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Retired? Move Here and Cut Your Taxes to 0% · IMI Podcasts

• 0:00
  SPEAKER_00: If you're retired or close to it, where you live can mean losing 48% of your pension to tax or keeping 100% of it for yourself.
• 0:08
  SPEAKER_00: 12 countries have built dedicated programs for foreign pensioners.
• 0:12
  SPEAKER_00: They want you.
• 0:13
  SPEAKER_00: They offer a residency pathway paired with a tax break on pension income.
• 0:18
  SPEAKER_00: In this video, you'll learn about all 12, including the five zero tax destinations at the end.
• 0:24
  SPEAKER_00: The retirement map looked very different just three years ago.
• 0:28
  SPEAKER_00: Portugal's non-habitual resident regime, which made the country Europe's dominant retiree tax destination for over a decade, closed to new applicants at the end of 2023.
• 0:38
  SPEAKER_00: Its replacement, IFICI or NHR 2.0, makes no mention of pension income at all.
• 0:45
  SPEAKER_00: Foreign pensions in Portugal now face progressive rates up to 48% plus solidarity surcharges.
• 0:52
  SPEAKER_00: Spain has no special regime for retirees.
• 0:56
  SPEAKER_00: Its non-lucrative visa gets you residency, but your pension is taxed at progressive rates up to 47%.
• 1:02
  SPEAKER_00: The United Arab Emirates has zero income tax, but no retiree-specific program.
• 1:08
  SPEAKER_00: And the same model applies to Monaco, Bahrain, and Vanuatu.
• 1:11
  SPEAKER_00: Uruguay's revised tax holiday is now open to any new resident, not retirees specifically, and the 60-day presence shortcut is gone.
• 1:20
  SPEAKER_00: The 12 jurisdictions you'll learn about today are what's left.
• 1:24
  SPEAKER_00: Countries that paired a tax break with a retiree pathway.
• 1:27
  SPEAKER_00: We start with the highest headline rates and work down to zero.
• 1:31
  SPEAKER_00: Two countries put 15% on the headline.
• 1:34
  SPEAKER_00: Malta offers the Malta Retirement Program, where foreign pension income remitted to Malta is taxed at 15%, with a minimum annual tax of€7,500 plus 500 euros per dependent.
• 1:48
  SPEAKER_00: Pension income has to make up at least 75% of your chargeable income, though.
• 1:52
  SPEAKER_00: And you need property in Malta,€275,000 to buy, 220,000 in Gozo or the South, or€9,600 a year to rent, 8,750 in Gozo or the South.
• 2:06
  SPEAKER_00: After it was previously limited to EU, EEA, and Swiss citizens, the program now accepts non-EU nationals.
• 2:14
  SPEAKER_00: Now that 15% only applies to income you remit into Malta, capital gains, even when remitted, and anything kept offshore is not taxable in Malta.
• 2:23
  SPEAKER_00: So you're getting EU residency, access to Malta's 70 plus double tax treaties, and certainty.
• 2:29
  SPEAKER_00: You must only stay in Malta 90 days a year on average.
• 2:33
  SPEAKER_00: The other country at this tier is Mauritius, which redesigned its retired non-citizen residence permit under the 2025 Finance Act.
• 2:42
  SPEAKER_00: Applicants must be 50 or older and transfer 2,000 US dollars per month, or$24,000 per year into a Mauritius bank account, up from$1,500 under the prior rules.
• 2:55
  SPEAKER_00: The permit runs 10 years, renewable with no minimum stay.
• 2:59
  SPEAKER_00: Visa holders are eligible for permanent residency after 5 years if cumulative transfers cross$200,000.
• 3:06
  SPEAKER_00: Mauritius is interesting.
• 3:08
  SPEAKER_00: Tax residency only kicks in at 183 days of physical presence per year.
• 3:13
  SPEAKER_00: Below that line, you hold the permit without ever becoming a Mauritian tax resident at all.
• 3:19
  SPEAKER_00: So retirees splitting time between Mauritius and another country can keep the permit running indefinitely and convert to tax residency when or if the tax math is favorable.
• 3:30
  SPEAKER_00: Also, Mauritius does not charge a wealth tax, inheritance tax, or gift tax.
• 3:35
  SPEAKER_00: You've probably noticed something already.
• 3:37
  SPEAKER_00: So much changes in the realm of residency, citizenship, and taxation.
• 3:42
  SPEAKER_00: Cyprus raises its threshold.
• 3:44
  SPEAKER_00: Italy adds 74 new towns to their flat tax regime.
• 3:48
  SPEAKER_00: San Marino tightens their rules.
• 3:50
  SPEAKER_00: Mauritius doubled its transfer requirement.
• 3:52
  SPEAKER_00: You get the MO.
• 3:54
  SPEAKER_00: IMI Sovereigns is built for tracking these moves before they hit the headlines.
• 3:58
  SPEAKER_00: A private community of investors and entrepreneurs work through second residences, tax optimization, and Plan B portfolios together.
• 4:07
  SPEAKER_00: Plus, members get our quarterly private briefings, covered in the policy shifts and program changes we can't always publish openly.
• 4:15
  SPEAKER_00: Links in the description for a nice discount.
• 4:18
  SPEAKER_00: Now we arrive at Southern Europe, where two countries run almost identical regimes, a flat 7% on all foreign source income for retirees who relocate.
• 4:27
  SPEAKER_00: Take Italy's flat tax regime in southern Italy first.
• 4:31
  SPEAKER_00: In 2026, the population threshold for eligible southern municipalities for your relocation rose from 20,000 to 30,000 residents, opening 74 additional towns like Pompeii in Sicily, Calabria, Sardinia, Campania, Basilica, Abruzzo, Molise, Puglia, and certain earthquake zone areas in Lazio, Marsh, and Umbria.
• 4:55
  SPEAKER_00: At 7%, the rate replaces national, regional, and municipal income tax in full.
• 5:00
  SPEAKER_00: Foreign pension income, rental income, investment returns, capital gains, and annuities.
• 5:06
  SPEAKER_00: Italian wealth taxes on foreign real estate and foreign financial assets, Ivy and Eva Fair are also waived and beneficiaries are exempt from foreign asset reporting on the RW section of the Italian tax return.
• 5:20
  SPEAKER_00: The election runs 10 years, but without extensions.
• 5:24
  SPEAKER_00: You simply qualify if you've been outside Italy for at least five consecutive years, and you relocate from a country that has a tax cooperation agreement with Italy.
• 5:32
  SPEAKER_00: Typically, retirees opt for the elective residence visa, which requires€31,000 per year in stable passive income, secure housing in Italy, and no employment.
• 5:44
  SPEAKER_00: Five years of significant presence in the country gets you permanent residency, and 10 gets you citizenship eligibility.
• 5:51
  SPEAKER_00: Greece runs the same 7% flat tax regime, but for 15 consecutive tax years instead of 10.
• 5:57
  SPEAKER_00: That's the longest fixed-term pensioner regime in Europe.
• 6:01
  SPEAKER_00: Same scope.
• 6:02
  SPEAKER_00: Pension income, dividends, interest, capital gains, and annuities.
• 6:06
  SPEAKER_00: Anything foreign source, you qualify if you weren't a Greek tax resident for five of the six years before applying, and your home country has a tax corporation agreement or double tax treaty with Greece.
• 6:18
  SPEAKER_00: In Greece, there is no restriction on location, so no matter where you relocate, you can apply.
• 6:24
  SPEAKER_00: One quirk though, spouses and dependents have to qualify independently to get the same treatment.
• 6:29
  SPEAKER_00: The typical retirement path into Greece is the financially independent person visa, which requires€3,500 per month in passive income or€126,000 in deposits to cover three years at that threshold.
• 6:44
  SPEAKER_00: Each extra family member adds 20% for a spouse or 15% per child.
• 6:49
  SPEAKER_00: Physical presence required at least six months a year.
• 6:52
  SPEAKER_00: Now we're working down to 6% in San Marino, the microstate nestled inside Italy.
• 6:58
  SPEAKER_00: The benefit can run for 10 years, extendable via permanent residency.
• 7:02
  SPEAKER_00: The catch is recent and significant.
• 7:05
  SPEAKER_00: As of April 2025, applicants must demonstrate annual gross income of at least€120,000, raised from 50,000 euros, and hold liquid financial assets of at least€300,000 in a San Marino bank for the duration of residency.
• 7:23
  SPEAKER_00: Under the previous rules, foreign held assets qualified.
• 7:26
  SPEAKER_00: Now new applicants have to move wealth into the San Marinis banking system.
• 7:31
  SPEAKER_00: Eligibility is also narrower than the other European programs.
• 7:35
  SPEAKER_00: Only private sector pensioners from EU countries, Switzerland, and a handful of other government-selected jurisdictions qualify.
• 7:42
  SPEAKER_00: However, good news.
• 7:44
  SPEAKER_00: Other foreign income falls under a parallel atypical residency at 7%, with a floor of 10,000 euros and a cap of€100,000 per year.
• 7:54
  SPEAKER_00: Moving on, Cyprus offers the lowest dedicated pension tax rate in the European Union.
• 7:59
  SPEAKER_00: Tax residents can elect each year between Cyprus's standard progressive rates and a flat 5% on foreign pension income above€5,000, raised from 3,420 in 2026.
• 8:12
  SPEAKER_00: A retiree pulling 50,000 euros in foreign pension pays€2,250 under the flat election.
• 8:20
  SPEAKER_00: Under progressive rates in Cyprus, that same income would generate a bill of roughly 10,400 euros.
• 8:26
  SPEAKER_00: Most retirees, of course, take the flat rate.
• 8:29
  SPEAKER_00: The election is annual, so you can switch if your income or wealth mix changes.
• 8:34
  SPEAKER_00: Cyprus doesn't have a dedicated retiree residency program.
• 8:37
  SPEAKER_00: EU citizens use freedom of movement.
• 8:40
  SPEAKER_00: Non-EU citizens use one of three routes: Golden Visa Permanent Residency through Investment.
• 8:45
  SPEAKER_00: €300,000 in residential property is the most common qualifying route.
• 8:49
  SPEAKER_00: The Category F slow track residency for the financially independent or another temporary residence pathway that leads to permanent status.
• 8:57
  SPEAKER_00: There's another interesting wrinkle here.
• 8:59
  SPEAKER_00: Cyprus's non-domicile regime exempts qualifying residents from tax on foreign dividends and interest for 17 years.
• 9:07
  SPEAKER_00: Combined with the 5% pension election, the total tax burden on a typical retirement portfolio drops to a fraction of what most Western European countries impose.
• 9:16
  SPEAKER_00: One can qualify for Cypriot citizenship only after seven years of legal residence within the preceding 10, plus a basic Greek language test.
• 9:26
  SPEAKER_00: Now to Latin America, where Ecuador sits in a category of its own.
• 9:30
  SPEAKER_00: Residence based on paper, but with enough territorial-style carve-outs that foreign pension income is generally not taxed in practice.
• 9:37
  SPEAKER_00: The Pensionada visa requires monthly income of three times the Ecuadorian minimum wage.
• 9:43
  SPEAKER_00: In 2026, that's just$1,446 per month.
• 9:48
  SPEAKER_00: The visa is issued as a temporary residence permit, and permanent residency becomes available after 21 months of legal residence.
• 9:56
  SPEAKER_00: After tax resident status is claimed via 180 days of physical presence per year, foreign pensions for tax residents are generally untaxed in Ecuador.
• 10:05
  SPEAKER_00: Applicants for permanent residency can be absent more than 90 days during the qualifying period.
• 10:11
  SPEAKER_00: A naturalization eligibility opens after three years of permanent residency.
• 10:16
  SPEAKER_00: Now we get to the five where retirees will likely pay zero in local taxes.
• 10:22
  SPEAKER_00: These are the countries that pair a dedicated retiree visa with a territorial tax system that ignores your foreign pension entirely.
• 10:29
  SPEAKER_00: International income is simply outside these countries' tax bases.
• 10:34
  SPEAKER_00: Panama's Pensionado Visa launched in 1987 is the most established retiree program in the Americas.
• 10:40
  SPEAKER_00: You need$1,000 per month in lifetime pension income from a foreign government, international organization, or regulated private retirement provider.
• 10:50
  SPEAKER_00: That threshold drops to$750 per month if you own Panama real estate worth at least$100,000.
• 10:56
  SPEAKER_00: Panama's territorial tax system exempts foreign source income outright, including pensions, regardless of whether you remit it to Panama or keep it at home.
• 11:05
  SPEAKER_00: The visa grants permanent residency on approval, with only one visit every two years required to keep the permit active.
• 11:13
  SPEAKER_00: Costa Rico's similar pensionado visa requires$1,000 per month in stable income as well, with married couples allowed to pool a single pension to qualify.
• 11:23
  SPEAKER_00: Foreign source income is exempt under Costa Rica's territorial system.
• 11:27
  SPEAKER_00: The visa is issued for two years, renewable with a four-month minimum physical presence per year.
• 11:32
  SPEAKER_00: After three years of temporary residence, you move to permanent residency and presence drops to three days a year.
• 11:39
  SPEAKER_00: Another Central American program with low thresholds is Nicaragua's Pensionado Visa, which requires proof of at least$1,000 income per month, age 45 minimum.
• 11:51
  SPEAKER_00: Foreign pension income is exempt from local tax under Nicaragua's territorial system.
• 11:56
  SPEAKER_00: Now, Nicaragua has a number of catches to consider.
• 11:59
  SPEAKER_00: Law 1210 of 2024 transferred administration of the program from the Tourism Institute to the Directorate General of Migration and Foreign Affairs.
• 12:09
  SPEAKER_00: The same year, immigration reforms raised naturalization from four years to seven for most foreign nationals.
• 12:15
  SPEAKER_00: Additionally, constitutional amendments adopted in 2025 eliminated dual citizenship possibility for most foreigners, keeping it only for Central American nationals.
• 12:25
  SPEAKER_00: A US, UK, or EU retiree naturalizing in Nicaragua under current law would have to renounce their original citizenship to claim Nicaraguas.
• 12:34
  SPEAKER_00: Onto Belize, where the Popular Qualified Retired Persons Program or QRP operates, you need to be 40 or older with at least$2,000 per month in foreign retirement income.
• 12:46
  SPEAKER_00: The Retired Persons Incentives Act exempts QRP holders from local tax on all foreign source income, capital gains, and inheritance, regardless of remittance, for the duration of QRP status.
• 12:58
  SPEAKER_00: You also get duty-free importation of household goods, one vehicle, a light aircraft, and a motorboat in the first year in the country.
• 13:05
  SPEAKER_00: The minimum stay is also notable at 30 consecutive days a year, the lowest in the region.
• 13:10
  SPEAKER_00: If you seek citizenship, the QRP doesn't lead to naturalization on its own.
• 13:14
  SPEAKER_00: Belize's cabinet approved a proposed fast-track permanent residency program in 2025, requiring$500,000 in commercial investment, though implementing regulations are still pending.
• 13:27
  SPEAKER_00: Thailand's LTR wealthy pensioner is the most demanding of these five zero tax jurisdictions, but arguably the best engineered.
• 13:34
  SPEAKER_00: The 10-year visa carries a blanket exemption from Thai tax on foreign source income.
• 13:39
  SPEAKER_00: This is critical as foreign sourced income remitted to Thailand by tax residents is now taxable in the year of remittance, regardless of when it's earned.
• 13:48
  SPEAKER_00: The LTR wealthy pensioner is the principal carve out.
• 13:51
  SPEAKER_00: Standard Thai retirement visas, the non-immigrant OA and OX, no longer carry this tax exemption.
• 13:59
  SPEAKER_00: To qualify, you have to be$50 or older with$80,000 per year in passive income from pensions, dividends, rental incomes, interest, or realized capital gains.
• 14:09
  SPEAKER_00: Applicants with passive income between$40,000 and$80,000 qualify if they hold at least$250,000 in qualifying Thai investments.
• 14:18
  SPEAKER_00: Visa validity runs for five years, plus a five-year renewal, with annual immigration reporting instead of the standard 90-day reporting.
• 14:26
  SPEAKER_00: Spouses, children under 20, dependents, and parents can all be included in a single application.
• 14:32
  SPEAKER_00: So that's the spectrum of retirement taxes across the globe, each jurisdiction with its quirks and perks.
• 14:38
  SPEAKER_00: But the territorial tax angle goes wider than retirement.
• 14:42
  SPEAKER_00: Several of the countries we just covered treat all foreign income that way, not just pensions.
• 14:47
  SPEAKER_00: We put together a video that's on your screen now covering the 29 countries that exempt foreign income outright and rank the top 15 by how livable they actually are.
• 14:56
  SPEAKER_00: Check that out next.
• 14:57
  SPEAKER_00: And don't forget to subscribe to the IMI YouTube channel and hit the notification bell so you don't miss the next one.