It is not counted among the “tax havens” canons but also the Republic of San Marino it attracts those who have crossed the last finish line of their career, that of the “good retirement”. On Monte Titano there are two golden rules – in every sense – for convince pensioners to move in what is geographically a corner of Romagna with a suggestive view of the Riviera. The first leverages the tax breaks for pensioners, the second aims to attract “scrooge” pensioners. Not only rich but also with a past behind them: former managers capable of making a difference even after abandoning their old roles. Let’s see how.
Taxation
The tax due is set at 6% between 50 thousand and one hundred thousand euros. A pensioner with an annual income of 60 thousand euros gross in Italy pays 23% on the first 15,000 euros or 3,450 euros, 25% up to 28,000 euros or 3,250 euros and 35% on the remaining 32,000 euros, or 11,200 euros for a total 17,900 euros. In San Marino the calculation is easier and the contribution to be paid is reduced: on 60 thousand euros you pay 6% and therefore 3600 euros. The savings are evident. And that’s not all, because above 100 thousand euros the benefit is mind-boggling: you pay 3% in taxes. The prospect appeals to those who dreamed of enjoying their post-work years in Portugal where the special tax regime for “non-habitual” foreign residents ended on January 1st.
Scrooge pensioners
Some assumptions must be made for these calculations, set out in national legislation for atypical residences for pensioners. Which speaks clearly. It can be requested by citizens residing in European Union countries and in Switzerland (there are also other particular cases being examined by the Congress of State), and importantly not by everyone. Because if the “scrooge” pensioners are tax-advantaged, it is also true that those with an annual income of less than fifty thousand euros they do not represent candidate profiles. There is an alternative but it is not for everyone: if incomes are less than fifty thousand euros, the real estate assets must not fall below 300 thousand euros. And that’s not all, because, by the way, about this heritage at least a third of this must be transferred to a bank of the Republic and invested in government bonds or other financial instruments.
«We want to focus on quality»
Marco Gatti, Secretary of State for Finance and Budget (the equivalent of the Italian minister) recently explained the “vision” that guided the San Marino regulations. «We want to focus on quality – he said – because the experience of these people, in particular the former managers it can be an added value for San Marino. Which is a quiet, safe place, with a good climate, good food and Romagna on the doorstep. We can play it.”
