Key takeaway: Official Portuguese and Spanish retiree income rules and Italy’s 7% foreign-pension regime; the unsupported country ranking, living-cost budgets and other visa figures were removed.

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 30,000 inhabitants in Sicily, Calabria, Sardinia, Campania, Basilicata, Abruzzo, Molise and Puglia, and certain earthquake-affected municipalities; the 30,000 limit applies from 7 April 2026. It is a tax regime, not a residence permit.

Agenzia delle Entrate: optional regime for foreign pensioners

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.

Questions before acting

Which European country is best for retirement?

This review does not rank countries. It records official rules for Portugal, Spain and Italy; the right choice depends on your income, health needs and tax position.

Does Italy’s 7% regime apply everywhere in Italy?

No. It applies to qualifying municipalities in the listed southern regions and certain earthquake-affected areas, under the Revenue Agency’s conditions.

Corrections in this revision

The previous version included statements without sufficient direct support. This revision removes or corrects:

  • Country ranking and single-person monthly cost ranges without a dated official source
  • Italy’s 7% regime described as limited to towns under 20,000 inhabitants for 10 years (now up to 30,000 from 7 April 2026, for nine tax years)
  • Greek 7% for 15 years, Greek, Italian and French visa income figures, and Cyprus, Slovenia and Malta statements not verified in this review
  • Spain’s €2,400 monthly figure presented as current; the consular sheet states it for 2024

Review scope: legal and financial statements in this revised article. Recheck on a provider, professional, immigration or tax-rule change; reuse of dated figures requires a new check.

See recorded sources

These primary references have the jurisdiction, product and scope stated above. A source link is not proof of personalised eligibility.

Explore the cluster

How to Retire in Europe 2026 (Hub) → 15 Cheapest European Countries to Retire In → How to Retire in Portugal (D7 Visa) → How to Retire in Spain (Non-Lucrative Visa) →

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About the author

António Mira is the founder of whereTOemigrate. For over a decade he has worked at the intersection of Portuguese real estate and overseas business, helping international clients navigate the cross-border decisions that come with relocating. He sits on the board of CCIAP (Portuguese-Arab Chamber of Commerce), the Portuguese-Saudi Business Council, and the Portugal-Hong Kong Business Association — always with one focus: enabling overseas business and human mobility into and out of Portugal.

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