Retiring in Europe 2026: Portugal, Spain, Italy Rules

Portugal: residence visa for retirement

Portugal’s consular portal lists a residence visa for retirement, with a document certifying the retirement amount. Means of subsistence are measured against the minimum monthly salary, stated as €920 for 2026: 100% for the first adult, 50% for each additional adult and 30% for each child. The consular post may request additional documents.

Portugal consular portal: residency visa documents Portugal consular portal: means of subsistence

Spain: non-lucrative residence

Spain’s non-lucrative residence is for people who can support themselves without working, through sufficient financial means or a regular periodic income. The Immigration Regulation in force since 20 May 2025 sets the minimum at 400% of the IPREM index per month for the applicant and 100% for each dependent family member. A Spanish consular requirements sheet, last updated January 2025, also asks for accommodation and health insurance; its euro figures are stated for 2024, so check the current amount with the consulate.

BOE: Reglamento de Extranjería (Real Decreto 1155/2024), consolidated text Spanish consulate (Casablanca): non-lucrative residence visa requirements

Italy: optional 7% regime for foreign pensions

Italy’s Revenue Agency describes an optional regime for people with foreign-source pensions who move their tax residence to Italy: a 7% substitute tax on foreign-source income for each of the nine tax years of the option. It applies to qualifying municipalities of up to 30 thousand inhabitants in Sicily, Calabria, Sardinia, Campania, Basilicata, Abruzzo, Molise and Puglia, and certain earthquake-affected municipalities; the 30 thousand limit applies from 7 April 2026. It is a tax regime, not a residence permit. The Revenue Agency also says the option is made by filing the tax return for the tax year in which the residence is transferred, and that it takes effect from that same year. In that return the taxpayer must state non-resident status in Italy for at least five tax periods before the option starts, and the jurisdiction of their last tax residence before the option, which must be one where administrative-cooperation agreements in tax matters are in force. Someone who was recently Italian tax resident should check these conditions with an Italian adviser before assuming the regime applies.

Agenzia delle Entrate: optional regime for foreign pensioners Agenzia delle Entrate: optional regime for foreign pensioners, how the option is made

How to compare destinations

Compare the residence route you can actually meet, the date of each figure, healthcare access for your status and the tax treatment of your own pension. A lower cost of living does not help if the route or tax rule does not fit. Confirm pension taxation, including any tax treaty, with advisers in both countries.