how San Marino attracts Italian VIPs
Paying few taxes on your pension is possible without having to go through long and tortuous commutes. Since last year, San Marino has become part of that circle of states with privileged taxation to attract wealthy retirees.
In fact, the San Marino law provides for a 6% setting level on retirement income. Option valid for 10 years for European pensioners who move their residence to the ancient republican fortress.
Pensions without taxes: San Marino
San Marino has thus become a popular destination for Italian retirees who want to avoid the clutches of the Italian tax authorities. Taxation is even lower than that offered by Portugal (10%) or other European states, such as Albania, Greece, Bulgaria. Malta, Canary Islands, etc. But also in neighboring Tunisia.
With the difference that residing in San Marino is like staying in Italy since the small republic is located within the Emilia Romagna regions and its citizens who usually live in the peninsula. The spoken language is also Italian.
Therefore, to all intents and purposes, we can speak of a small tax haven within Italy to be used for less taxes by transferring one’s residence as an “retired atypical resident”. As required by local legislation.
A destination only for VIPs
But beware, not all that glitters is gold. If, on the one hand, moving your residence outside Italy is a simple procedure, on the other hand, acquiring an atypical residence as a retiree in San Marino is not for everyone.
The law requires those who move to live in San Marino an annual return of at least 50,000 euros or a movable assets to be deposited with a local bank of at least 300,000 euros. In addition to this, one must never have previously resolved in San Marino.
It is therefore understandable that with these constraints San Marino intends to host only wealthy retirees and in limited numbers. In fact, only 500 seats are available per year, also given the territorial limitation of the Republic of Titano.
But for those with ample income opportunities, obtaining residency in San Marino for less pension taxes will certainly not be a problem. Even if you will then need to reside outside Italy for at least 6 months a year.