small Republic of San Marino seeks to attract retirees to its "paradise", including a tax paradise. Better rich, even better former managers able to bring their "knowledge" with them, perhaps with the dream of becoming a board member of a company with an office on Titan and developing it. Pensioners are subject to favorable taxation, with the "unusual" of living in the oldest republic in the world.

How to attract "orphans" from Portugal?

The prospect that may ignite the desires of those who have dreamed of spending their retirement years in Portugal - but this is just an example - is that as of January 1, a special tax regime for foreign residents with "non-permanent residency" has ended. San Marino's goal is to attract hundreds of wealthy retirees each year, confirms Marco Gatti, the Secretary of State for Finance and Budget (the Italian equivalent of a minister). "There is no predetermined number; currently, they are talking about five hundred retirees a year, but there is a certain political will to be attractive to foreign retirees, naturally under certain conditions."

Requirements

San Marino's legislation on non-standard residences for retirees is quite clear. Citizens of European Union countries and Switzerland can apply (there are also other special cases considered by the State Congress), but not everyone. The annual income must not be less than fifty thousand euros, or the property tax must be at least 300 thousand euros. Regarding the property tax, at least a third of it must be transferred to the republic's bank and invested in government securities or other financial instruments. "Let's say the goal is to attract retirees, you could say 'quality' ones," explains Gatti.

The way the Republic of San Marino wants to appeal to "millionaire" retirees

The tax is 6% on amounts from 50,000 to 100,000 euros. Above 100,000 euros, it even drops to 3%. However, there is another provision that allows for even greater tax benefits than 6%. The 3% tax rate is also available to former executives and officers of international organizations. "It's always about quality," says Gatti, "because the experience of these people can be an additional asset for San Marino." Of course, at the moment, there are no queues of retirees at the gates of San Marino, but a few elderly new residents have settled in the old republic after spending most of their time living in Italy, particularly in the neighboring regions. "San Marino is a quiet, safe place with good weather, delicious food, and Romagna nearby. We can compete," Gatti assures.