Farewell to the “golden” pension in Portugal. The measure launched by the Lisbon government was promising tax breaks for those who have transferred their residence to the Iberian country, end in 2024, after 12 years. This was announced by Prime Minister Antonio Costa during an interview with CNN Portugal end of 2023. As if to fill this gap, a proposal arrives from our government aimed at Italians abroad and beyond.
At the end of July, the extraordinary commissioner in charge of the 2016 earthquake, Guido Castelli, interviewed by New York Times on the good progress made in the redevelopment of the earthquake-hit area of central Italy, announces a similar and equally attractive proposal: a fixed rate of 7% for 10 years for those who wish to transfer their residence and income to the central Apennine region from abroad. In addition to this, benefits for anyone who wants to start a business in this area.
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The goal is to bring “a new life for the local economy and counteract the depopulation to which these areas are subjected”as stated on the Commissioner's institutional website. How? Let's go in order.
Beyond the Portuguese model
Invest in Silver economythat is, the oldest part of the population, capable of generating revenue of more than 15 billion dollars worldwideAccording to Confindustria, it is always a good idea for a country. According to the same estimates, if a country had all the retirees on the planet, it would become the second largest economy in the world.
The Lisbon government must have thought about this when it launched the famous zero-tax measure in 2012 (which later rose to 10%) to encourage as many people as possible to “retire” in Portugal. An operation that had the failure to be aimed at the wealthiest classes and not to have improved the quality of life by investing in the territory and therefore hated by the local population.
The Italian project is presented differently from the Portuguese model. The proposal focuses on a territory and a specific objective: invest resources in the central Apennines to boost its economy. The group of beneficiaries that the government intends to welcome is not so specific: the almost 6 million Italians abroad, retired or not, but also foreigners who wish to invest in the region under a subsidized regime.
The nature of the measure and the good result of the South
The opportunity for Italians abroad is based on a 2018 measure that proposes the application of IRPEF, the personal income tax, at 7%. for those who have a foreign pension and who are moving to a municipality with fewer than 20,000 inhabitants from any region in the south. In 2022, with the Sostegni Ter decree, this favorable tax regime was extended to the municipalities affected by the earthquakes of 2016 and 2009.
And the South is growing, more than the North. This is what the Svimez report, the main analytical document on the development of the South, states: in 2023 its GDP increased by 1.3% compared to 0.9% in the North and the national average compared to 2022; The analysis of growth between 2019 and 2023 shows a +3.7% against +3.4% in the North compared to the previous four years. With a pandemic and various energy crises in between.
Investments in the Central Apennines
A positive fact, which is certainly not the result of a single measure, but of a series of active policies. Many investments are being made in the territory of the so-called “Crater”. Starting from those of population that every day supports with pride and obstinacy their own land making it an excellent example of resilience.
Many efforts come just as much from the institutions. On August 7, the Council of Ministers approved the allocation of 13 million to support and encourage the development of mountain tourism. Other funds come from Europe thanks to the PNRR, the national recovery and resilience plan. In short, Today, the Apennines are a reservoir of opportunities worth 1 billion 780 million eurosa good part of which, around 700 million, is intended for businesses. Just consult the Nextappennino website, a map of development programs designed for the region.
There is still much to do and private initiative can make a difference. Something more than a pension in Portugal.
